Oct 19

- Kudos To Herr Weidmann For Uttering Three Truths In One Speech (David Stockman’s Contra Corner, Oct 17, 2014):

Once in a blue moon officials commit truth in public, but the intrepid leader of Germany’s central bank has delivered a speech which let’s loose of three of them in a single go. Speaking at a conference in Riga, Latvia, Jens Weidmann put the kibosh on QE, low-flation and central bank interference in pricing of risky assets.

These days the Keynesian chorus in favor of policy activism is so boisterous that a succinct statement to the contrary rarely gets through – especially at Rupert Murdoch’s Wall Street yarn factory. But here’s what penetrated even Brian Blackstone’s filters:

“The biggest bottleneck for growth in the euro area is not monetary policy, nor is it the lack of fiscal stimulus: it is the structural barriers that impede competition, innovation and productivity,” he said.

Continue reading »

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Oct 13

- Draghi The Dictator: “Working With The Germans Is Impossible” (ZeroHedge, Oct 12, 2014):

The war of words between Europe’s unelected monetary-policy dictator Mario Draghi and Germany’s “but it’s us that pays for all this” Bundesbank has been gaining momentum since Jens Weidmann penned his Op-Ed slamming Draghi’s OMT ‘whatever it takes’ as “too close to state financing” in 2012. A week ago, Weidmann stepped up the rhetoric by claiming ECB policy is “hostage to politics” and has lost its indepdendence – warning Draghi’s dictatorial policies were leading Europe down a “dangerous path.” But now, as pressure grows from the Spanish (record unemployment, record bad debt, record low yields), Italian (record unemployment, record debt-to-GDP, record low yields) and French (record unemployment, treaty-busting-deficits, record low yields) for Draghi to monetize more assets, he has struck back in Focus magazine, blasting Weidmann is “impossible” to work with because the Germans “say no to everything.” Dis-union… Continue reading »

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Jul 07

H/t reader squodgy:

“Like I said…all banksters are in it together to look after each other.

The crunch is imminent, no doubt.”

Related info:

- Germany Gives Up On Trying To Repatriate Its Gold, Will Leave It In The Fed’s ‘Safe Hands’

- THE BLAZE: What Really Happened To The German Gold Housed In The United States? (Video)

- China Slowly Buying Up The Physical Gold Market – Germany’s Gold Is Gone (Video)

- Bundesbank Moves Away From Specific Gold Repatriation Schedule

- Dr. Paul Craig Roberts: U.S. Gold Gone (Video)

- Dr. Paul Craig Roberts And Dave Kranzler: The Hows And Whys Of Gold Price Manipulation


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- Germany’s failed attempts to get its gold back from the US ‘opens question of its sovereignty’ (RT, July 7, 2014):

There is neither real criticism from German politicians, nor any visible efforts to return German gold held in the US, so it seems that US controls Germany, economic analyst Michael Mross told RT.

In one of its recent reports Bloomberg claimed that Germany decided not to repatriate its gold reserves from the US, instead the Bundesbank issued an official statement that underscores it’s “trust” in its American partners. According to Bloomberg, Germany gave up after repatriating just 5 tons of gold, though earlier it was told that it would get all the German gold back by 2020.

RT: What’s really behind Germany’s efforts to get its gold reserves back?

Michael Mross: These German efforts to get back gold reserves are not really there. They are talking about it but it is only a simple and ridiculous theatre in my opinion. I cannot see any effort to do it. What we have is lack to re-transport or take back, 300 tons before 2020, but also this is ridiculous – last year they took back only 37 tons. At the end of the day, it is to make the public calm, but it is not really an effort to take back the gold. Continue reading »

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Jun 23

Aaaand it’s gone …

- THE BLAZE: What Really Happened To The German Gold Housed In The United States? (Video)

- China Slowly Buying Up The Physical Gold Market – Germany’s Gold Is Gone (Video)

- Bundesbank Moves Away From Specific Gold Repatriation Schedule

- Dr. Paul Craig Roberts: U.S. Gold Gone (Video)

- Dr. Paul Craig Roberts And Dave Kranzler: The Hows And Whys Of Gold Price Manipulation

This, by the way, is post no. 26,000!!!


Gold-gold-GOLD

Germany Gives Up On Trying To Repatriate Its Gold, Will Leave It In The Fed’s “Safe Hands” (ZeroHedge, June 23, 2014):

Several months after it was revealed that Germany was able to only recover a miserable 5 tons of its gold in all of 2013 (under 10% of the 84 tons it was scheduled to repatriate), Germany appears to have given up entirely in its attempt to recover gold which simply is not there, and as Michael Krieger reports, citing Bloomberg, has decided to keep “it” (by “it” we don’t mean the gold since that clearly has not been at the Fed for decades, but merely the paper promises of ownership: for more see China’s gold rehypothecation scandal and how the unwind works) at the NY Fed after all. That is to say, in the “safe hands” of former Goldmanite Bill Dudley.

Via Mike Krieger’s Liberty Blitzkrieg blog,

Just last week, I published a post titled, Video of the Day – “End the Fed” Rallies are Exploding Throughout Germany, which subsequently went viral. Interestingly, only a few days later we find out that Germany’s very own criminal political class has decided it will continue to store the nation’s gold in New York rather than bring it back home as had been the intention. It’s quite ironic that just as protests against the fascist Federal Reserve are spreading throughout the land, the political class officially decides to keep Germany’s treasure across the Atlantic, in care of none other than The Fed itself. Continue reading »

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Jun 02

Aaaand it’s gone!



Added: Jan 8, 2014

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Mar 29

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- The PBOC and Bundesbank Sign Pact to Turn Frankfurt into Yuan Hub….Meanwhile Obama Heads to Saudi Arabia (Liberty Blitzkrieg, March 28, 2014):

I haven’t paid too much attention as of late to agreements between China and other nations intended to expand the use of the yuan (renminbi) internationally, because the near-term implications always seem to be exaggerated by many market commentators. That said, this deal between the People’s Bank of China (PBOC) and Germany’s Bundesbank seems quite significant given the importance of Germany within the global economy generally and the E.U. specifically.

From Bloomberg via BusinessWeek:

Germany’s Bundesbank and the People’s Bank of China agreed to cooperate in the clearing and settling of payments in renminbi, paving the way for Frankfurt to corner a share of the offshore market.

Continue reading »

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Feb 12

Next up:

Collapse of the entire financial sytem, like the Twin Towers and WTC7 (1,2,3), which collapsed in almost free fall.

- $1.08 TRILLION Worth of Gold, 102 MILLION oz of SILVER Were Stolen From Under the World Trade Center

And like with the stolen gold & silver from under the twin towers the Buba gold is already gone before the greatest financial collapse in world history will take place.

See also:

- Dr. Paul Craig Roberts: U.S. Gold Gone (Video)

- Dr. Paul Craig Roberts And Dave Kranzler: The Hows And Whys Of Gold Price Manipulation

- Germany Has Recovered A Paltry 5 Tons Of Gold From The NY Fed After One Year


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- Bundesbank Moves Away From Specific Gold Repatriation Schedule (Liberty Blitzkrieg, Feb 11, 2014):

I am typically hesitant to highlight foreign articles that have been translated by others from languages I can’t comprehend. That said, Koos Jansen of In Gold We Trust, is someone who does great work and so I am running with his latest blog post on German gold repatriation, or a lack thereof.

According to Peter Boehringer, Founder German Precious Metal Society, it appears that the German Bundesbank is backing away from a specific repatriation schedule for the nation’s gold. He sources this claim from a recent article written in the Handelsblatt, titled ”Silence is Golden.” So in other words, the Federal Reserve told them to get lost. Continue reading »

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Jan 27

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- Bundesbank’s Stunner To Broke Eurozone Nations: First “Bail In” Your Rich Citizens (ZeroHedge, Jan 27, 2014):

In what is sure to be met with cries of derision across the European Union, in line with what the IMF had previously recommended (and we had previously warned as inevitable), the Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help. As Reuters reports, the Bundesbank states, “(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required.” However, they note that they will not support an implementation of a recurrent wealth tax in Germany, saying it would harm growth. We await the refutation (or Draghi’s jawbone solution to this line in the sand.)

Via Reuters,

Germany’s Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help.

Continue reading »

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Jan 25

- The FT Goes There: “Demand Physical Gold” As One Day Paper Price Manipulation Will End “Catastrophically”  (ZeroHedge, Jan 25, 2014):

What have we done: after a series of reports in late 2012 in which we showed, with no ambiguity, that not only might the Bundesbank’s offshore held gold be severely “diluted” (follow our 2012 exposes on German gold here, here, here, and here), but that on at least one occassion, the Fed and the Bank of England conspired against the Buba in returning subpar quality gold, the Bundesbank shocked everyone in early January 2013 when it announced it would repatriate 300 tons of gold helt in New York and all of its 374 tons of gold held in Paris. But convincing the Bundebsbank to demand delivery was peanuts compared to changing the tune of the Financial Times – that bastion of fiat “money”, and where the word gold is mocked and ridiculed, and those who see the daily improprieties in the gold market as nothing but “conspiracy theorists” – to say the magic words: “Learn from Buba and demand delivery for true price of gold”, adding that “one day the ties that bind this pixelated gold may break, with potentially catastrophic results.

Continue reading »

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Jan 22

- Things That Make You Go Hmmm… Like Gold Bullion, Gordon Brown, & A Growling Bundesbank (ZeroHedge, Jan 21, 2014):

2013 was an absolutely seismic year for gold, but, as Grant Williams details in his latest letter, the way in which the tectonic plates shifted has yet to be fully understood. Simply put, the gold in every central bank’s possession around the world is the property of the citizens of that country – not of the incumbent politicians or central bankers. Consequently, if the people want it audited, there shouldn’t be any reason to say no … unless… Williams firmly believes that in the years to come, when we look back at the great game being played in gold, we will pinpoint January 16, 2013, as the day when it all began to unravel – the day the Bundesbank blinked and demanded its gold… Continue reading »

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Jan 19

See also:

- ‘Monkey Business’ Surrounding The Repatriation Of Germany’s Gold Stored At The NY Federal Reserve Bank


gold-bars

- Germany Has Recovered A Paltry 5 Tons Of Gold From The NY Fed After One Year (ZeroHedge, Jan 19, 2014):

On December 24, we posted an update on Germany’s gold repatriation process: a year after the Bundesbank announced its stunning decision, driven by Zero Hedge revelations, to repatriate 674 tons of gold from the New York Fed and the French Central Bank, it had managed to transfer a paltry 37 tons. This amount represents just 5% of the stated target, and was well below the 84 tons that the Bundesbank would need to transport each year to collect the 674 tons ratably over the 8 year interval between 2013 and 2020. The release of these numbers promptly angered Germans, and led to the rise of numerous allegations that the reason why the transfer is taking so long is that the gold simply is not in the possession of the offshore custodians, having been leased, or worse, sold without any formal or informal announcement. However, what will certainly not help mute “conspiracy theorists” is today’s update from today’s edition of Die Welt, in which we learn that only a tiny 5 tons of gold were sent from the NY Fed. The rest came from Paris.

As Welt states, “Konnten die Amerikaner nicht mehr liefern, weil sie die bei der Federal Reserve of New York eingelagerten gut 1500 Tonnen längst verscherbelt haben?” Or, in English, did the US sell Germany’s gold? Maybe. The official explanation was as follows: “The Bundesbank explained [the low amount of US gold] by saying that the transports from Paris are simpler and therefore were able to start quickly.” Additionally, the Bundesbank had the “support” of the BIS “which has organized more gold shifts already for other central banks and has appropriate experience – only after months of preparation and safety could transports start with truck and plane.” That would be the same BIS that in 2011 lent out a record 632 tons of gold…

Continue reading »

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Jan 19

In other news:

- ‘Cataclysmic’: What You Probably Didn’t Know About Germany Getting Its Gold Back From the Federal Reserve (The Blaze)


111-gold-bars

- “Monkey Business” Surrounding the Repatriation of Germany’s Gold Stored at the NY Federal Reserve Bank. (Global Research, Jan 8, 2014):

As you know, Germany has reported that 37.5 tons were delivered last year, which is about 50 tons shy of what was the announced plan last January and was expected to be delivered over the course of 2013. Peter Boehringer (Germany’s equivalent of GATA’s Chris Powell here in the States) asked many questions of the Bundesbank, the most central being: Why was this gold “recast” before being returned?

As there has not been an audit of Fort Knox since the 1950′s, nor a bar list made public since this German gold was claimed to have been deposited with the Federal Reserve Bank of New York back in the 1950s, this is a can of worms that has already been opened and any “answer” will only lead to more questions.

So why exactly would the gold need to be recast before sending it back?

Never mind the obvious question that we’ve already asked. Why will it take up to eight years to send the Germans their gold?

Continue reading »

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Jul 06

- Bundesbank Warns China’s Currency “On Its Way To Becoming Global Reserve Currency” (ZeroHedge, July 6, 2013):

Following the most recent shift ‘away’ from a USD-centric world (with the China-Australia direct currency convertibility), it seems the possibility of China’s Yuan as the next global reserve currency is getting closer. The Brits, Germans, and now the Swiss (who just signed a free-trade-agreement with China) are all actively vying to become Europe’s Yuan trading hub as it seems the long line of developments to internationalize the currency over the past two years. As Bundesbank board member Joachim Nagel noted in a speech entitled “Reniminbi as a potential reserve currency” this week, “the Chinese currency is well on its way to becoming one of the future global reserve currencies.” He noted that, although the USD is still the most commonly-used currency for settling trade with China; from virtually zero in 2010, the Yuan is used to settle over 12% of trading transactions now – and is likley to increase further.

Remember, nothing lasts forever: Continue reading »

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Apr 26

- Just Say Nein: Bundesbank Rejects OMT (Again) (ZeroHedge, April 25, 2013):

The last few minutes have seen markets taking a decidedly negative stance. Led by FX carry, risk-assets in general are rolling over. Some attributed it to Bernanke waking the devil from his slumber:

  • *BERNANKE SAYS VULNERABILITIES REMAIN IN FINANCIAL SYSTEM

but it appears that the decision of Germany’s Top court is the market-moving event:

  • *BUNDESBANK REJECTS OMT IN OPINION FOR TOP COURT: HANDELSBLATT

Instantaneously EUR is tumbling, financials are dropping, and the ‘promise’ of Draghi’s tail-risk killer is perhaps being removed. Remember, the high court is due to vote in June on whether the ESM is constitutional under German law and this rejection of ‘OMT’ leaves that decision much more in limbo than the market was expecting.

Via Bloomberg: Continue reading »

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Jan 16

- What Do German Central Bankers Know That We Don’t? (Phoenix Capital Research, Jan 16, 2013):

Ben Bernanke and the rest of the US Federal Reserve bet the farm that they could engage in countless monetary interventions, keep interest rates at zero, and print over $2 trillion in new money without damaging the US’s credibility.

They were wrong. Indeed, Germany just fired a major warning shot to the US Federal Reserve. Continue reading »

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Jan 16

- Bundesbank Official Statement On Gold Repatriation (ZeroHedge, Jan 16, 2013):

When we first heard about it, we thought Handelsblatt had gotten something very wrong. The implications were just so staggering. Turns out the news was spot on. Here is the official announcement from the Bundesbank, which roundly refutes all the spin the Frankfurt bank spoon-fed the people in October and November when it repeated time after time that there is nothing wrong with keeping German gold in NY and Paris, and on the contrary, it was better for everyone involved.

From the Bundesbank:

By 2020, the Bundesbank intends to store half of Germany’s gold reserves in its own vaults in Germany. The other half will remain in storage at its partner central banks in New York and London. With this new storage plan, the Bundesbank is focusing on the two primary functions of the gold reserves: to build trust and confidence domestically, and the ability to exchange gold for foreign currencies at gold trading centres abroad within a short space of time.

The following table shows the current and the envisaged future allocation of Germany’s gold reserves across the various storage locations: Continue reading »

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Jan 15

- It Begins: Bundesbank To Commence Repatriating Gold From New York Fed (ZeroHedge, Jan 14, 2013):

In what could be a watershed moment for the price, provenance, and future of physical gold, not to mention the “stability” of the entire monetary regime based on rock solid, undisputed “faith and credit” in paper money, German Handelsblatt reports in an exclusive that the long suffering German gold, all official 3,396 tons of it, is about to be moved. Specifically, it is about to be partially moved out of the New York Fed, where the majority, or 45% of it is currently stored, as well as the entirety of the 11% of German gold held with the Banque de France, and repatriated back home to Buba in Frankfurt, where just 31% of it is held as of this moment. And while it is one thing for a “crazy, lunatic” dictator such as Hugo Chavez to pull his gold out of the Bank of England, it is something entirely different, and far less dismissible, when the bank with the second most official gold reserves in the world proceeds to formally pull some of its gold from the bank with the most. In brief: this is a momentous development, one which may signify that the regime of mutual assured and very much telegraphed – because if the central banks don’t have faith in one another, why should anyone else? - trust in central banks by other central banks is ending.

Much more importantly, it is being telegraphed as such, with Buba fully aware of just what the consequences of this (first partial, and then full; and certainly full vis-a-vis the nouveau socialist regime of Francois Hollande which will soon hold zero German gold) repatriation will be in a global monetary arena, which is already scraping by on the last traces of faith in a monetary system that is slowly but surely dying but first diluting itself to oblivion. And in simple game theory terms, the first party to defect from the prisoner’s dilemma of all the bulk of global gold being held by the Fed, defects best. Then the second. Then the third. Until, in this particular case, the last central bank to pull its gold from the NY Fed and the other 2 primary depositories of developed world gold, London and Paris, just happens to discover their gold was never there to begin with, and instead served as collateral to paper gold subsequently rehypothecated several hundred times, and whose ultimate ownership deed is long gone.

It would be very ironic, if the Bundesbank, which many had assumed had bent over backwards to accommodate Mario Draghi’s Goldmanesque demands to allow implicit monetization of peripheral nations’ debts has just “returned the favor” by launching the greatest physical gold scramble of all time. Continue reading »

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Dec 12

FYI.


- The Federal Reserve Cartel: Part III: The Roundtable & the Illuminati (Veterans Today, Dec 10, 2012):

According to former British intelligence agent John Coleman’s book, The Committee of 300, the Rothschilds exert political control through the secretive Business Roundtable, which they created in 1909 with the help of Lord Alfred Milner and South African industrialist Cecil Rhodes.  The Rhodes Scholarship is granted by Oxford University, while oil industry propagandist Cambridge Energy Research Associates operates out of the Rhodes-supported Cambridge University.

Rhodes founded De Beers and Standard Chartered Bank.  According to Gary Allen’s expose, The Rockefeller Files, Milner financed the Russian Bolsheviks on Rothschild’s behalf, with help from Jacob Schiff and Max Warburg.

Continue reading »

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Nov 09

- Exclusive: Bank Of England To The Fed: “No Indication Should, Of Course, Be Given To The Bundesbank…” (ZeroHedge, Nov 9, 2012):

Over the past several years, the German people, for a variety of credible reasons, have expressed a pressing desire to have their central bank perform a test, verification, validation or any other assay, of the official German gold inventory, which at 3,395 tonnes is the second highest in the world, second only to the US. We have italicized the word official because this representation is merely on paper: the problem arises because no member of the general population, or even elected individuals, have been given access to observe this gold. The problem is exacerbated when one considers that a majority of the German gold is held offshore, primarily in the vaults of the New York Fed, and at the Bank of England – the two historic centers of central banking activity in the post World War 2 world.

Recently, the topic of German gold resurfaced following the disclosure that early on in the Eurozone creation process, the Bundesbank secretly withdrew two-thirds of its gold, or 940 tons, from London in 2000, leaving just 500 tons with the Bank of England. As we made it very clear, what was most odd about this event, is that the Bundesbank did something it had every right to do fully in the open: i.e., repatriate what belongs to it for any number of its own reasons – after all the German central bank is only accountable to its people (or so the myth goes), in deep secrecy. The question was why it opted for this stealthy transfer.

Continue reading »

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Oct 27

- Bundesbank’s Official Statment On Where It’s Gold Is (And Isn’t) (ZeroHedge, Oct 27, 2012):

Three days ago, as a result of recent discoveries relating to Germany’s official sovereign gold inventory, we asked a rhetorical question: “Why Did The Bundesbank Secretly Withdraw Two-Thirds Of Its London Gold?” There we presented the chonology of official disclosure regarding the whereabouts of German gold over the past decade, with an emphasis on its reclamation from London-based official vaults to the safety of the motherland, and left off with another open-ended statement that: “what is left unsaid in all of the above is that Germany has done nothing wrong! It simply demanded a reclamation of what is rightfully Germany’s to demand.” Nonetheless, the fact that Germany did this has opened a Pandora’s box of unanswered questions, and even demands that Germany promptly demand delivery all of its gold – the second largest such hoard in the world only after the US – held abroad. Below is the official response by the Bundesbank.

Here is the gist::

We do not have the slightest doubt that our holdings in New York and Paris are also made up of the purest fine gold. We have at our disposal fully documented lists of the bars, and our partner central banks send us every year confirmation not only of the bars’ existence but also of their quality.

We had nothing but the best of experiences with our partners in New York, London and Paris. There was never any doubt about the security of Germany’s gold. In future, we wish to continue to keep gold at international gold trading centres so that, when push comes to shove, we can have it available as a reserve asset as soon as possible. Gold stored in your home safe is not immediately available as collateral in case you need foreign currency.

How about if you need collateral in your own currency, such as the de facto reserve currency of Europe, the DEM? Crickets?

The punchline:

Take, for instance, the key role that the US dollar plays as a reserve currency in the global financial system. The gold held with the New York Fed can, in a crisis, be pledged with the Federal Reserve Bank as collateral against US dollar-denominated liquidity. Similar pound sterling liquidity could be obtained by pledging the gold that is held with the Bank of England.

And what otherwise would pass as Saturday Humor: Continue reading »

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