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Germany getting suspicious about gold to the point of taking action
11:17a ET Monday, October 22, 2012
Dear Friend of GATA and Gold:
The German press today is full of stories of concern about the German gold reserves.
Germany's largest newspaper, Bild-Zeitung, reports that the German central bank, the Bundesbank, has refused to let two members of the German parliament, the Bundestag, inspect the nation's gold reserves held abroad. The Internet site of financial news from Germany, MMNews.de, summarizes the Bild-Zeitung report in English here:
http://www.mmnews.de/index.php/english-news/11126-bundesbank-refuses-gol...
The German newspaper Die Welt elaborates here:
http://www.welt.de/finanzen/article110105525/Was-macht-Paris-mit-dem-Gol...
But the German magazine Der Spiegel reports that the German court of auditors is demanding that the Bundesbank begin auditing its foreign-held gold and, if Zero Hedge's Internet translation is correct, the Bundesbank has already decided to repatriate some of the gold, if very slowly. The Der Spiegel report is here:
http://www.spiegel.de/wirtschaft/soziales/rechnungshof-fordert-bundesban...
The Zero Hedge attempt at translation is here:
http://www.zerohedge.com/news/2012-10-22/german-court-demands-bundesbank...
GATA hopes to get good translations of some of this stuff within a day or two. In any case, the developments in Germany show growing recognition that central banks are playing fast and loose with national gold reserves and that the gold is likely terribly oversubscribed as part of the Western central bank gold price suppression scheme -- GATA's point exactly.
Congratulations to our German friends who long have been agitating on this issue on behalf of their nation's sovereignty.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Fred Goldstein and Tim Murphy open All Pro Gold
Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/.
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http://www.neworleansconference.com/
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Opinion Around the World Is Changing
in Favor of Gold -- Find Out Why
When Deutschebank calls gold "good money" and paper "bad money". ...
http://www.gata.org/node/11765
When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ...
http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan...
When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ...
http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan...
When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ...
http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold...
When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ...
World opinion is changing in favor of gold.
How can you learn why and what it will mean to you?
Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard."
Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him."
To buy a copy of "The True Gold Standard," please visit:
http://www.thegoldstandardnow.com/publications/the-true-gold-standard
