Bundesbank Confirms German Gold Held By FED, BOE and Banque
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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 calls for a more transparent accounting of the German gold reserves.
So the Bundesbank doesn’t want to be open with the German people about how the German people’s gold holdings. If all is above board then why not?
The Bundesbank said it has complete confidence in valuations and the security of its gold holdings at other central banks and said that “there is no doubt about the integrity and the reputation of these foreign central banks where the gold is held.”
So this central bank has complete confidence in the other central banks, even though none of them want to be transparent (ie. honest) about their positions. One question though, how do they know those banks have the gold and that all is well?
“From these central banks, the German Bundesbank annually gets confirmation of the gold holdings in troy ounces as a basis for its accounting,” the Bundesbank’s statement said.