CNBC: "There's A Rumor There's No Gold At Fort Knox"
On Germany demanding its gold back from the Fed.
Just found this clip. Good discussion.
Larry Lindsey and the Squawk Box team discuss why Germany is moving some of its gold out of storage at the New York Federal Reserve. Broadcast Jan. 16.
Joe Kernen: "There's a rumor there's no gold at Fort Knox."
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More Detail
German Gold Storage In The Year 2020
The German central bank is planning a “phased relocation” of 300 tonnes (metric tons) of gold from New York to Frankfurt as well as an additional 374 tonnes from Paris to Frankfurt by 2020. The reserves should end up looking like this:
- Frankfurt (31%, currently) 50% by Dec. 31, 2020
- New York (45%, currently) 37% by Dec. 31, 2020
- London 13% no change
- Paris (11%, currently) 0% by Dec. 31, 2020
Bundesbank -- Official Statement On Gold Repatriation
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This is pretty funny:
Fort Knox Receives Just $85 From Cash4Gold
Stuart Varney, the last person to have seen the Fed's foreign gold vaults...
Related:
James Turk: "Germany's Gold Is Being Held Hostage"
Apr 11, 2013 at 6:08 PM
Reader Comments (3)
"The Bundesbank is, of course, quite right in its opinion of the value of the examinations. In reality, it does not matter one bit whether the Federal Reserve Bank of New York actually has the German central bank’s gold or whether the gold is pure. As long as the Fed says it is there, it is as good as there for all practical purposes to which it might be put. It can be sold, leased out, used as collateral, employed to extinguish liabilities and counted as bank capital just the same whether it exists or not."
http://www.cnbc.com/id/49540593
John Carney on Shrooms