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Unease about Germany’s unchecked gold reserves
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
businessweek.com / By Juergen Baetz / October 22, 2012
BERLIN (AP) — Germany’s central bank has failed to properly oversee the country’s massive gold reserves, which have been stored abroad since the Cold War in case of a Soviet invasion, independent auditors say.
The central bank must renegotiate its contracts to gain the right to inspect its gold bars, which are worth tens of billions of dollars and are stored in the United States, Britain and France, the Federal Auditors’ Office said in a report to lawmakers obtained by The Associated Press on Monday.
The report says the gold bars “have never been physically checked by the Bundesbank itself or other independent auditors regarding their authenticity or weight.” Instead, it relies on a “written confirmations by the storage sites.”
Most of Germany’s gold reserves — some 3,400 tons worth an estimated $190 billion at current rates — have been kept in the vaults of the U.S. Federal Reserve, the Bank of France and the Bank of England since the postwar days, when Berlin worried about a possible land war with the Soviet bloc.
The auditors maintain that the central bank must be able to at least inspect samples of its gold bars in regular intervals to verify their book value.
Thanks to BrotherJohnF
2012-10-23 19:43:28
Source: http://silveristhenew.com/2012/10/23/unease-about-germanys-unchecked-gold-reserves/
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