So, here’s what we know so far:
– In 2012, the Bundesbank (the central bank of Germany) asked to visit the vault of the Federal Reserve in New York, to view the 1,536 tons of gold they have stored there.
– The Federal Reserve told them no. They were not allowed to see their gold.
– In response, Germany said that they wanted 300 tons of their gold back.
– The Federal Reserve said that they’d need seven years to get the gold back to Germany. (Something that should take them seven weeks, tops.)
– One year later, the Fed has returned only 5 tons of gold to Germany. At this rate, it will take 60 years for the Germans to get less than one fifth of their gold back.
Seems 37.5 tons ahve now been repatriated. Up from 5 tons.
In summary, it goes like this:
– The original German gold held in the U.S. is gone. Leased, sold and rehypothecated many times over.
– Germany now wants its gold back. The U.S. balks and promises to only return roughly 40 mts/year for eight years. (By the way, why didn’t France return any gold in 2013? Germany’s looking for 374 metric tonnes from them and, in 2013, it got zilch, zero and nada.)
– Pressed to come up with gold to ship back to Germany, the U.S. scours it’s vaults.
– The U.S. takes some of it’s 1930s-confiscated “coin melt” gold, assayed at 90% purity, and recasts it into 99.5% purity London bars and ships them off to Frankfurt.
– The Bundesbank books in these new bars, apparently date-stamped “2013″, as a “return of German gold” and now awaits the other 95% of their “order”.
Actual correspondence regarding the re-casting of returned gold. (See bullet pt #4 above)
In July 2013, the US American hedge-fund manager William Kaye created a stir when he picked-up the ball, stating:
” Germany won´t ever see its gold again…… Central Banks, such as the FED, where most of the reserves had been deposited, had lent the gold to U.S. Banks such as Goldman Sachs and JP Morgan.
The gold has been used in the market to lower the gold price and the FED has received securities in exchange…. Germany won´t ever see that gold again, because it is safely kept in my accounts and the accounts of our investors”.