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Bundesbank’s Gold Repatriation will Take Seven Years!

Wednesday, January 16, 2013 20:40

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This is just a follow up on my earlier post about how Germany’s Bundesbank repatriation of their gold held by the NY FED (and the Banque de France) could trigger a scramble for the premier precious metal.

Apparently, in today’s deepening digital economy and the space age, it would strangely take 7 years for this process, which only accounts for half of Bundesbank’s claims, to get fulfilled.

Here is the Bloomberg:

The Bundesbank will repatriate 674 metric tons of gold from vaults in Paris and New York by 2020 to restore public confidence in the safety of Germany’s reserves.

The phased relocation of the gold, currently worth about 27 billion euros ($36 billion), will begin this year and result in half of Germany’s reserves being stored in Frankfurt by the end of the decade, the Bundesbank said in a statement today. It will bring home all 374 tons of its gold held at the Banque de France and a further 300 tons from the New York Federal Reserve, it said. Holdings at the Bank of England will remain unchanged.

My guess is that these governments will apply manual labor or of physically dragging gold from source central banks to their destination: the Bundesbank.

Gold from the NY FED may be shipped by ancient maritime ships known as Triremes.

Portrait of modern day replicas of ancient Triremes from the Wikipedia.org

Of course, they might build these ships manually too.

On the other hand, from the ranks of the unemployed, political appointees will physically carry bullions from the Banque de France to the Bundesbank. But they would to do these via an obstacle course designated by the authorities.

Pun aside, the above developments, seem as dilatory tactics aimed at implicitly squelching the current demand by the German public for a gold audit. Eventually these central banks hope that the public’s interest on these will fade.

Yet instead of “restoring confidence”, such will likely raise more questions about the gold reserves held by central banks for the Bundesbank and for the FED itself, as well as, postulations of gold manipulation schemes, employed by central banks and by welfare-warfare governments.

This content provided courtesy of Prudent Investor Newsletter

2013-01-16 20:32:10

Source: http://prudentinvestornewsletters.blogspot.com/2013/01/bundesbanks-gold-repatriation-will-take.html

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