Germany now wants a full audit of its gold held in the U.S. Fed says no.

[Pekelo]

Quote from TGregg:

I sure would. Bet every bar has a serial number.

I guess they should have. Then the only grievance of the article writers could be that not the whole deposit was shown...

 

[the1]

A day? How about 5 seconds. All they have to do is type "200000000000" on a keyboard and then hit the "create money" button.

Quote from bone:


Besides, trust the Fed. They can print up $200 billion in cash for you in about a day.

 

[Opulence]

You can't help but wonder if the rest of the world is raising their eyebrow at that move. If so, tough questions are going to be asked soon.

 

[zdreg]

wasn't there some other country that pulled out their gold either from london or from the US?

 

[atticus]

The Germans want to audit their supply of US tungsten.

 

[koolaid]

Quote from atticus:

The Germans want to audit their supply of US tungsten.

The US said no to an audit, not NO to a withdrawal. If the Germans don't trust the fed, then withdrawal it. What's the problem? Asking for a audit of all that gold is asking for trouble.

 

[zdreg]

Quote from zdreg:

wasn't there some other country that pulled out their gold either from london or from the US?

In Asia, due to the rising demand for storage of the vast quantities of Gold now being imported and produced in China, Hong Kong will be opening its largest Gold storage facility in September. The massive facility, located at the international airport, has the capacity to securely store 1,000 metric tons of the yellow metal, that's nearly one-fourth the amount of Gold bullion now being stored at Fort Knox.
<http://www.morgangold.com/news/20120727-massive-gold-storage-facility-opening-in-china.html>

 

[bone]

Much ado about nothing. I am sure that the Fed is holding that Gold as a courtesy, and that the Fed would much rather return it than audit it from a logistical standpoint. It's not like the Fed is earning anything by holding it - quite the contrary, I am sure that the infrastructure and the support to maintain that vault system and staff the security is an expensive budget item.