http://www.zerohedge.com/news/2014-06-23/head-german-gold-repatriation-initiative-responds-bloomberg-story-about-repatriation
Head Of German Gold Repatriation Initiative Responds To Bloomberg Story About Repatriation Halt
Just hours after we noted Bloomberg's story of Germany's decision to halt its repatriation of gold from the NY Fed, the gentleman at the center of the story, who Bloomberg quoted as saying his 'Repatriate Our Gold' campaign was "on hold" - Peter Boehringer - has come out swinging... The Bloomberg story is "a 'non-news' article with a wrong headline, strange interviewees, old news, and with a clearly apologetic ideological approach." and that's just the start...
Just to set the record straight re this articlein which my name is mentioned and in which I am quoted out of context:
a) BusinessWeek/Bloomberg uncritically cites statements of politicians and BuBa-bankers who have or give no proof whatsoever re the untouched whereabouts of the german Gold.
b) Re our campaign "Repatriate our Gold": "On hold" does of course NOT mean that we are in any way satisfied with the current status of BuBa´s ongoing repatriation (far too slow and too little - only 5 tons came from NY in 2013! Not exactly a proof for the untouched existence of 1500 tons in a NY vault unaudited since 1950...). Our public campaign will therefore have to continue.
c) Almost no info in the article can be considered in any way "news". Simply because there has not been any material news in this context since early 2013.
d) Especially the headline is plainly false, because there has not been any change in BuBa´s (too slow) repatriation plans: at least 300+ tonnes will come from NY by end 2020. It is not much - but contrary to the headline, BuBa has NOT stopped the ongoing partial repatriation - enforced solely by public pressure!
e) The political party "Alternative for Germany" has never been part of our campaign - they can therefore not have been "rebuffed" as the article suggests.
f) The political party "FDP" has (with the exception of one (1) MP ) never demanded a repatriation - yet another false info in the article.
g) Some politicians cited in the article can not in any way claim to be "in charge" of the german gold hoard (abroad or not). This holds true for both Mr Barthle and for Mr Hardt: BuBa alone is in charge - and officially, BuBa is independent from political influence...
Summary: a "non-news" article with a wrong headline, strange interviewees, old news, and with a clearly apologetic ideological approach: the main purpose seems to be NOT to give space to the myriad of unanswered and extremely relevant questions BuBa and the Fed have been refusing to answer for decades.
http://www.zerohedge.com/news/2014-06-23/germany-gives-trying-repatriate-its-gold-will-leave-it-feds-safe-hands
Germany Gives Up On Trying To Repatriate Its Gold, Will Leave It In The Fed's "Safe Hands"
- Bank of New York
- Bill Dudley
- Federal Reserve
- Federal Reserve Bank
- Federal Reserve Bank of New York
- Germany
- Goldman Sachs
- goldman sachs
- None
- World Gold Council
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.
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.
To be fair, this merely seems like a way for Angela Merkel and the rest of her German cronies to save face. After all, it was very clear that the Federal Reserve had already told them “no” when they asked for the gold back in the first place. Why else would it take almost a decade to transport the gold from the U.S. to Germany, which was the latest repatriation schedule.
We learn from Bloomberg that:
Germany has decided its gold is safe in American hands.Surging mistrust of the euro during Europe’s debt crisis fed a campaign to bring Germany’s entire $141 billion gold reserve home from New York and London.Now, after politics shifted in Chancellor Angela Merkel’s coalition, the government has concluded that stashing half its bullion abroad is prudent after all.“The Americans are taking good care of our gold,”Norbert Barthle, the budget spokesman for Merkel’s Christian Democratic bloc in parliament, said in an interview. “Objectively, there’s absolutely no reason for mistrust.”Ending talk of repatriating the world’s second-biggest gold reserves removes a potential irritant in U.S.-German relations. It’s also a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can’t be impounded to blackmail Germany into keeping the currency union together.The Bundesbank, Germany’s central bank, sent a delegation to the New York Fed’s vault in 2012 for spot checks on the hoard. As the gold’s guardian, the Frankfurt-based Bundesbank is obliged to ensure its safety. It says it’s sensible to store part of the reserves outside the country so they can be swapped more easily for foreign currency in an emergency.
This last sentence is absolutely incredible in its Orwellian irrationality. Swap gold easily for foreign currency? Foreign currency can be conjured up in infinite amounts at will by crooked bankers in suits with phony smiles and calming words filled with complex economic jargon. So Germany needs to be able to swap its gold for that? Well, it seems many nations are falling for this simple, yet effective scam, as I outlined in my post: Ecuador to Transfer More Than Half its Gold Reserves to Goldman Sachs in Exchange for “Liquidity.”
German gold reserves, the second-biggest in the world after those of the U.S., totaled 3,386.4 tons on March 31, according to World Gold Council data. Due to German postwar history, the biggest part is stored at the Federal Reserve Bank of New York;the rest is in London, Paris and Frankfurt.“Right now, our campaign is on hold,” Peter Boehringer, a Munich-based euro critic who co-founded an initiative to bring home all of Germany’s gold in 2012, said in an interview.
Right now and forever. Sorry suckers. This guy promises everything is just fine:
Full article here.
http://jessescrossroadscafe.blogspot.com/2014/06/gold-daily-and-silver-weekly-charts_23.html
23 JUNE 2014
Gold Daily and Silver Weekly Charts - Standing on the Deck of the Titanic
"Legitimate if you can, coerce if you have to, accommodate if you must."Jürgen Habermas, as paraphrased by Robert Johnson
There was some interesting back and forth in the media about Germany's gold being held by the Federal Reserve today. You may read about ithere.
The objections to the article by Peter Boehringer seem to be a bit thin in parts. While he stresses the 'independence' of the Bundesbank from the political process, he fails to note that the Buba never wanted to pursue the repatriation of the gold in the first place.
It bowed to public political pressure after the embarrassment of their visit to New York in which they were not permitted to view the gold for 'security reasons.' It seems fairly clear to me that the gold has been committed to the markets by the bullion banks.
Oh yes, it 'looks bad' for the Fed and the Bundesbank, but the real question is 'do they care?' Perhaps it is time for a pressure check.
The US Congress has an approval rating of 7%. Do they seem to care? No, and the reasons why they do not care are not that hard to understand, even though we may not like them. Nothing will change unless the existing equilibrium of the status quo and ruling elite changes, along with their sources of power and money. And the same applies to Germany and the UK.
Nothing of note occurred in the Comex warehouses or deliveries on Friday. But the Comex is becoming a Punch and Judy show.
Nothing of note occurred in the Comex warehouses or deliveries on Friday. But the Comex is becoming a Punch and Judy show.
The activity in the precious metals for this week's Comex July option expiration may be driven by silver which is in an active futures contract month. Gold is not.
"The active contract months for silver will be March, May, July, September and December.""The active contract months for gold will be February, April, June, August and December."
Gata.....
German gold repatriation leader disputes Bloomberg story
Submitted by cpowell on Mon, 2014-06-23 16:11. Section: Daily Dispatches
12:05p Monday, June 23, 2014
Dear Friend of GATA and Gold:
Peter Boehringer, leader of Germany's Repatriate Our Gold campaign --
-- complains that today's Bloomberg News story about the German government's seeming confidence in the vaulting of its gold in the United States misquotes him and makes other errors and misrepresentations. Boehringer has added his comment at the bottom of the Bloomberg News story here:
CHRIS POWELl, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
Bill Holter: Everybody in authority knows what GATA knows
Submitted by cpowell on Mon, 2014-06-23 15:56. Section: Daily Dispatches
11:56a ET Monday, June 23, 2014
Dear Friend of GATA and Gold:
Everybody in authority knows about gold and silver price suppression by the U.S. government, Bill Holter writes today, but nobody in authority wants to acknowledge it in public while those who know work to exploit it.
Holter, who writes for the Miles Franklin coin and bullion dealership in Minnesota and for GATA Chairman Bill Murphy's LeMetropoleCafe.com, says GATA has done its job.
Holter writes: "I believe that long ago foreigners figured out what GATA has been trying to inform the public about for what seems like forever. First off, if GATA figured out that gold and silver prices have been manipulated and suppressed, so have others. Not only can 'others' figure it out on their own. GATA has made all of their information 100 percent public and available. They have sent evidence everywhere imaginable. They have tirelessly sent evidence to the press, the newspapers, and TV stations both here in the United States and abroad. They have sent evidence to the Commodity Futures Trading Commission, the Securities and Exchange Commission, regulators of foreign nations, senators, congressmen -- you name it, and GATA has sent it."
And despite the silence around the information GATA has distributed, Holter thinks many people in authority are acting on it. His commentary is headlined "It's a Trap?!?!" and it's posted at the Miles Franklin Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
German gold stays in New York in rebuff to euro doubters
Submitted by cpowell on Mon, 2014-06-23 12:33. Section: Daily Dispatches
By Birgit Jennen
Bloomberg News
Monday, June 23, 2014
Bloomberg News
Monday, June 23, 2014
BERLIN -- Germany has decided its gold is safe in American hands.
Surging mistrust of the euro during Europe's debt crisis fed a campaign to bring Germany's entire $141 billion gold reserve home from New York and London. Now, after politics shifted in Chancellor Angela Merkel's coalition, the government has concluded that stashing half its bullion abroad is prudent after all.
"The Americans are taking good care of our gold," Norbert Barthle, the budget spokesman for Merkel's Christian Democratic bloc in parliament, said in an interview. "Objectively, there's absolutely no reason for mistrust."
Ending talk of repatriating the world's second-biggest gold reserves removes a potential irritant in U.S.-German relations. It's also a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can't be impounded to blackmail Germany into keeping the currency union together.
The Bundesbank, Germany's central bank, sent a delegation to the New York Fed's vault in 2012 for spot checks on the hoard. As the gold's guardian, the Frankfurt-based Bundesbank is obliged to ensure its safety. It says it's sensible to store part of the reserves outside the country so they can be swapped more easily for foreign currency in an emergency.
Germany's election in September hastened the shift when the Free Democratic Party, which flirted with bringing the gold home, dropped out of Merkel's coalition and was replaced by the Social Democrats. Other supporters included Philipp Missfelder, a member of Merkel's Christian Democratic Union who quit as her government's envoy for relations with the U.S. in April. Juergen Hardt, his successor, signaled a change of position.
Postwar History
Postwar History
"It's my view that the gold reserves should be stored wherever they might be needed in an emergency," Hardt, also from the CDU, told reporters in May. There's no evidence that German gold at the New York Fed has been tampered with, he said.
German gold reserves, the second-biggest in the world after those of the U.S., totaled 3,386.4 tons on March 31, according to World Gold Council data. Due to German postwar history, the biggest part is stored at the Federal Reserve Bank of New York; the rest is in London, Paris and Frankfurt.
After World War II and the export revival of West Germany's "economic miracle" in the 1950s, the central bank accumulated dollars it swapped for gold at the Federal Reserve. With Germany split between capitalist west and the communist East German state until 1990, storing most of the gold abroad was a way to keep it out of Soviet reach during the Cold War.
Gold Inventory
Gold Inventory
That the hoard had never been counted and isn't fully on German soil for easy access was fodder for critics.
Lawmakers including Klaus-Peter Willsch, a CDU member who opposed bailouts during the debt crisis, asked federal auditors for an opinion. Their report in October 2012 increased pressure on the Bundesbank, urging it to do an inventory and "physically ascertain" German gold holdings abroad.
The central bank met the critics halfway. Last year, it began moving the Paris gold to Frankfurt, pointing out that Germany and France now have the same currency, the euro. Enough of the gold in New York and London will be brought home so half the reserves will be in Germany by 2020.
German gold abroad is stored "only at central banks of the highest international reputation" in countries with "stable democratic structures" and high security standards, the Bundesbank said in a presentation in 2013 in response to bring-our-gold-home campaigners.
Storage Sites
Storage Sites
"The Bundesbank never doubted the integrity of the foreign gold-storage sites," Carl-Ludwig Thiele, the bank's council member for payments and settlements, said in an interview on May 23. "We were able to see everything we wanted to see in New York. As far as we're concerned, there are no more open issues."
The Social Democrats, Merkel's junior coalition ally, have signaled agreement with the Bundesbank position. Campaigners at "Repatriate Our Gold" also doesn't see the Bundesbank going further anytime soon.
"Right now, our campaign is on hold," Peter Boehringer, a Munich-based euro critics who co-founded an initiative to bring home all of Germany's gold in 2012, said in an interview.
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