Germany’s central bank confirms gold rumors.
You’ll remember that journalist/blogger Max Keiser recently said that the Bundesbank had told him that most of Germany’s gold is in the custody of the United States in New York.
The Bundesbank wrote a letter confirming that some of its gold is outside the country at “major gold trading centres.” It also says it is common (!) for central banks to do this.
GATA makes the leap to say that “much” of Germany’s gold is in New York. However large the amount that is outside of Germany – much gold or little gold — we can imagine it is loaned out to A) jewelers and B) used to short the market and keep prices low.
Gee, I’d hate to think what would happen if there was a financial crisis and Germany wanted its gold back, eh?
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{ 2 comments… read them below or add one }
Sean,
Can you reference some reputible gold dealers to us?
Thank you.
I give my tips on how to find a reputable gold dealer in my gold reports. I’m sorry, but I can’t give out for free what some subscribers pay for. It wouldn’t be fair.