| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
FLASH: German gold report reveals secret sales that likely were part of swaps
FLASH: German gold report reveals secret sales that likely were part of swaps
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 supposedly vaulted in the United States. This way the Bundesbank could continue to claim ownership of the same amount of gold without lying, at least not technically. Read more>>
Related Posts : Germany’s Gold Reserves
