Monday, October 22, 2012

Audit the Fed: German courts demand full audit of nation's gold supply

On Oct. 22, the German Court of Auditors voted to demand a full audit of the nation's gold supply, which is currently being held in the Federal Reserve vaults, the Bank of England, and the Bank of France.

This audit demand comes during a time when Germany is standing against the EU's move for an overall banking czar, and when the EU central bank is seeking dominion over the monetary policies of sovereign nations.



The German court of auditors (Bundesrechnungshof) has demanded that the Bundesbank undertake an audit of its gold reserves. In an 'audit-the-fed' style effort, the court wants to ensure that the nearly 3400 tons of gold is in fact in existence - 'because stocks have never been checked for authenticity and weight'. Furthermore, the Bundesbank's gold is stored in three other vaults around the world: The Bank of England, The Bank of France, and the US Federal Reserve. The court questions the practice of relying on a written confirmation from the custodians (foreign central banks). The decision means negotiating with the three foreign central banks for physical verification but in anticipation, the Bundesbank has begun the process of shipping 50 tons per year from the Fed back to Germany for the next three years. -  Zerohedge

Germany, the most solvent and fiscally responsible nation in the European Union, is quickly learning the lesson of 'if you don't hold it, you don't own it', and following in the footsteps os China, Russia, Iran, and other nations seeking to bring their gold under sovereign ownership.

1 comments:

That's a lot of gold. I can only imagine how much I would make selling that much to the ny gold buyers.

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