Last week, in "But," already was rising topic of how the Bundesbank confiscate part of their gold supplies from warehouses in Paris and New York.
Let's look at this in more detail, since this announcement there is still a lot of fascinating aspects.
Partner, my partner
At present, only Germany voiced the intention to keep in 2020 at only 50% of its own gold supplies, incidentally, the world's second massiveness — 3,396 tons. In other words, in this case, move 300 tons of New York City and 374 from Paris to Frankfurt cellars. The stores in New York City (37%), with all of this will continue to exist, and only Paris deprived German gold completely. Increased attention is the wording with which the Germans moved the gold:
"… In order to build trust and confidence in the country, and in order to be able to change gold into foreign currency at the centers of trade in gold abroad within the non-long time."
Comes to mind is the idea that our eyes is made changing the structure that existed from the day or the euro. Berlin is quite displays his gold from Paris, with whom he has a common currency and thus indicates that in the future Paris does not interest him as a money center, in which you can change as the needs of the gold. Of course, in the views of Berlin, New-york in the future will keep this feature, but apart from him the German gold is still in one place, and to this repository Germany did not present any demands. This is the place — London, where the gold is 13% of supplies in Germany. British store dropping out of the news reports, and yet it involves very fundamental event that happened 10 years ago.
In 2000, the Bundesbank, the Bank had 1,440 tonnes of gold in London. Then, according to The Telegraph, in 2001, the balance plunged to 500 tons (for the moment, by the way, it is 450). 940 tonnes of gold during the year have been withdrawn from the British stores and without excessive noise moved to Frankfurt. According to the official version, "due to the fact that the price of gold storage was immensely superior." In America, the German gold is stored without charge, since, according to the views of the Yankees, it assigns a weight greenback as the world's reserve currency, but now the same output as well. Version of the decade-old looks quite fictional — so why did the Germans do it?
Ambrose Evans-Pritchard in the Telegraph as the voice of a guess — this is due to the fact that London at that time began to sell gold at a lower price bracket, therefore the Germans were afraid that their own gold could go under the hammer.
In fact, apart from the trivial risk here is nestled something else. According to Carl-Ludwig Thiele, "after the return of our gold from London has been subjected to scrutiny. As a result, part of the ingot was melted down to meet the standard of English High Quality Supply, which is the basis of international gold trade."
Sovereign Thiele quite forgot the fact that the British store deals only with bars coated, others out there just do not accept. If his bank was required to melt part of the acquisition of gold, means the UK brought back a certain number of fakes.
Shadow of the Bretton Woods
And then we have to go back to the events of the second half of the twentieth century, specifically in 1968. If you dig a well in the public archives of the Bank of Great Britain, you can find there a memorandum C43/323, dated May 31, 1968 and entitled "Data Division of gold and foreign exchange — different." It refers to someone Robson Roy Pierce, at that time the chief cashier of the Bank of England, and the final recipient of the note was Charles Coombes, responsible for operations in gold and currencies zabugornom the U.S. Federal Reserve.
The note clearly describes how, during the Bretton Woods agreement two of the central bank, the United Kingdom and the United States during the conspiracy was sent to Germany in advance of low gold bullion properties.
For readers not in English, just the facts: at least two come to an understanding of the central bank at least once to give the Bundesbank that was 172 bars of "bad delivery of gold," and both the central bank were aware of this. "Not a good delivery" occurred despite warnings from the official smelters that the quality of the gold from the US Assay Office markedly below the standard, and what the Bank of England and the Federal Reserve is well known. Replaced in order to correct the situation, the banks have agreed to just close this information from the Bundesbank. Gold has been transferred to London in order so he settled with Berlin as part of regular payments.
Bank UK finds a discrepancy in the American gold bullion, notify the Federal Reserve, which in the middle of his ingots found a lot of "bad delivery", but — and this is the salt — in this case, the parties meant to keep it a secret, as bullion received Bundesbank. This is only one documented incident. Just imagine that hundreds of thousands of bars, the papers were listed as the LPC in the years of the Bretton Woods lost some weight. It is unclear how many peripheral central banks have received them as LCP, and you can imagine what happened to the bullion in its custody in New York. Specifically, imagine as a real method to check their quality does not exist. Without additional evidence of just playing a game of the mind.
So Makarov, it's clear desire of Germany to keep secret gold operations with London, that is why the return in 2000 was conducted so secretly, although the Germans had every right to reclaim their property. If anyone bothered to dig a well, even in the public domain, it would call into hesitation at all in store gold in Germany, because only God is clear how many times the bad delivery took place and what are the gold content in the metal, which is stored in the Federal Republic of Germany and Germany. The fact that part of it had melted, says that the U.S. and the UK scam was uncovered, but so far little has been captured by Germany is not in a position to make claims.
Earlier read as "Get out," and now "come tomorrow."
Attention is drawn to return period. 300 tons of Germans would return seven years. From the same Federal Reserve, which keeps Tipo 6720 tons of gold in its own repository. This is despite the fact that three times larger amount was returned from London for a year. Naturally, the whole world thought for one thing — in the cellars of America that gold is simply not. I will not focus on broadly publicized dilemma tungsten bars. Although some would find interesting enough disk imaging fakes filled inside tungsten and gold-plated, allegedly found in a number of Chinese and other banks around the world. It is unclear how these fake vserasprostraneny, although together with data on the "bad delivery" all this renders an exciting picture.
Even if gold is used as in place, the problem would be possible elsewhere. It is unclear whose it is gold in our time. Yes, the first South American bankers were only as guardians of th
ese values. But gold from the vaults of the Federal Reserve has repeatedly been applied by banks to provide loans and mutual pereobespecheniya when the creditor uses a pledge of their own customers for their own loan. As a result, there is a chance that the seven years required the Federal Reserve in order to find who cares gold at the physical layer belongs. A strong possibility that in the process pereobespecheniya as collateral could be brought gold, which in any case had no right to change the owner.
Tungsten or empty warehouse — these probabilities can not be ruled out. But it may very well be that even a 5% presumably lying in his gold U.S. Federal Reserve can not return just as it can not compare the holder and metal. It has floated to the surface in 2011, when the chain was broken pereobespecheniya just on London. As a result, there was quite feral history associated with the very HSBC, one of the most important 2-keepers of gold in the world, including none other than the very SPDR Gold Shares, the Trust, which has more than 42 million ounces (this is more than gold China in store). HSBC was required to submit to the Tribunal on MF Global "to find whether he or any other person authorized holder of gold at $ 850,000."
It has the edge, because legally no physical gold bullion can not run from the owner to the owner, as he deposited. He has a unique number and can not be changed. But specifically, this led to a lawsuit! Instead of the normal procedure was that finding the owner of gold is very difficult, because the bars were repeatedly pledged, in the process of lending operations. As a result, HSBC at some point began to receive conflicting annotations from multiple hosts the 1st and the same gold. It is not basic amount of the claim, as under attack was the credibility of the very mechanism of storing gold in funds under foreign control. How many more bars twisted in credit transactions without the knowledge of their own home? This is reflected each.
So the current state of affairs — that's not the point, this is a fat comma. The extra publicity absolutely nowhere Germany, which allows for self mouth Andreas Dobre, a member of the Executive Board of the Bundesbank, the subsequent claim in November:
— debate about the safety of gold outside of Germany caused by irrational terrors;
— debate about it sucked from the finger and do not show significant arguments;
— Relations between the Bundesbank and the U.S. Federal Reserve are excellent in many years;
— Frankfurt is not a commercial site on the gold market, so keep gold in New York comfortable with all points of view;
— in 60 years, Germany has never appeared problems with the storage of gold in the United States or fluctuations in the integrity of the Federal Reserve;
— Germany will continue to use the profitable position of the New York Stock Exchange to take the gold in case of need;
— Although gold is fundamentally, the main task of Germany — to fight a crisis of confidence in the euro zone, and on what should be concentrating.
It does not take a few months, as the official Bundesbank makes a complete U-turn and ask your gold back. It only means that all manufacturing completed and the need to smoke zaavesi disappeared. The risk of being the latest in zolotohranilisch at a time when dusting all the chains and on-lending to each ingot turn up to 5 hosts, has become very large. In the world at the moment is drawn derivatives of $ 1 quadrillion, it is about 20 times more than the planetary GDP, and one day all this will be presented to maturity.
Essentially Berlin has long been realized, with which to deal. What exactly is he prepared to respond, we will be able to find out in the coming years the most. Specialists have already dubbed the announcement of monetary war going on, and this time, Germany looks the defending side. In this case, the desire to return home immediately after the gold word is associated with improvement of relations with Russia.
It is unclear what role perceived in the Bank of France, but after two weeks after the announcement of the Bundesbank, France began operation in Mali. This African country is the third largest exporter of gold in Africa. Seven years — long enough to satisfy the request of the euro partner. In the words of which is popular joke, Germany claimed to return her gold from underground storage of France. France went to extract it from the ground.