Bundesbank reported ready to retrieve Germany's gold from New York and Paris
11:14p ET Monday, January 14, 2013
Dear Friend of GATA and Gold:
The German business newspaper Handelsblatt, based in Dusseldorf, reports exclusively tonight that the Bundesbank will announce Wednesday a plan to retrieve Germany's national gold from the Federal Reserve Bank of New York and the Banque de France in Paris:
As our German friends have gone to bed at this hour, we're left with only the meatball-quality work of Google translator, on which Zero Hedge's dispatch relies here --
-- and exactly how much gold is to be repatriated from each foreign vault will not be clear for at least a few hours longer. But some speculation may be allowed as follows:
1) While Zero Hedge declares that the Bundesbank's action will be construed as a proclamation of lack of trust among central banks and as a bell signaling at last the sit-down phase of their game of golden musical chairs, a friend remarks sardonically that first of all this is likely to smash the gold price down by at least $100 when London and New York "markets" open tomorrow. (War in the Middle East closing the Strait of Hormuz would knock gold down at least $200, and nuclear war leveling the Northern Hemisphere would find agents of the New York Fed and U.S. Exchange Stabilization Fund selling gold down at least $300 in Rio de Janeiro and Sydney, with the remnants of Reuters, the Financial Times, and The Wall Street Journal attributing the plunge to "profit taking.") That is, repatriation is progress but there will be no free market in gold until, as happened with the collapse of the London Gold Pool in 1968, the metal in the hands of Western central banks, or at least the metal they are willing to lose, simply runs out.
... Dispatch continues below ...
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2) If the entire six-member board of the Bundesbank really has voted to repatriate Germany's gold, they all will deserve GATA tin-foil hats -- but such hats are already on back-order. Indeed, in an interview two weeks ago with the Frankfurter Allgemeine Sonntagszeitung newspaper, Bundesbank President Jens Weidmann was starting to sound a bit like a gold bug, cautioning that "paper money is based on confidence" -- and then the Bundesbank even posted the interview on its Internet site:
3) No matter how much gold the Bundesbank repatriates, the explosion of this issue in Germany is an immense tribute to our German friends, who have taken GATA's cues, agitated tirelessly, mobilized some domestic political opinion, and perhaps terrified their own banksters as well as banksters abroad.
4) Of course it may be months or years before Reuters, the Financial Times, The Wall Street Journal, and such take note of the Bundesbank's action. But there are other news organizations, and word is getting around enough that tonight Arthur Hugh Clough may not seem like so much of a dreamer after all:
For while the tired waves, vainly breaking,
Seem here no painful inch to gain,
Far back, through creeks and inlets making,
Comes silent, flooding in, the main.
And not by eastern windows only,
When daylight comes, comes in the light;
In front the sun climbs slow, how slowly!
But westward, look, the land is bright!
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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