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It's Probably Nothing

By Kate on October 26, 2012 8:29 AM | 7 Comments

Today, in a surprising development, via the Telegraph we learn that none other than the same Bundesbank which is causing endless nightmares for all the other broke European nations due to its insistence for sound money, decided to voluntarily pull two thirds of its gold holdings held by the Bank of England. According to a confidential report referenced by the Telegraph, Buba reclaimed 940 tons, reducing its BOE holdings from 1,440 in 2000 to 500 in 2001 allegedly "because storage costs were too high."

h/t Adrian

7 Comments

andycanuck | October 26, 2012 9:22 AM | Reply

"because storage costs were too high."
Banks! They always do you on the hidden service fees!

Gus | October 26, 2012 9:33 AM | Reply

Keeping your reserves, which are supposed to provide stability through a crisis, outside of your own control would seem to be the pinnacle of irresponsibility. Does not sound German to me.

OMMAG | October 26, 2012 9:57 AM | Reply

Not so long ago China made a big fuss about receiving tampered bullion bars received from the US.

Turns out .... the Chicoms did the tampering and then tried to claim THEY were cheated.

Turns out that gold tampering is a thriving industry in China.

TrueNorthist | October 26, 2012 10:08 AM | Reply

The writing is now on the wall: Germany will soon be leaving the Eurozone. Pulling your most solid assets from the clutches of foreign powers is but the first step any nation/state takes when it is planning some sort of unilateral action. The press is dutifully down-playing this story as one would expect, but sharp eyes can see what this move portends. Those who claim Germany will endlessly fund all Eurozone liabilities (Piigs et al) are simply naive.

Circassian Walnut | October 26, 2012 11:17 AM | Reply

What foreign assets? The Red Shield cousins are not foreign... to one another, that is.

ct | October 26, 2012 11:33 AM | Reply

The Germans never used to be fools so sooner or later they will acknowledge that the EU is toast. IMO the fallout is more geopolitical than economic for them. The EU common market benefit will become questionable at best if it is imploding anyway. Why would the Germans want to go down with that ship. There is no light at the end of the tunnel. Germany and the more northern EU members and possibly Britain will stay afloat but the rest including France are done.

From the geoplitical perspective it is all about the EU 'survivors' and their relationship with Russia. They will be in a very weak position with little hope that the USA will provide much aid. I suspect they will work out an accommodation with the Putin Boys.

RFB | October 26, 2012 11:55 AM | Reply

I have asked my MP, wrote to the FM over the last 2 years etc concerning the fact that Chretien and Martin sold off all of Canada's Strategic Gold Reserves for 250/oz over the life of Chretiens mandate. All 700 Metric Tonnes. Not only did no one respond, but you will also find that the money from the sale never showed up on the books of the Government of Canada or the Bank of Canada.

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RFB: I have asked my MP, wrote to the FM over read more
ct: The Germans never used to be fools so sooner or read more
Circassian Walnut: What foreign assets? The Red Shield cousins are not foreign... read more
TrueNorthist: The writing is now on the wall: Germany will soon read more
OMMAG: Not so long ago China made a big fuss about read more
Gus: Keeping your reserves, which are supposed to provide stability through read more
andycanuck: "because storage costs were too high." Banks! They always do read more

It's Probably Nothing

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7 Comments