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by Phoenix Capital Research
Germany has the second largest Gold reserves in the world behind the US. Since the early ‘80s, it has stored the majority of these reserves with the NY Fed (45% vs. 13% in London, 11% in Paris and the remaining 31% in Frankfurt).
With that in mind, everyone needs to be aware that last Monday Germany’s Bundesbank announced it will be moving a major portion of its reserves from the US [...] Bundesbank to pull gold from New York and Paris in watershed moment Germany’s Bundesbank is to repatriate gold reserves held abroad to tighten control and combat currency crises in the future, pulling a chunk of its holdings from New York and all its bullion from Paris. The move marks an extraodinary breakdown in trust between leading central banks and has set off ferment among gold enthusiasts, with some comparing it with France’s [...] ETF Daily News Charles Goyette: On learning that French gold was being held by the U.S. Federal Reserve, French President Charles de Gaulle is reported to have said, “I could hardly sleep easily with such an arrangement.” So in 1965 he ordered French navy ships to cross the Atlantic to pick up $150 million in gold held in the Fed’s New York vaults and deliver it to the Banque [...] France’s central bank is expecting the country to slip into recession during the third quarter. The Banque de France said today that it expects Europe’s second biggest economy to contract by 0.1 per cent in the third quarter, which ends on September 30. The bank had already predicted that the economy would shrink the same amount in the second quarter. Bleak outlook: Banque de France is preparing for the country to sink into [...] http://www.zerohedge.com/news/bundesbank-confirms-german-gold-held-fed-boe-and-banque-de-france Bundesbank Confirms German Gold Held By FED, BOE and Banque De France Germany’s Bundesbank confirmed yesterday that the German gold reserves are held overseas by the Federal Reserve, the Bank of England and the Banque de France. There has been a lack of clarity and transparency regarding the German gold reserves, as there are with many other nations gold reserves, and this had led politicians and journalists seeking transparency. The Bundesbank has previously resisted [...] BLOOMBERG TV EXCLUSIVE: Bloomberg Television’s economics editor Michael McKee spoke to Federal Reserve Bank of Philadelphia President Charles Plosser from the Banque de France in Paris. Plosser said that he sees no need for more stimulus as the U.S. economy recovers, and he has “cautious optimism” for economic improvement.
On whether the central banks have gone too far and may cause unintended consequences in the future:
“Those are difficult questions but [...] |
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Mohamed El-Erian: The meaning of Germany’s gold decision
from FT:
The Bundesbank, Germany’s central bank, has decided to move part of its gold holdings from the Federal Reserve Bank in New York and other central banks such as the Banque de France to Frankfurt. This unusual and highly-visible decision is sure to trigger an explosion of media commentary relating both to motivation and implications – especially since Germany joins Iran, Libya and Venezuela in making such a move.
I suspect [...]