Holt unser Gold heim is the title of a German web page with 15,000 supporters requesting that Germany's precious metal be immediately repatriated, gold the Bundesbank (Buba or German Fed) has bunkered in foreign countries. In an earlier blog I wrote about the reasons why Germany kept and still keeps a big chunk of its gold reserve in France, in the UK, and in the States and why the Buba would like to recuperate part of it. The US Fed stores the German gold in New York buried in caves dug deep into Manhattan rock. Too deep and too hidden as some German hardliners argue.
Assiduous Wagnerians assume the Hoard of the Nibelungen somewhere at the bottom of the Rhine River where it is forever lost. However, the Manhattan gold resurfaces from time to time although so far only in the press. An article published in Der Spiegel this Monday drew my attention again to a subject that in the meantime is loaded with conspiracy theories.
In 2013 the Bundesbank repatriated 32 of 181 tons of gold from France but only 5 of 1531 tons from the States.The reasons given by the BuBa for the sloppy repatriation over the Atlantic were flimsy: Transports from Paris are simpler and therefore we were able to start up quickly. On the other side, the bullion stored in the basement of the Fed in New York does not possess the elongated shape with beveled edges of the "London Good Delivery" standard but has a previously common form. They will need to be remelted. And the capacity of smelters is just limited. This argument is the long awaited grist to the mills of those conspiracy theorists who maintain there is no longer any gold in US vaults.
Thus Americans and not Germans got excited about an article titled: The Fed only gave Germany back 5 tonnes of gold in over a year.
Here are some immediate comments on the article:
- Central banks don't trust each other?
- GIVE GERMANY BACK THEIR F'ING GOLD!!!!!
- To H with that. Consider it as partial payment for WWI and WWII.
- Can't understand what the issue is since the Fed does not put any
value in gold?
- Germany does not deserve it, regardless of whether it is worth anything.
- Dudes, there is no gold in Ft. Knox and hasn't been for years.
It is all in banks and not much of it left. If you can't show it and
won't show it it is probably not there don't you think?
- Very likely there is none, otherwise we could have sent Knox gold to Germany
in place of the stolen German gold. When the truth of this comes out,
it will rank with the Nazi's looting of Europe and more.