Germany Wants Their Gold Back But the Feds Aren’t Cooperating

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The US holds much of the world’s gold but are we trustworthy keepers of the gold? Did we do to the world’s gold what we did to mortgages during the 2008 housing collapse?

The Feds hold half of Germany’s gold to protect it, but when Germany asked for their gold back, the Feds said they would not send it back. The Feds wouldn’t even let the Germans see their gold. The gold has supposedly been sitting in the vaults of the Federal Treasury.

Germany is now asking for only 5%, 300 tons. The US agreed but said it would take until 2020. This past year, they sent back 37.5 tons, which is 50 tons short of what we need to send back each year.

The gold we did send them was melted down and recast. Why?

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The Sentinel reported this story in January 2012. At the time,  at least one Dutch fund manager no longer trusted the US as keepers of their gold, according to Market Update from The Netherlands.

Member of Parliament Ewout Irrgang told reporters that the Dutch gold reserve has always been surrounded by much hysteria and questions about its location. In September, Irrgang formally asked the Dutch Treasury where the gold reserves are located and how much is where. The Treasury replied that the Dutch gold is located in Ottawa, New York, London, and Amsterdam, but did not specify how much is in each place…

…Financial analyst Jim Rickards’ book “Currency Wars” caught the attention of “Nieuwsuur” and the program, interviewing him from New York, asked about the possible confiscation of foreign gold reserves by their custodian, the U.S. government. Rickards told about the U.S. Defense Department’s financial war games and summarized elegantly: “U.S. lawyers have an expression: Possession is nine-tenths of the law, and since we possess the gold … then we’re 90 percent on the way to owning it.” Rickards estimates that perhaps 100 to 200 tons of gold are located in New York.

Are the Dutch on to something.

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