German Gold Mystery Solved by Retired Texas Vet, June 24, 2014
The German government has been storing about half of its gold supply with the US FED, apparently in the NYC FED vaults. Germany decided to bring home all its gold, but the FED has said that isn’t possible to do, and it would need until 2020 to be able to accomplish the transfer.
The German government then asked to visit the FED vaults to inventory the gold and determine its actual existence, but the FED refused to permit Germany to examine its own gold. The reasons given were “security” and “no room for visitors”. And nothing else.
Germany did finally send some staff to the FED, and they were permitted only into the vault’s anteroom where they were shown 5 or 6 gold bars as representative of their holdings, and were permitted nothing else.
They apparently came a second time, and the FED did open only one of 9 rooms and let the Germans look at the stack of gold, but were not permitted to either enter or touch.
— Federal Reserve Refuses to Submit to an Audit of Germany’s Gold Held in U.S. Vaults
German Chancellor Angela Merkel stated today that Germany would leave its 1,500 tonnes of gold in the Federal Reserve vault in NYC for continued safekeeping.
Proponents for repatriation of German gold were outraged that Frau Merkel would double-cross them after initially agreeing to have at least 674 tonnes of gold repatriated. Insiders confirmed that only 5 tonnes of gold were repatriated before shipments were inexplicably stopped.
The current Federal Reserve Chairperson, Janet Yelling, announced today that the former Federal Reserve Chairperson, Ben Bernanke's computer hard drive had crashed, destroying the inventory of gold on deposit with the Fed. Shockingly and coincidentally, the six backup copies of the inventory on his assistants' computers were also destroyed by hard drive crashes. IT experts at the Fed verified that the Windows 3.1 based computers crashed just before their planned upgrade to Windows XP due to Superstorm Sandy shorting the electrical systems.
Not wanting to panic any of the gold depositors, a physical inventory of the gold was taken to ascertain the exact status of the inventory. Accountants entered the subterranean gold vaults below the Fed and discovered a major problem. As a result of Superstorm Sandy the vault had been breached and salt water had flooded several of the lower gold vaults, including the one where the alleged 1,500 tonnes of German gold was stored. According to gold technicians, the salt water had corroded the gold bars. Serial numbers and country stamps on the bars were indecipherable. Experts determined that the gold would have to be melted down and gold bars recast to determine the exact amount of gold remaining. After recasting, the Fed determined that only 5 tonnes remained.
Experts stated that a shrinkage from 1,500 tonnes to 5 tonnes would not be unusual considering that many bars would simply have floated away, others would have completely corroded away, and then a lot would have been lost through shrinkage and wastage during the recasting process.
The German government contacted its insurance company, Progressive, which stated that the insurance policy did cover hurricanes, which required them to replace the Windows 3.1 computers. However, it specifically excluded flood damage, which would have had to be covered under a Federal Flood Insurance policy which the German government had not obtained.
Ms. Yelling assured Frau Merkel that she would not leave her slowly twisting in the the political wind but would develop some solution that would provide cover for both of them. Ms. Yelling had Federal Reserve notes printed in an amount equivalent to the dollar value of the alleged 1,500 tonnes of Germany's gold. Those notes, as good as gold, were then to remain on deposit with the Fed.
Problem solved and everyone is happy.
This article (slightly edited) first appeared under the title
"Germany To Leave Its Gold In Federal Reserve"
on the website of Free Republic.
From someone in Queensland, Australia, we received this very astute comment: "Gold doesn't corrode."
- Der Spiegel (2012-05-15): Germans Fret about Their Foreign Gold Reserves
- Mining.com (2014-06-23): Germans give up on getting back their gold held in US
- Zero Hedge (2015-01-19): Germany's Bundesbank Resumes Gold Repatriation; Transfers 120 Tonnes Of Physical Gold From Paris And NY Fed
- Zero Hedge (2016-01-27): Germany Has Repatriated Over 366 Tonnes Of Gold From New York And Paris
- Zero Hedge (2017-02-09): Bundesbank Has Completed Gold Repatriation From New York Fed, Three Years Ahead Of Schedule
Serendipity Home Page