Koos Jansen
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Koos Jansen
Posted on 19 Jan 2015 by

Germany Repatriated 120 Tonnes Of Gold In 2014

The central bank of Germany, BuBa, has just released the numbers of their gold repatriation activities in 2014. More than expected the Germans shipped home 85 tonnes of gold from the Federal Reserve Bank of New York (FRBNY), previously BuBa hinted at withdrawing 30 to 50 tonnes from New York in 2014, from France 35 tonnes were returned. Below we can see an overview from BuBa of all repatriation activities since 2013:

Screen Shot 2015-01-19 at 11.15.20 AM
Source: Bundesbank
Screen Shot 2015-01-19 at 11.15.29 AM
Source: Bundesbank

There has been a lot of fuzz about the German gold repatriation schedule, which in 2013 was set to return 674 tonnes before 2020, when only 37 tonnes reached German soil in the first year. Many eyebrows were lifted in the gold space; is there any gold left in New York? Why is it taking seven years to repatriate a few hundred tonnes? Especially the fact only 5 tonnes were returned from the FRBNY in 2013 was suspicious. In my opinion it’s very strange only 5 tonnes returned in the first year, but as far as my intelligence goes this wasn’t unilaterally obstructed by the Fed.

More speculation went round when in November The Netherlands announced they had secretly repatriated 122.5 tonnes from New York. The FRBNY publishes on a monthly basis how much gold they hold in total as foreign deposits. When we learned The Netherlands had repatriated 122.5 tonnes somewhere in between January and November 2014, some suspected most of what was drained from the FRBNY, as published by year to date FRBNY data, was brought to The Netherlands and Germany wouldn’t meet its schedule for 2014. But because the FRBNY data lags a few months analysts could only speculate as they didn’t have the total numbers of 2014.

At this moment we have FRBNY data up to November.

FRBNY foreign gold deposits November 2014

FRBNY Nov 2014

January till November 2014 the FRBNY was drained for 166 tonnes, if we subtract 123 tonnes The Netherlands got out that leaves 43 tonnes for Germany. The fact Germany claims to have repatriated 85 tonnes from New York in 2014 means they must have pulled 42 tonnes from the Manhattan vaults in December. By the end of this month (January 2015) the FRBNY will release the foreign deposit data of December and we’ll see if the numbers match. If not, there obviously is “a problem”. Otherwise, everything is going to plan and we are only left to think about what reasons BuBa has to take seven years to repatriate 674 tonnes. Perhaps this time is needed for out great leaders to shape a new international monetary system. Who knows? It can’t be because of logistical reasons as hundreds of tonnes of gold are shipped around the world every year – for example, Switzerland exported 2,777 tonnes of gold in 2013.

Koos Jansen
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  • http://www.bullionbaron.com/ Bullion Baron

    I was expecting 40-50 tonnes from New York. 85 tonnes blows me away… talk about a catchup year!

    I’m looking forward to an apology from a certain possum… https://www.bullionstar.com/blog/koos-jansen/confirmation-germany-continues-repatriate-gold/#comment-1757345742

    • KoosJansen
      • DameEdnasPossum

        As per Peter Boehringer’s article and commentary…this whole thing stinks to high heaven.

        More central bank nonsense by the money changers.

        • KoosJansen

          I think both The Netherlands and Germany got the amount in 2014 they claim. Where it actually came from could be debatable (swaps etc are not uncommon).

          • pontiac

            I agree Koos. Also about the swaps. If we look at Boehringer;s point 6.
            6. We are somewhat irritated that Bundesbank for a mere 120 tonnes of gold transport had to “make use of the help of the BIS” for no plausible reason. According to BuBa´s news release, BIS has also lent its “expertise” for the the melting & re-casting process which -again- is not plausible.

            We can see that the BIS was indeed involved. What this suggests to me is that the BIS lent the gold to BuBa in nov and dec while the Fed is having coin melt bars refined in Switzerland by the BIS. Since the refiners are already running 3 shifts with the China gold it will take many months to work in the scedule another 50 tons of coin melt bars.

    • DameEdnasPossum

      Congratulations on guessing correctly.

      With your mystical powers of insight you should spend some more time in Adelaide Casino picking black or red at the roulette table.

      Keep up the good work Sherlock.

      • http://www.bullionbaron.com/ Bullion Baron

        Thanks, but it wasn’t a speculative guess, Bundesbank told us (well, those who asked) 🙂

      • http://www.bullionbaron.com/ Bullion Baron

        Still think they won’t be able to get all the gold back? Hahaha

  • http://churchofsmoke.org/ Jose

    Is there any proof whatsoever that one ounce of gold was repatriated?

    • DameEdnasPossum

      Just the word of central banks…which is worth a colossal stack of Ponzi paper.

      • http://www.bullionbaron.com/ Bullion Baron

        Actually I would suggest the level of transparency shown by Bundesbank around recent Gold movements, audits and it’s holdings (past and present) is unprecedented (for a Central Bank).

        • DameEdnasPossum

          Ahhh…the ‘least dirty shirt’ argument.

          Your suggestion may have some validity – relatively any way – but…’unprecedented for a central bank’ does not in itself demonstrate transparency to the reasonable mind – especially considering that central banks are custodians on behalf of the people, should conduct themselves accordingly and have already been demonstrated to: create asset bubbles that cause widespread economic malaise when said bubbles inevitably pop; diminish the spending power of the common man via excessive money printing and inflation; fund wars, destruction and death; and facilitate grossly irresponsible deficit spending by the power elite.

          There is no denying that even the most transparent of these organisations still surround themselves with smoke and mirrors, speaking in riddles and (almost without exception) failing to substantiate their statements with any form of tangible evidence.

          You have already challenged the need for evidence and questioned why anything other than the word of a secretive money changer is required…but that is simply naieve and disingenuous of you…a commentator than claims expertise in the field of precious metals.

          Your approach does not inspire faith in your audience that your own agenda is honourable, yet you have already demonstrated a complete inability to constructively digest such feedback.

          • http://www.bullionbaron.com/ Bullion Baron

            I was just responding to your framing which was “typical level of transparency”, I didn’t say I was completely satisfied with it.
            Neither have I claimed expertise. Even after 7+ years investing in, reading & writing about precious metals there is plenty to learn. I would say I am knowledgeable, the expertise remains with those who’ve spent a lifetime dedicated to learning about the market.
            I don’t think we will be able to engage in productive conversation while you continue throwing personal and straw man attacks at me every chance you get.
            But humour me, what evidence would convince you that Germany has repatriated 120 tonnes of Gold during the year? What evidence would convince you the FRBNY has the rest of Germany’s Gold, unencumbered and ready to ship at request of Bundesbank? Photos (which can be doctored)? A sworn statement by Merkel/Obama? A FedEx tracking number for the shipment?

          • DameEdnasPossum

            You’re right. 1 cent is infinitely more than nothing…but it certainly does not meet any definition of “wealthy.”

            Similarly…”we gained the return of some of our gold” does not qualify as transparent, despite it being far greater than no comment at all.

            I am confident that party shipping many tonnes of its gold across the planet would have various representatives accompanying it along the way to ensure the integrity, security etc. of the shipment, including also documenting and recording details of the process along the way.

            Such evidence, even if only samples, would include:

            Photographic evidence of –

            Bars in NYFRB, including bar numbers and BuBa stamping
            Bars being loaded onto form of transit
            Bars in transit passing through critical control points e.g. customs
            Bars being unloaded in Frankfurt
            Bars being unloaded, smelted and reloaded at intermediary refinery – if applicable

            Documentary evidence of –

            List of BuBa bars stored in NYFRB (stamped, referenced)
            Validation of physical stores versus bar list e.g. independent audit
            Bars in transit passing through critical control points e.g. customs, refinery
            Transit records
            Assayer records
            Refinery activity records
            BuBa bar records (stamped and referenced)

          • http://www.bullionbaron.com/ Bullion Baron

            The bars in NYFRB don’t have “BuBa stamping”.

            Sounds like you want enough information to pull a heist on one of their shipments. If I was German I would be very displeased if those responsible for storing and transporting my country’s Gold were publishing that level of detail to the public.

          • DameEdnasPossum

            How do you know whether the bars do or don’t have BuBa stamping? How would anybody know for that matter? Oh yeah…the nice man in the suit with a Central Banker name badge said so. The point of the stamping, which you have so disingenuously ignored, is to evidence the bars. Traceability.

            As expected though, you have asked for details of what is meant of ‘evidence’ to simply ridicule and dismiss it.

            I did not suggest that the whole list be made available, and I clearly stated ‘samples’ in line with any decent audit practice. Just something, ANYTHING, that substantiates the claim…you know, just like our judicial systems work. It’s a pretty simple concept to grasp.

            It is important to note that not one iota of evidence has been provided. Nothing. Not a shred.

          • awgee

            All good delivery gold bars, whether refined per LBMA, Comex, or Shanghai Exchange, or for non-exchange private party are serialized. London and most Comex good delivery bars are also stamped with the weight to the nearest 0.025of a troy ounce with a minimum gold content of 350 fine troy ounces to a maximum gold content of 430 fine troy ounces. All good delivery bars are easily identifiable as are all the bars held by the federal reserve for sovereigns. Most bars traded on the SGE are stamped with the weight to the nearest kg or gram because they are close enough to the exact weight, ie. 3kg or 1000g, to make a decimal quantification unnecessary.

          • awgee

            “The bars in NYFRB don’t have “BuBa stamping” Actually they do. The bars are non-fungible and each of Germany’s gold bars deposited at the NYFRB have a stamped serial number and stamped exact weight, and those numbers and weights are recorded. When Germany, or any other sovereign, requests it’s gold bars, they are supposed to, by Federal Reserve rules, receive the exact same bars as they deposited. Accurate and true transparency would dictate that the BuBa publish the serial numbers of the bars deposited and provide proof to Germany’s citizens that the received bars are the same. It is reasonable to question the veracity of both the BuBa and the federal reserve since the bars have been melted and refined, preventing accurate and transparent identification. I tend to think that the BuBa did repatriate the claimed amount from the Fed, but my guess is that the bullion that actually made the trip to Germany was gold taken from the Ukraine a year or so ago. But, it would not surprise me if the amounts repatriated are exaggerated.

          • http://www.bullionbaron.com/ Bullion Baron

            Yes they are stamped with serial number, weight, etc from the refiner. I understood DEP to mean the stamps of a German refiner/Bundesbank specifically, which is highly unlikely given a majority (if not all) the bars originated from US reserves (Germany changed their Dollars into Gold bars while US was still on the Gold standard). I may have misunderstood DEP’s meaning of “BuBa stamping”.

    • http://www.bullionbaron.com/ Bullion Baron

      Is there any proof whatsoever that Germany has any Gold reserves to begin with? What do you consider to be “proof”?

      • http://churchofsmoke.org/ Jose

        How am I supposed to know, is there a receipt for it?

        Maybe a picture, a serial number, or a tracking number would help to say that at least one ounce of gold was repatriated.

        • http://www.bullionbaron.com/ Bullion Baron

          So you don’t believe Bundesbank when they tell you they’ve repatriated some Gold, but if they provided a photo of a Gold bar and told you they’d repatriated it, that would be enough to convince you? How would you verify that a photo, serial number or tracking number was proof of repatriation or their ownership of the Gold?
          My point is, you either take them at their word or there’s no point believing a word they say.

          • http://churchofsmoke.org/ Jose

            It’s not believe or not believe. It’s why should I believe?

          • http://churchofsmoke.org/ Jose
          • DameEdnasPossum
          • http://www.bullionbaron.com/ Bullion Baron

            So you don’t think causes 2 or 3 at the bottom of the post are in any way plausible? Seems to me you are willing to just grasp at anything that might indicate conspiracy and lying… if you pass on your address I’ll ship you another roll of tin foil.

          • DameEdnasPossum

            Plausible? Yes. Likely? Not so much.

            Seems to me you are willing to grasp at anything that might indicate common-sense-suppressed delusion and abject naivety.

            Keep drinking the Koolaid Tommy, you pinball wizard.

          • esqualido

            Compared to the tangled web of deceit (international banking as we know it in 2016), the gold standard had this marvelous simplicity that answered all your questions: you took your gold certificate to any national bank, and they would, on demand, exchange it for the real stuff- or else they would go straight to jail! No worrying about who had what amount of gold! But this is so simple that it had to be illegal. (This reminds me of a joke circulating just before the French Revolution:
            Marie Antoinette: “Is this what the peasants call f*%king?”
            King Louis: “Yes.”
            Marie Antoinette: “Well, it’s much too good for them.”

  • pontiac

    An issue from the Boehringer article:

    1. 50 tons were recast (over 4000 400 oz.bars). these could have been coin melt bars (90% gold) which would indicate that the original German gold is not there. Were they shipped to a smelter and then sent to Germany? Buba doesn’t do its own refinning, so some refiner in the US or switzerland knows what these bars were made of. I wonder if they found any fakes.

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