Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
In the same category

Put the German Gold Conspiracy To Bed Folks

IMG Auteur
Published : January 23rd, 2013
661 words - Reading time : 1 - 2 minutes
( 7 votes, 1.1/5 ) , 1 commentary
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
1
comment
Our Newsletter...

 

 

 

 

I just came across this article (I wish I saw it the day it came out) but a few days late is better than never. While the conspiracy theorists are still having fun making a lot out of nothing regarding the repatriation of “some” of German’s gold, I prefer to let the facts speak for themselves as I wrote about the other day. In this piece, we hear from Carsten Fritsch of Commerzbank and again reference is made to Carl-Ludwig Thiele’s comments that I referred to in my earlier piece and which, not surprisingly, the gold conspiracy theorists out there failed (conveniently) to even make mention of. I will focus on the key points. You can read the full article HERE. [Emphasis Mine]

Dispelling conspiracy theories

During the height of the Cold War in the 1950s and 1960s, West Germany feared an invasion by the Soviet Union. In order to ensure that its gold would not fall into enemy hands, the West German government divided its reserves among the Allied powers. Some 374 tons of gold were deposited in Paris, 450 tons went to London, and 1,500 tons were sent to New York City.

There has been an ongoing discussion about how Germany's gold reserves should be stored, and whether or not they even exist at all. Fritsch said that the German Central Bank, “with its lack of transparency,” is partially responsible for the spread of these conspiracy theories. If the Central Bank had regularly done its own inventory of its gold reserves, then it would have been able to take the wind out of the sails of the conspiracy theorist, according to Fritsch.

“In this way, the partial repatriation of Germany's gold reserves will help cool down the debate,” he said.

Gold reserves safe and sound

Carl-Ludwig Thiele, who sits on the German Central Bank's board of directors, said that he was able to personally access Germany's gold reserves deposited abroad. He tried to assure the German public that the gold reserves are safe and accounted for.

“Everywhere we were welcomed with open arms,” Thiele told a press conference in Frankfurt. “We were shown the inventory lists and inspected individual gold bars, which were then crosschecked with those lists.”

Now that the Cold War is over, Germany no longer has to store its gold reserves abroad to ensure their safety in the event of a Soviet invasion. Nonetheless, depositing reserves abroad still serves two important purposes, according to Thiele.B

he said that it remains important to keep some of Germany's gold reserves in countries that have strong foreign currencies like the pound and the dollar. That's why deposits will remain in London and New York City, although the Central Bank does plan to move 300 tons of gold from the US back to Germany.

And while on the subject of gold…I remain cognizant of the fact that the conspiracy groups out there were all pointing to central bank easing as the precursor to a rocket-shot for the price of gold. 3 or some will argue 5 rounds of QE for the United States, printing by the European Central Bank, currency devaluation in an escalating currency war and massive easing announced by Japan Sunday night and here we are with gold still sitting roughly $200.00 off its all-time highs and silver remains significantly off its all-time highs. But wait … it’s not time yet. As per the latest news making the rounds of the usual club, the moon-shot in the price of metals is right around the corner.

Buy and hold gold and silver as investments folks…I’m all for it and in fact I encourage and advocate that every portfolio should have some. But if the last 5 years of hearing the same nonsense from folks who stand to profit of rising gold and silver sales (most of the usual suspects have something to sell you) hasn’t shown you that they got it all wrong then don’t know what will.

 

 

Companies Mentionned : Metals X |
Data and Statistics for these countries : Germany | Japan | All
Gold and Silver Prices for these countries : Germany | Japan | All
<< Previous article
Rate :Average :1.1 (7 votes)
>> Next article
Dan Dontrose is the editor of The Fundamental View
Latest comment posted for this article
If you listened to the "conspiracy theorists' five years ago to their SO CALLED "NONSENSE" you would have done quite well with GOLD in $AUD. $881 to now $1685. Thats a pretty good annualised return. My question on this matter is why can't the Germans  Read more
S W. - 1/23/2013 at 7:41 PM GMT
Top articles
Latest Comments
When Even the Fed Is Confused, W...
18:52user4779
Great article! Will you please do a follow-up article on precisely how a fixed ratio can be maintained---the right way and the wrong ways---and per...
Job Site of the Future: Unmanned...
18:46Doom
Exactly! That's why the cotton gin and industrial steel mills closed down immediately and had no effect on the economy. Oh, wait. Nvm.
Marine Le Pen Soars Into Lead in...
30 Januser47791
Some of the polled people must be voting for 2 presidents: the combined votes total at least 134%.
Are You Sure You Want to Delete ...
30 Jan077885258331
are you mad if you save where the government can see it touch it feel it they will take it, either through inflation, taxes or confiscation th...
Greece's Debt: Guess Who Pays in...
28 Janbelville19071
I have read better analysis from Adrian: Greece is in an extremely strong position and the EC has to give in. If Greece leaves and defaults on its ...
Koos Jansen: India's silver expo...
26 JanDoom
Heh, the title doesn't match the subject. I would have been shocked if India was really exporting silver, much less exporting a record.
Education is Too Important Not t...
26 Jansam_site1
Right on Ron. Americans don't understand that we have been fed a distorted version of history taught in our schools. The constant attempts by cri...
Job Site of the Future: Unmanned...
26 Janrhaacke
All this fear of automation taking over jobs is completely unfounded. It will never be possible for machines to make everyone unemployed. If everyo...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Comments closed
  All Favorites Best Rated  
If you listened to the "conspiracy theorists' five years ago to their SO CALLED "NONSENSE" you would have done quite well with GOLD in $AUD.

$881 to now $1685.

Thats a pretty good annualised return.
My question on this matter is why can't the Germans get their 300 tons in a matter of months ?
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.