Bundesbank Hauls its Gold back from New York & Paris Faster than Planned

(By Wolf Richter)

A “trust-building” measure after an enormous hullabaloo.

“In 2016, we brought back again substantially more gold to Germany than initially planned; by now, nearly half of the gold reserves are in Germany,” Bundesbank President Jens Weidmann told the German tabloid Bild in what has become an annual Christmas interview about gold – to soothe the nerves of his compatriots.

Because they’d been frazzled, apparently, by this whole saga.

The German Bundesbank, which is in charge of managing Germany’s gold hoard of 3,381 tons, the second largest in the world behind the US, got into hot water in 2012 when rumors were circulating that some or much of its 2,000 tons of gold stored in New York, London, and Paris might not be there anymore, that it might have been melted down, leased, or sold.

The ensuing hullabaloo left some folks at the Bundesbank red-faced. Then the Rechnungshof (the federal government’s independent office of financial control) told the Bundesbank to rethink its overseas gold hoard. So the Bundesbank got to work. And in January 2013, it promised that by 2020 it would bring back all 374 tons of its gold that it kept at the Banque de France in Paris and 300 tons of its gold at the New York Fed.

Bundesbank Executive Board member Carl-Ludwig Thiele told the German daily Handelsblatt at the time that these moves were a “trust-building” measure, and he tried vigorously to put the rumors about the missing gold to rest.

READ MORE HERE: Bundesbank Hauls its Gold back from New York & Paris Faster than Planned

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28 Comments on "Bundesbank Hauls its Gold back from New York & Paris Faster than Planned"

  1. Why a bank would stash their gold in another country is beyond me.

    • when it was originally deposited, was during the days when accounts were actually settled in gold each day. They would literally take bars from one country’s stash and put into another’s to balance their accounts.

    • The initial reason, official explanation or “excuse” for keeping the bullion in Paris and New York was for security in case the Warsaw Pact invaded West Germany during the Cold War.

      Whether that was propaganda, I don’t know, but that’s what I’ve read.

      We’ll probably never know what is really going on.

    • Dale…because if they are invaded…like in Iraq and Libya…they can’t steal the gold. What can you do when a bully takes your stuff.

  2. hi Steve,

    I am pretty sure more then100% it is pure BS from the Bundes Bank. The gold hoard of Germany have been twice stolen since 1945. First time in 1945 as war effort and now second time. Now they the BundesBank will never allow a honest audit of there supposed reserves of more then 3000 tons for the
    simple reason it is gone, sold , stolen , hedged etc.

    Btw the Fed is in same situation they too can never allow any audit. Face it the private banksters stole all the gold and when the reset comes they will more wonderfull times ahead. That is why we see somethimes 500 paper claims on gold. It is all fantasy to buy time and to keep this farce/scam going
    so that these banksters can purchase/steal more gold with fiat (false) dollars. To be continued….

    • If they did give it back the question should be asked who did they steal it from to be able to do it.

      • perhaps some of the missing USG’s trillions in paper dollars have been buying back Au at these suppressed prices. 8k tons @ $1150/oz is a mere $300 billion. peanuts compared to the annual on/off budget military spending.

  3. All your gold are moved East.

    • Yup as the dollar is now rising ,China that’s holds a lot of US dollars is going on a spending spree buying up the cheap priced gold with their strong dollar before the Elite pull the plug on the dollar once and for all.

      • “China that’s holds a lot of US dollars”. You are talking about China’s foreign currency reserves. This is not a savings piggy bank account for “buying gold”. These are dollars that China accumulated and needs to manipulate its currency. If you hadn’t noticed China just spent a whopping $1 trillion of those reserves last year defending the Yuan from devaluation as a result of huge capital flight from China.

      • Yep, I think it’s wise to buy gold and silver. The Dollar is hanging by a thread.

  4. Ha ha ha . . all the golds going west to east . . . http://didthesystemcollapse.com/
    United Kingdom

    • what are you a troll ?the gold is in the east now. u.s.a. has only paper gold. china has 30000 tons plus. Hello

  5. Normally each gold barren has a number.The USA shlould have a list where each barren is

    As the first portion from the transfer arrives they melt down the barren.Ha Ha…….

  6. I wonder if Trump would allow U.S. treasury Gold to be used by the bullion banks to contain the Gold price. I think the Gold flowing eastward may stop sometime after Trump gets into office. I guess we will soon find out.

  7. Two problems with this article: 1) The United States has no gold of it’s own… it’s all re-hypothecated from other countries. 2) China has more than 30,000 tons of gold. Why is that ignored?

  8. Robert Happek | December 25, 2016 at 4:40 pm |

    The Bundesbank kept more than 1500 tons of gold in New York. Out of these 1500 tons, only 700 tons will be brought to Frankfurt in Germany, More than one half ot the gold will remain in New York according to official statements. The title of the article is misleading.

  9. Richard Smith | December 25, 2016 at 6:41 pm |

    EZEKIEL 7:19
    KJ21 They shall cast their silver in the streets, and their gold shall be removed; their silver and their gold shall not be able to deliver them in the day of the wrath of the Lord. They shall not satisfy their souls, neither fill their bowels, because it is the stumbling block of their iniquity.

    • DisappearingCulture | December 26, 2016 at 8:57 am |

      In the time & context that was written there was not fiat currency; silver was the people’s currency. In the future they may cast their increasingly worthless hyperinflated paper currency in the streets; they won’t be casting silver or gold into the streets.

  10. The largest chunk of gold is in India.

    The indian Reserve Bank ( GOVT ) has about 600 tonnes.

    Indian public is estimated to have 15000 Tonnes

    Indian Hindu temples have about 22000 Tonnes.

    All efforts are on to loot this by any means to supress gold price.

  11. Hm, vielleicht sterben wir doch noch den Heldentod …

    Putin warns America that ww3 is unavoidable NEW update!1



    PUTIN SENDS DIRE WARNING TO U.S.A Just a Matter of Time & The Sheeple Are Asleep (2016)

    Tja, dann muss es wohl heute, oder morgen bereits soweit sein … (y) 😎

  12. Girlish Vinod,
    I agree, the whole evil plot in India is to get at that 5,000 year accumulated gold hoard.
    Also, population reduction is an added bonus.

    • Yes, my take too. Indias gold would come in handy for other countries to back their new currencies with. Poor souls must sell their holdings to eat.

  13. “V the Guerilla Economist” said several years ago that the German gold in NY was long gone. He claimed that when the Germans wanted their gold back and the US was balking, the Germans smelled a rat and insisted on seeing their gold in person. They were shown “gold” bars that were really gold-plated tungsten, put there to humor them.

    Of course he couldn’t prove this assertion, but for what it’s worth he made it. So if the Germans have lugged nothing more than gold-plated tungsten bars all the way back to Germany, they must’ve figured that out by now. Hmmm…

  14. For a central bank, it’s almost the same as hoarding cash for us.

    As soon as the atm’s stop working, you’ve got something on the shelve.

    It’s as simple as that

  15. We need to put pressure on Congress and States to do their Constitutional duty;
    Original U.S. Constitution
    Art. I Sec. 8 Cl. 5
    [Congress shall have Power … ] To coin Money, regulate the Value thereof, and of foreign Coin, …;
    Art. I Sec. 10 Cl. 1
    [No State shall …] make any Thing but gold and silver Coin a Tender in Payment of Debts; …
    Americans can put their ‘money’ into Credit Unions instead of banks, take out loans from Credit Unions, etc….and just not do any business with banks if you don’t like what they are doing…
    and of course buy gold and silver……
    And there is no law that requires an individual to have a social security number or pay income taxes, there is a reward if you can find such laws…. not even the IRS can find such laws…. ‘but for knowledge my people would be free…’

  16. Hey Steve,

    Your are one of, if not the best in pointing out the direction we’re heading by explaining EROI.

    Just read on another site that it takes $10 of debt to create $1 of GDP,,,,,,I said wow!

    I know EROI stands for Energy Return On Investment, but if the above is correct, (E for earnings) there may not be enough juice left in the system to give time to prove your great research.

    Any thoughts?

Comments are closed.