Where Did Germany's Gold Go?
Another one of the international central banks failed to properly oversee and audit a country's massive gold reserves. This time, Germany's central bank is to blame.
The federal auditors' office has publicly criticized the central bank saying they should be more pro-active when it comes to taking control and responsibility for the county's gold reserves stored in the United States, Britain, and France. They are worth “dozens of billions of dollars.”
Care to know where a majority of Germany's gold reserves are held? You guessed it – they're in possession of our very own Federal Reserve; 'safely' secured in the vaults of our nation's most 'trustworthy' men.
At least 3,400 tons of gold – valued at about $190 billion at modern rates – are in the U.S., the Bank of France, and the Bank of England. Most of that gold has been there since the end of the Cold War and the Soviet invasion.
However, that number is just an estimation of how much gold should be there... but no one is quite sure how much gold is physically inside those vaults because of poor control and a lack of audits.
Auditors argue that the central banks aren't fulfilling their duties of inspecting samples of its gold bars “in regular values to verify their book value.”
Monday of this week, The Associated Press got their hands on a report to lawmakers regarding this issue:
The report acknowledges that such inspections might be logistically complicated, but it stresses that ‘‘this cannot discharge from the necessity to carry out an inventory.’’
The central bank said in a reaction to the report that was also sent to lawmakers Monday that it sees no reason for a physical inspection of the bars. ‘‘There is no doubt about the integrity of the foreign storage sites in this regard,’’ it stated.
The debate on most of the gold reserves being held by foreign authorities has caused some inevitable conspiracy theories questioning their very existence, but several German politicians have also voiced unease.
Philipp Missfelder, a leading lawmaker from Chancellor Angela Merkel’s center-right party, has asked the Bundesbank for the right to view the gold bars in Paris and London, but the central bank has denied the request, citing the lack of visitor rooms in those facilities, German daily Bild reported.
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