http://www.silverdoctors.com/germany-announces-intentions-to-repatriate-its-gold-from-ny-fed/
In perhaps the biggest story in gold since Hugo Chavez sent shock-waves throughout the gold market in mid 2011 (and propelled gold up $300 to a record $1915), the German Federal Accountability Office has ruled that the Bundesbank must conduct an audit on German Central Bank gold holdings, and in anticipation, has begun the repatriation of German gold from the NY Fed. The Bundesbank will request the NY Fed ship 50 tones of German gold back to the motherland a year for the next 3 years!
http://www.mmnews.de/index.php/english-news/11126-bundesbank-refuses-gold-control
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GERMANY TO REPATRIATE & AUDIT 150 TONES OF GOLD RESERVES FROM NY FED!!!
In perhaps the biggest story in gold since Hugo Chavez sent shock-waves throughout the gold market in mid 2011 (and propelled gold up $300 to a record $1915), the German Federal Accountability Office has ruled that the Bundesbank must conduct an audit on German Central Bank gold holdings, and in anticipation, has begun the repatriation of German gold from the NY Fed. The Bundesbank will request the NY Fed ship 50 tones of German gold back to the motherland a year for the next 3 years!
It appears de Germans are about to receive a crash course in the lessonHe who owns the gold makes the rules (aka possession is 999/1000ths of the law).
Assuming that the NY Fed does decide to comply with the Bundesbank’s request to keep up appearances for the other central banks, we wish the cartel luck in finding 150 tons of TUNGSTEN FREE PHYZZ over the next 3 years as the Bundesbank reportedly will PHYSICALLY VERIFY THE GOLD. So much for the cartel plans to fill repatriation requests with tungsten salted phyzz. From Spiegel (h/t ZH):
Germany has the second largest gold reserves in the world, nearly 3400 tons. Supposedly, anyway. Because stocks have never been checked for authenticity and weight. Now, the Federal Court has asked the Bundesbank to examine the gold reserves abroad regularly.
The German central bank gold is safely stored in vaults in Frankfurt, New York, Paris and London. Checked really but apparently no one. The Federal Court has the Bundesbank now anyway required regular inspection and inventory of the vast gold reserves abroad. The auditors explain this in a report on Monday has become known to the budget committee of the Bundestag with the “high value of gold holdings.”
The samples stored at other German banks stocks were also never by the Bundesbank itself or by other independent auditors “added physically and for authenticity and weight” checked. Actually talk on the subject numerous theories – so should the U.S. gold reserves at Fort Knox have long been looted.
The Bundesbank has on the USA’s second largest gold reserves in the world. End of 2011 there were 3396 tons, worth 133 billion euros. After the soaring price of gold is likely to reach about 142 billion euros currently even. Secures the gold bars by the Bundesbank in own vaults in Frankfurt as well as at three bearing points abroad: The U.S. Federal Reserve Bank in New York, Bank of France in Paris and the Bank of England in London.
and.......Bundesbank gets tons of gold from New YorkThe Court had determined the order of the Bundestag that the Federal Bank reviews its overseas gold reserves stored exactly. It is disputed whether the Bundesbank experienced for years practice sufficient to rely only on a written confirmation to the gold bars by the foreign central banks.The Court recommends that the Bundesbank to negotiate with the three foreign central banks the right to physical verification of stocks. With the implementation of this recommendation, the Bundesbank has begun according to the report. They also decided to bring in the next three years to 50 tons each of the past at the Fed in New York gold to Germany to get it here to undergo a thorough examination. In the report, several points are blackened. In effect, the paper is not clear exactly how much gold is in which foreign central bank.The information held in the Federal Bank headquarters holdings consist of 82,857 according to the report bullion stored mostly in sealed containers with 50 bars, which are kept in four separate locked safe boxes. Part of it (6183 bar) stored on open shelves, therefore in a separate vault – the so-called gold chamber. To secure the gold it says in the report: “The vault closure is double, the inner seals and the gold chamber under a triple lock.”
For those unaware, Germany’s official gold holdings are 3,400 tons. Perhaps Germany announcing the repatriation of 150 tons out of its 4,000 (less than 4%!) in gold reserves indicates that only 150 tons of un-hypothecated, actual, tungsten-free phyzz remain in NY and London?
http://www.mmnews.de/index.php/english-news/11126-bundesbank-refuses-gold-control
| | Drucken | |
| 22.10.2012 |
The Bundesbank, has refused to allow the German members of parliament Philipp Mißfelder and Marco Wanderwitz to view the German gold reserves stored in Paris and London. Reason: The central banks in Paris and London do not have suitable rooms for visits.
The German federal bank, the Bundesbank, has refused to allow the German members of parliament Philipp Mißfelder and Marco Wanderwitz to view the German gold reserves stored in Paris and London. As reported by the newspaper Bild-Zeitung (Monday edition, Germany's largest newspaper), Carl-Ludwig, a member of the Bundesbank’s Executive Board, wrote a letter to the two deputies saying that the central banks in Paris and London do not have suitable rooms for visits. Large portions of the German gold reserves (a total of 3,400 tons worth more than € 150 billion) are kept abroad, and only a fraction is held by the Bundesbank in Frankfurt.
Philipp Mißfelder, foreign affairs spokesman of the CDU/CSU coalition, wanted also to inspect the German gold reserves at the Federal Reserve Bank in New York in February - but didn't succeed. Now he wanted to do the same in London and Paris. This is related to intense criticism by accounting experts and the German Federal Audit Office concerning the storage of Germany’s gold reserves abroad. and........ http://www.silverdoctors.com/bullion-banks-are-not-brilliant-traders-they-are-criminals-with-a-license-to-kill/#more-15833 BULLION BANKS ARE NOT BRILLIANT TRADERS, THEY ARE CRIMINALS WITH A LICENSE TO KILL!! Submitted by Cleburne61:
The self-doubting going on around the metals community recently about the facts of manipulation are, after all this time, downright annoying.
Ted Butler’s point has always been that what’s occurring is manipulation not because the spread positions and hedges are unbalanced, or because it’s naked shorting, but because there exists a grossly disproportionate concentration and collusion of positions within the bullion bank activities in silver.
As of two weeks ago, JP Morgan alone held more than 1/3 of ALL short positions in COMEX silver. THAT is concentration that would’ve blown the Hunt brothers’ minds.
If the positions that existed by the bullion banks(BB’s) were just evenly, non-concentrated spread hedges as Jim Sinclair claimed this weekend.….silver wouldn’t have killed Bear Stearns, and consequently the 2008 financial crisis wouldn’t have gone down at the time it did.
In the 70′s when Sinclair et al were doing what they did best….the US govt didn’t have a debt to GDP ratio of 110%. Now it does.
In the 70′s when Sinclair et al were doing what they did best….most US debt was held by Americans. Now it’s held by foreigners and the Fed.
In the 70′s when Sinclair et al were doing what they did best…..the 1.5 quadrillion OTC derivative market didn’t exist, and wasn’t weighing down every major bank’s balance sheet to the nth degree.
Remember what Sinclair said? Do you remember who was the plaintiff in the lawsuit that shut down the CFTC’s silver position limit ruling in the first place?
It was the ISDA. Now….why would the ISDA care enough about the lil ole $30 billion silver market to personally launch a court case to get an emergency ruling to stop position limits in silver? That’s simple: because the silver(and gold) shorts ARE dangerous, they AREN’T just “smart trading policy”, they ARE a government policy to maintain the con just a bit longer, and because a silver spike CAN kill fiat money faith faster than one look at Hillary Clinton can kill a perfectly good buzz.
Did we not read a dis-info piece from another mystery trader who said that the BB’s can and should be able to hold a 25% position of the entire market, simply because those banks are 1 to 1 offset and balanced with phyzz to paper? Well, they’re not. Citi does not have 300 million oz of phyzz (which is what it would take to offset their $9.5 billion silver derivative play.)
Did we not see Andy Maguire expertly remind us that that the mystery trader’s position was nonsense because it ignored the grossly disproportionate silver and gold derivative numbers?
Have we not heard repeatedly from GATA and Bill Murphy that JPM is having serious, deathly issues with its silver short position? Doesn’t sound like an ingenious move, or good trading to me.
This isn’t the 70′s. Things are totally different this time. It’s not about simply maximizing profit: holding these things down is foundational to keeping the system going even one more quarter.
JPM has been found guilty of manipulation by governing officials in cotton.
JPM has been found guilty of manipulation by governing officials in energy.
And JPM is well-known to be guilty of manipulation by governing officials in silver.
The bullion bank traders are not merely brilliant, ingenious folk doing good business…..these people are criminals with a license to kill.
and from Harvey's blogspot......
http://harveyorgan.blogspot.com/2012/10/german-courts-demand-gold-auditlooks.html
MONDAY, OCTOBER 22, 2012German courts demand gold audit/Looks like another German gold swap/Huge importation of gold into China/gold and silver rebound
Good evening Ladies and Gentlemen:
The price of gold rose as expected up $2.30 to finish the comex session at $1725.10. Silver also had a stellar day rising 19 cents to $32.23. On Friday, the gold/silver equity shares were advancing despite the drubbing of the physical metal. This is a sure sign that gold and silver will rise in price the following session. In other news today, the Spanish elections were mixed with Rajoy's People Party retaining control in Galicia but in the Basque region, they suffered more losses. Over the weekend, the EU accomplished absolutely nothing. The only ones who made out like bandits were the caterers who very busy serving fancy meals for the head honchos. The big news of the day comes from the physical side of things. China announced that they have imported a monstrous 512 tonnes of gold for the first 8 months of the year. At this rate they will import close to 768 tonnes of gold this year. The appetite for gold from Chinese is insatiable. Also in another stunner, the German court has demanded that the Bundesbank audit the gold reserves for Germany and included in the draft ruling, actual assays. They have also ordered the audit of foreign held German gold.
Popcorn anyone?
Before heading into these stories let us first travel over to the comex and assess trading today: The total gold open interest complex fell by a considerable margin of 2868 contracts, falling from Friday's level of 467,246 to Monday night's level of 464,378. Remember that all OI readings are one day back so in essence we are now receiving officially Friday night's closing OI number. The active month of November saw it's OI rise by 19 contracts to settle at 271. We had zero notices on Friday so we gained the full 19 contracts or an additional 1900 oz of gold will stand in October. The non active contract month of November saw it's OI fall by 133 contracts from 969 to 836. The big December contract for gold saw it's OI fall by 4,643 contracts to settle with Monday's reading of 327,931 still at very lofty levels. The estimated volume today was rather weakish at 104,689. The confirmed volume on Friday, the day of the big raid was much better at 175,491. The total silver OI complex has now completely blown out the brains of our bankers. The raid on Friday was ferocious and instead of the OI falling like gold, it rose by 508 contracts from 140,783 to finish the Monday session at 141,181. So much for the CFTC mantra that the futures exchange is a price discovery mechanism. Open interest should rise with a price rise and fall as the commodity falls in price. The non active October month saw OI fall by 9 contracts from 73 to 64. We had 4 delivery notices on Friday so in essence we lost 5 contracts or 25,000 oz of silver standing. The non active November contract month saw it's OI rise by 16 contracts to 52. The big December contract which certainly has many eyes focused upon, saw it's OI fall by 1143 contracts from 84,145 to 83,002. Some weaker longes were demolished only to replaced by stronger longs at lower prices. This is something that the bankers did not wish for. The estimated volume at the silver comex today came in at a very anemic 27,957. The confirmed volume on Friday was better at 82,370. The bankers are still loathe to supply the necessary paper.
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Today, we again had negligible activity inside the gold vaults.
The dealer had no deposits and no withdrawals.
The customer had the following deposits
i) Into Brinks: 160.75 oz total deposit: 160.75 oz There was no adjustments. Thus the dealer inventory rests this weekend at 2.570 million oz (79.93) tonnes of gold)
The CME reported that we had 51 notices filed for 5100 oz of gold.
The total number of notices filed so far this month is represented by 6981 contracts or 698,100 oz of gold.
To obtain what is left to be served upon, I take the OI standing for October
(271) and subtract out today's notices (51) which leaves us with 220 notices or 22,000 oz left to be served upon our longs.
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Again, we had considerable activity inside the silver vaults today.
However we had no dealer deposit and no dealer withdrawal.
The customer had the following deposit: i) Into Delaware: 1009.5 oz iii) Into CNT: 49,167.000 oz iv) Into Scotia: 74,763.18 oz Thus the total customer deposit: 124,939.680 oz
We had the following customer withdrawal;
1. Out of Delaware: 1975.30 oz 2 Out of HSBC vaults: 491,209.48 oz 3. Out of Scotia: 316,177.89 oz total customer withdrawal: 809,362.67 oz we had another strange adjustment: Out of the Delaware vaults: the dealer receives by adjustment 30,114.973 oz of silver the customer is debited 30,130.405 oz and the remainder in silver 15.432 evaporates into thin air and leaves the comex) Registered silver remains constant this weekend at : 36.883 million oz total of all silver: 141.856 million oz. The huge movements in silver certainly suggests that the bankers are having great difficulty in obtaining physical metal.
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Your biggest story of the day is China as they continue to import massive amounts of gold. The latest figures suggest that for 8 months, China has imported 512 tonnes. At this pace their yearly imports if started in August would yield 768 tonnes of importation of gold in the upcoming year. If we exclude China and Russia production as these two nations always keep every single ounce that they produce we would have global production of around 2000 tonnes. Thus China alone imports 38.4% of global production. At this pace, the above ground gold will surely vanish as the appetite for gold by China seems relentless! And I might add, that all of China's purchases are physical gold not the paper kind!,
(courtesy zero hedge) Chinese Gold Imports Through August Surpass Total ECB Holdings, Imports From Australia Surge 900%
Submitted by Tyler Durden on 10/21/2012 16:21 -0400
First it was more than the UK. Then more than Portugal. Then amonth ago we said that as of September, "it is now safe to say that in 2012 alone China has imported more gold than the ECB's entire official 502.1 tons of holdings." Sure enough, according to the latest release from the Hong Kong Census and Statistics Department, through the end of August, China had imported a whopping gross 512 tons of gold, 10 tons more than the latest official ECB gold holdings. We can now safely say that as of today, China will have imported more gold than the 11th largest official holder of gold, India, with 558 tons.
Yet despite importing more gold than the sovereign holdings of virtually all official entities, save for ten, importing more gold in July than in any month in 2012 except for April, importing more gold in 8 months in 2012 than all of 2011, and importing four times as much between January and July than as much as in the same period last year, here is MarketWatch with its brilliant conclusion that the 'plunge' in gold imports in August can only be indicative of the end of the Chinese gold market, and the second coming of infinitely dilutable fiat.
There is spin, and there is of course, reality. We urge readers to identify where on the chart below is the evidence of Chinese disillusionment with gold:
Furthermore, with the status quo cartel in desperate need of China stepping up its monetary easing, and jumping right into the race to debase, which is absolutely critical to halt the plunge in tech company revenues and earnings, any interim slowdown in purchases is merely a springboard for even more purchase in the future once inflation does come back to China with a bang.
Incidentally, one thing that MarketWatch completely forgot about is that in Q4 Chinese gold purchasing, all monetary else equal, is set to spike in Q4. From the South China Seas:
All rhetoric aside, one unspinnable aftereffect of China's relentless appetite for gold comes from a different place, namely Australia, where gold just surpassed coal as the second most valuable export to China. From Bullionstreet:
Alasdair Macleod: Gold bullion flowing from West to East
Submitted by cpowell on Sun, 2012-10-21 20:02. Section: Daily Dispatches
3:55p ET Sunday, October 21, 2012
Dear Friend of GATA and Gold:
The transfer of gold from Western central banks to Eastern central banks in recent years amounts to a policy of price suppression by the former, GoldMoney research director Alasdair Macleod writes today. He says Western nations thus "are left with no 'Plan B' in the event of a monetary crisis. A global collapse of paper money, which is inevitable if current monetary policies are not reversed, will give Asians considerable wealth relative to the rest of us. History will surely judge the central bankers' promotion of ephemeral paper at the expense of gold in the harshest terms."
Of course one might argue that the gold price suppression scheme of the Western central banks is their "Plan B" and that it has more or less been working, cushioning the decline of Western currencies, and that the Western central banks will need "Plan C" when the gold run out. But it's still hard to argue with Macleod's conclusion. His commentary is headlined "Gold Bullion Flowing from West to East" and it's posted at the GoldMoney Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Here is GATA's version on the above story:
Germany getting suspicious about gold to the point of taking action Submitted by cpowell on 09:18AM ET Monday, October 22, 2012. Section:Daily Dispatches 11:17a ET Monday, October 22, 2012 Dear Friend of GATA and Gold: The German press today is full of stories of concern about the German gold reserves. Germany's largest newspaper, Bild-Zeitung, reports that the German central bank, the Bundesbank, has refused to let two members of the German parliament, the Bundestag, inspect the nation's gold reserves held abroad. The Internet site of financial news from Germany, MMNews.de, summarizes the Bild-Zeitung report in English here:http://www.mmnews.de/index.php/english-news/11126-bundesbank-refuses-gol...
The German newspaper Die Welt elaborates here:
http://www.welt.de/finanzen/article110105525/Was-macht-Paris-mit-dem-Gol...
But the German magazine Der Spiegel reports that the German court of auditors is demanding that the Bundesbank begin auditing its foreign-held gold and, if Zero Hedge's Internet translation is correct, the Bundesbank has already decided to repatriate some of the gold, if very slowly. The Der Spiegel report is here:
http://www.spiegel.de/wirtschaft/soziales/rechnungshof-fordert-bundesban...
The Zero Hedge attempt at translation is here:
http://www.zerohedge.com/news/2012-10-22/german-court-demands-bundesbank...GATA hopes to get good translations of some of this stuff within a day or two. In any case, the developments in Germany show growing recognition that central banks are playing fast and loose with national gold reserves and that the gold is likely terribly oversubscribed as part of the Western central bank gold price suppression scheme -- GATA's point exactly.Congratulations to our German friends who long have been agitating on this issue on behalf of their nation's sovereignty. CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc.
and then this sequel to the story: it looks like we another another major German gold swap!!!
(courtesy GATA)
FLASH: German gold report reveals secret sales that likely were part of swaps
Submitted by cpowell on Mon, 2012-10-22 20:27. Section: Daily Dispatches
3:51p CT Monday, October 22, 2012
Dear Friend of GATA and Gold:
With the Associated Press report appended here, the German gold audit story has just exploded into the English-language press with some important revelations:
-- The gold vaulted by the German central bank, the Bundesbank, with the Bank of England "has fallen 'below 500 tons' due to recent sales and repatriations. ..." So despite the lack of official announcement, Germany lately has been selling gold from London -- perhaps as part of the secret "strategic activities" grudgingly acknowledged two years ago by the Bundesbank to GATA's friend, the German financial journalist Lars Schall:
The lack of announcement of the sale of the German gold in London suggests that the sale was actually part of a gold swap with another central bank -- like the New York Fed. That is, the powerful implication here is that German gold in London was sold at the behest of the United States and in exchange Germany took title to United States gold vaulted in the United States -- or title to gold
-- The Bundesbank won't let German parliament members inspect the German gold vaulted abroad because the central bank vaulting facilities supposedly lack "visiting rooms." And yet one of those vaults, the Federal Reserve Bank of New York, offers the public tours that include "an exclusive visit to the gold vault" -- provided, apparently, that you're not an elected representative of the German people:
GATA has made further informational requests of the Federal Reserve, Treasury Department, and State Department involving their gold records:
Since those agencies have failed to respond, GATA now is entitled to bring more freedom-of-information lawsuits against them. But we can't do that without sufficient financing.
The auditors' report about the German gold demonstrates that the Western central bank gold price suppression scheme -- part of a vast scheme of rigging all major markets -- can be exposed and defeated by persistent clamor and demands for information. If you haven't already considered helping us financially, please do so now:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc. |
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