It Will Take The Fed Seven Years To Deliver 300 Tons Of German Gold

Originally posted by Crakeur

Originally posted by ConspiracyNutjob

Bundesbank: "We want our gold."

Bernanke: "We don't have it, all of your gold has been sold into the open market to suppress the price of gold and keep the financial system afloat."

Bundesbank: "How long will it take you to recover our gold from the open market?"

Bernanke: "We can get you about 45 tons a year. We can only do it very slowly, we don't want the price of gold to escalate too fast."

Bundesbank: "Okay. We will tell the public that we are doing a transfer of 300 tons over 7 years and we are happy for you to hold the remainder of our reserves."

Bernanke: "But we don't have the remainder of your reserves."

Bundesbank: "That's okay. The public does not need to know. At least they can see that we are taking some action to verify our gold reserves."

Bernanke: "Good."

Making up conversations in your head doesn't make it real. Unless you can show us a single bit of evidence to refute the bundesbanks statement that they are planning on a 7 year transfer of gold from the US and France to Germany, then it's nothing more than fear and paranoia which, coupled with those imaginary conversations can make for a nasty cocktail.

Originally posted by ConspiracyNutjob

It was only three months ago when Germany were happy to have only 150 tons repratriated from the Fed. Now they want all of their gold from France and 300 tons from the Fed.

I never said a thing about the reason for the move. No doubt they'd rather have it on their soil, given the ever increasing risk of global economic calamity or the next world war. All I did was quote the Bank's statement that they planned on moving gold from the US and France to Germany. You then went and conjured up a conversation to back up your claim.

Originally posted by ConspiracyNutjob

Keep drinking the Koolaid dude.

Wow, you didn't throw in a sheeple reference as well. Very impressive.

It should be noted that the koolaid you suggest I'm imbibing, in this case, is a big vat of concocted conspiracy cranberry flavored koolaid, brought to you by those wonderful gloom and doom fear mongerers over at zerohedge. I suggest you use a straw when you drink it, the color stains your lips and teeth.

You are specualting that they do have the gold, while I am speculating that they don't.

US Gold reserves have not been audited since 1953!!!

The evidence is on my side chump.

They should just give them the gold they stole from Gaddafi...

Just a thread blown by someone with no reading comprehension. Welcome to the top 10 worst threads

Originally posted by signalfire
I'm also pretty certain that if you had money (or valuables in a lockbox) in a bank in another country, and you demanded they open their vaults and return your belongings, being told you're going to have to wait 7 years would become a bit of an issue, and rather quickly.

Where did you get the idea that they were told "being told you're going to have to wait 7 years " from?

What makes you claim the delay is on the USA or France's side?

Originally posted by theone88

Originally posted by olliemc84

Originally posted by ted4d
It won't take 7 years, and furthermore, there is no legitimate reason to make a posting saying so. So why do it?

edit- and finding a rubbish article saying it will be 7 years doesn't count as legitimate. Facts is what we want, not cut and paste BS.

edit on 17-1-2013 by ted4d because: (no reason given)

Yahoo

All 374 tons of German gold held in Paris vaults will be moved back to the Bundesbank's vaults in Frankfurt by 2020, the bank said Wednesday. A further 300 tons of gold stored in New York will also be brought back.

2020 - 2013 = 7

You arguing something without doing an ounce of research on the topic is rubbish.

edit on 17-1-2013 by olliemc84 because: (no reason given)

All 374 tons of German gold held in Paris vaults will be moved back to the Bundesbank's vaults in Frankfurt by 2020, the bank said Wednesday.

The article says 7 years from Paris not the US.

S&F

A further 300 tons of gold stored in New York will also be brought back.

Go troll somewhere else.

reply to post by ConspiracyNutjob

You are specualting that they do have the gold, while I am speculating that they don't.

US Gold reserves have not been audited since 1953!!!

The evidence is on my side chump.

articles.latimes.com...

What evidence, chump?

Gold Reserve Audit 2005
www.foxnews.com...

You are mistaking the Fed with Fort Knox. Go get educated please before responding to posts.

Originally posted by olliemc84
reply to post by ConspiracyNutjob

 

You are specualting that they do have the gold, while I am speculating that they don't.

US Gold reserves have not been audited since 1953!!!

The evidence is on my side chump.

articles.latimes.com...

What evidence, chump?

Gold Reserve Audit 2005
www.foxnews.com...

You are mistaking the Fed with Fort Knox. Go get educated please before responding to posts.

edit on 18-1-2013 by olliemc84 because: (no reason given)

edit on 18-1-2013 by olliemc84 because: (no reason given)

Did you even read your source?

news.goldseek.com...

You make my point entirely. This was only an audit of the financial statements and not the physical gold.

ROFL.

Right now the US will try and source gold from anywhere in order to meet obligations because there ain't any at Fort Knox or The Fed.

www.bloomberg.com...

Bundesbank and the Fed have been in contacts about auditing THEIR gold supply since October. I really don't understand why this has turned into a pissing match.

Originally posted by ConspiracyNutjob

Originally posted by olliemc84
reply to post by ConspiracyNutjob

 

You are specualting that they do have the gold, while I am speculating that they don't.

US Gold reserves have not been audited since 1953!!!

The evidence is on my side chump.

articles.latimes.com...

What evidence, chump?

Gold Reserve Audit 2005
www.foxnews.com...

You are mistaking the Fed with Fort Knox. Go get educated please before responding to posts.

edit on 18-1-2013 by olliemc84 because: (no reason given)

edit on 18-1-2013 by olliemc84 because: (no reason given)

Did you even read your source?

news.goldseek.com...

You make my point entirely. This was only an audit of the financial statements and not the physical gold.

ROFL.

Right now the US will try and source gold from anywhere in order to meet obligations because there ain't any at Fort Knox or The Fed.

edit on 18-1-2013 by ConspiracyNutjob because: (no reason given)

www.foxnews.com...

Now, according to the Times, the U.S. government has completed its audit – which included drilling holes in the bars to test their purity.

Then what did they drill into?

Please go away.

reply to post by ConspiracyNutjob


rt.com...

The US government has been quietly carrying out an audit of all the American-owned gold at the New York Fed. The process involves drilling small holes in about ten per cent, or roughly 350, of the bars to make sure they're pure.
About a half dozen Mint, Treasury Inspector General's Office and New York Fed employees took part in the audit. It's being monitored by the Government Accountability Office, the branch of Congress that wields investigative powers.

Why is it so hard for you to admit that you are wrong? It is there. Get over it.

i believe that Hugo Chavez started asking for his nations gold to be repatrioted (sent back to Venezuela) years ago...

possibly even back in 2005 he started demanding the gold held in Europe to be sent back to the soverreign nation


it takes time to have secure facilities and secure transfer agents to transport these tonnes of bullion in a agreeable fashion


see WIKI:

...
Most of Venezuela's gold held abroad is located in London

In 25 November 2011 the first of US$11 billion of repatriated gold bullion arrived in Caracas;
Chavez called the repatriation of gold a "sovereign" step that will help protect the country's foreign reserves from the turmoil in the U.S. and Europe...

i don't recall what % of that $11BN shipment(s) of bullion was, compared to the total gold stored in London....
but it has taken years already for Venezuela to get back even 'some' of their rightful gold held in the geo-politically 'secure' vaults in London or Europe


OR--- it has taken years to melt new production gold and disguise it as long term held bullion by a trail of false storage records...(that is where my thoughts lay...)

And that may well be the reason for the strung out delays in transporting the +300 tonnes back to a now unified and more internationally secure Germany

Originally posted by olliemc84
reply to post by ConspiracyNutjob

 

rt.com...

The US government has been quietly carrying out an audit of all the American-owned gold at the New York Fed. The process involves drilling small holes in about ten per cent, or roughly 350, of the bars to make sure they're pure.
About a half dozen Mint, Treasury Inspector General's Office and New York Fed employees took part in the audit. It's being monitored by the Government Accountability Office, the branch of Congress that wields investigative powers.

Why is it so hard for you to admit that you are wrong? It is there. Get over it.

So the story changes?

First the audit was in 2005 and now it is in 2012. The US government is conducting the audit. ROFL.

This is like the IRS telling me that they want to audit my tax returns and me saying "Don't worry about it, I have already conducted my own audit on my own tax returns. Nothing to see here."

It must be a physical audit of the gold and it must be independently done.

Originally posted by olliemc84

Originally posted by ConspiracyNutjob

Originally posted by olliemc84
reply to post by ConspiracyNutjob

 

You are specualting that they do have the gold, while I am speculating that they don't.

US Gold reserves have not been audited since 1953!!!

The evidence is on my side chump.

articles.latimes.com...

What evidence, chump?

Gold Reserve Audit 2005
www.foxnews.com...

You are mistaking the Fed with Fort Knox. Go get educated please before responding to posts.

edit on 18-1-2013 by olliemc84 because: (no reason given)

edit on 18-1-2013 by olliemc84 because: (no reason given)

Did you even read your source?

news.goldseek.com...

You make my point entirely. This was only an audit of the financial statements and not the physical gold.

ROFL.

Right now the US will try and source gold from anywhere in order to meet obligations because there ain't any at Fort Knox or The Fed.

edit on 18-1-2013 by ConspiracyNutjob because: (no reason given)

www.foxnews.com...

Now, according to the Times, the U.S. government has completed its audit – which included drilling holes in the bars to test their purity.

Then what did they drill into?

Please go away.

Dude, this article is from 2012 and the other one is from 2005. In 2005 it was merely an audit of the financial statements. They are making the claim that they are doing a physical audit of the gold in 2012.

The US Government is conducting an audit on it's own reserves, do you know how ridiculous this sounds?

IT NEEDS TO BE INDEPENDENTLY DONE.

reply to post by ConspiracyNutjob


I'm not going back and forth with you anymore. When Germany comes for their gold you will get your answer.

Originally posted by olliemc84
reply to post by ConspiracyNutjob

 

I'm not going back and forth with you anymore. When Germany comes for their gold you will get your answer.

Germany will get newly mined and refined gold. That is why it will take 7 years.

Is the North Atlantic Ocean seperating Germany from the US the only thing stopping the transfer from being immediate as is the case with the gold held in France?

Do you really believe that?

reply to post by ConspiracyNutjob


China to buy 870 tons of Gold in 2012

“Just to give an idea of how large these purchases of gold bullion are, in the first five months of 2012, China has imported over 300 tons of gold bullion from Hong Kong,” says Lombardi. “Just isolating this number alone would put China as the 17th largest holder of gold bullion in the world.”

If China could buy 870 tons in just one year alone, I would imagine that Germany could buy the 674 tons being repatriated from NY and France in much less time than 7 years.

I think Germany is in no rush to receive it all in one lump some. Germany's leadership is just bending over for their Ron Paul types to audit their foreign gold reserves and bring some home. Germany will still leave some behind to be held at the Fed.

I'm not saying that this wont have implications in the US or global currencies. But what I am saying is that you can't make empty claims saying that it isn't there when you truly don't know.

If the Germans get to the Fed and see that there is no gold there then you can personally serve me the crow that I would have to eat if I am wrong.

Originally posted by olliemc84
reply to post by ConspiracyNutjob

 

China to buy 870 tons of Gold in 2012

“Just to give an idea of how large these purchases of gold bullion are, in the first five months of 2012, China has imported over 300 tons of gold bullion from Hong Kong,” says Lombardi. “Just isolating this number alone would put China as the 17th largest holder of gold bullion in the world.”

If China could buy 870 tons in just one year alone, I would imagine that Germany could buy the 674 tons being repatriated from NY and France in much less time than 7 years.

I think Germany is in no rush to receive it all in one lump some. Germany's leadership is just bending over for their Ron Paul types to audit their foreign gold reserves and bring some home. Germany will still leave some behind to be held at the Fed.

I'm not saying that this wont have implications in the US or global currencies. But what I am saying is that you can't make empty claims saying that it isn't there when you truly don't know.

If the Germans get to the Fed and see that there is no gold there then you can personally serve me the crow that I would have to eat if I am wrong.

It goes both ways. You likewise cannot make a claim that it is definitely there.

I would change my stance if the US government along with the Fed were to allow an independent physical audit of the gold held at both Fort Knox and the Fed.

I actually believe that the Germans have a mutual agreement with the US of repatriating the gold at a slow rate because:

1) The Fed does not have it and/or they do have it but some other entitie/s have a claim on the same gold.
2) The Fed does not want to go out into the open market to replace the gold in a short space of time because it will spike the gold price. They also want to remain discrete about any purchase because if the public ever found out then it would be curtains for the financial system.

And this explains what the nut job isn't paying attention to

Forbes

Really just good business

,

reply to post by Crakeur


So you are telling me that it is going to take seven years because it is a lot of gold to be transferred and it will take a lot of planning / logistics? Come on now, the states can start a war with another country across the globe in months, I am sure they can ship gold across the ocean in less then seven years.

I feel this move by Germany is the start of central banks mistrusting each other. It is like the old saying, if you don't hold it you don't own it.....and since the global economy is getting worse banks want their assets in their own hands. The US global reserve currency status is slowly being eroded, you are seeing countries starting to buy less US bonds, starting to trade in their own currency instead of US Dollars - everyone is trying to get out of dollars while trying to make it appear they are not.

Originally posted by mikell
And this explains what the nut job isn't paying attention to

Forbes

Really just good business

,

edit on 19-1-2013 by mikell because: spe;;ing

ROFL. And if the currency crisis happens this year? What then?

Bundesbank: "Ben, we need the gold NOW!"

Bernanke: "I told you we don't have it. Chavez beat you to it."