Tag Archives: Buba

Guest Post: 47 years after 1968, Bundesbank STILL fails to deliver a gold bar number list

Written by Peter Boehringer, initiator of the German campaign “Repatriate our Gold”.

Frequent followers of the German public campaign “Repatriate our Gold“ already know how intensively we have been struggling since 2011 (and longer) with Deutsche Bundesbank to finally – after more than 50 years of external storage of Germany’s gold – get credible transparency regarding this matter. Some progress was brought about recently (2012 disclosure of the whereabouts of Germany´s gold by BuBa; 2013 partial repatriation plan announced by BuBa; 2013 and ongoing through 2015 alleged physical repatriation of approximately 200 tons to date – equaling approximately 10% of Germany’s gold abroad). But real proof and transparency is still lacking from Bundesbank’s side!

One of the oldest demands from our campaign has been (and still is!) the publication of BuBa’s gold bar number lists from all four storage locations. Lists that should have been static (i.e. unchanged) since 1968 when Germany’s gold accumulation (was) ended; a full three years before the official end of the underlying Bretton Woods system. Yesterday, October 7, 2015; a full 47 years later and after five years of our heavy lobbying against BuBa’s ridiculous “security concerns” regarding the publication of the lists, the Deutsche Bundesbank officially and finally did publish a so-called “gold bar list”. The “list-to-end-all-conspiracy-theories” was celebrated both in a BuBa press release “Bundesbank publishes gold bar list” as well as in the (naïve) mainstream media. Confer e.g. Bloomberg “Bundesbank to Doubters: Here Is Our Gold. Every. Single. Bit of It.

This article is intended to dismiss the impression which writers from both BuBa and its “external media department” at Bloomberg are clearly and provocatively trying to give: “Bundesbank to Doubters: Here Is Our Gold. Every. Single. Bit of It. Germany’s central bank has listed all of its gold.”

For the umpteenth time in 47 years, BuBa yesterday pretended to give transparency regarding Germany’s gold – but again failed miserably. I hereby challenge both BuBa’s Mr Weidmann and Mr Thiele and Bloomberg’s Mr Lorcan Roche Kelly to either withdraw their apodictic and loud but still completely unproven propaganda statement “Here is our gold – finally do believe it you stupid gold bug nutcases!!” – or to prove their so far unfounded and factually wrong statement!

buba Goldbarren07
Courtesy Bundesbank

1. No bar number list was made available by Bundesbank

Firstly, I am asking journalists and interested readers to open the 2,300 page long “custodian gold holdings – bar list” document : Everybody can see at first glance that the very first column of the “gold bar” list starting on page 7 is headlined “INVENTORY number” rather than “Producer’s Bar number”. An “INVENTORY number” however is something COMPLETELY different than the “Producer’s bar number”! It is a number artificially created on paper or a plastic sticker by the respective central bank which has nothing to do / no connection with the unique producers’ bar number pressed on the bars physically by the refineries when a bar is cast! The difference is absolutely CRUCIAL in that the very point of having a REAL gold bar number list is to enable a critical global public of gold experts and independent auditors as well as us-the-people and owners of the gold to check every individual bar not only regarding its physical existence but also to detect double countings on OTHER balance sheets (from central banks, Gold-ETFs, etc.)! The artificial and highly unusual “INVENTORY bar number” method Bundesbank has chosen to now publish “a gold bar list” completely fails in that respect. This list is worthless as a basis for sound, physical and worldwide auditing and counterchecking of all available global bar lists in order to detect and avoid double countings. We hereby claim that this approach by BuBa and its “sub-custodians” (Banque de France, Bank of England and Federal Reserve) was a DELIBERATE smokescreen chosen to confuse the worldwide public without providing transparency! This approach cannot be excused in any way by Bundesbank’s very “honest” fine print for the list: “The Bundesbank, the Bank of England and the Banque de France use internally assigned inventory numbers, whereby the Bank of England and the Banque de France only allow part of this internal number to be published. The gold bar list therefore only shows the last three digits for its gold bars stored at the Bank of England and the Banque de France.” This is NO industry-standard bar number list – individual bars could only be unambiguously identified if Bundesbank had provided the producer’s bar numbers as well as the name of the producing refinery as well as the year the bars have been cast! “Repatriate our gold” hereby officially demands this additional information which should be very easy for Bundesbank to publish!

2. Why and how many bars in list newer than 1968?

Secondly, we challenge the Bundesbank to explain why with almost 100% certainty the REAL bar number list as detailed under 1. would NOT exclusively consist of bars produced in the 1950s and 1960s – ending exactly in 1967 or 1968 latest. Since 1968, Germany’s gold hoard should have been completely untouched with one or two possible exceptions due to lendings on a very small scale according to BuBa’s own statements in the past. We-the-owners of the gold demand to know whether, why, and how many of Germany’s bars (if actually existent and uncompromised) are younger than 1968 in BuBa’s vaults or the vaults of our sub-custodians. And how it is possible that (according to the list released yesterday) almost all bars are of 995 or higher fineness – even though pre-1967 this fineness had been rather uncommon especially in the US. And why – since obviously LBMA-standards are now met by practically all bars in the new list – Bundesbank still chose to melt down bars allegedly repatriated from the US in 2013-2014 (thereby destroying old bar numbers) without any photo / video proof of this process?

3. Audit the Fed – and the BuBa and the Banque de France and the Bank of England

Once all of these very valid and justified questions are not only answered verbally but backed up by clear evidence (i.e. a REAL bar number list!) – the work will only have to begin: The Federal reserve has not published any information regarding a real audit in its vaults (US-gold or custodial gold) since 1953 – one might even say since the 1930s! Similar story at the BoE and BdF vaults and even in Frankfurt! Holt unser Gold heim” / “Repatriate our Gold” continues to demand physical and external audits performed by sworn-in auditors independent from the central banks – with all detailed results publicised. In addition, we demand the acceleration of Bundesbank’s “repatriation scheme” announced in 2013 – which is way too intransparent, too slow and not ambitious enough (only 50% of Germany´s gold in Frankfurt by end-2020)!

In summary – we have to strongly dismiss Bloomberg’s completely unfounded conclusion: “Here Is The Gold. Every. Single. Bit of It. Germany’s central bank has listed all of its gold”. We call on both Bundesbank and on an independent, investigative international media to have a second and third look into the matter – and then to definitely come to a much more critical conclusion! Bloomberg’s conclusion is either ridiculously ill-founded and / or has been pre-written by the Bundesbank itself in a vain effort to finally and for good end all gold debates: “[Obviously], Bundesbank has become tired of people asking and decided to give the doubters enough [gold] data to keep them busy for a very, very long time.” Wrong and wishful thinking: The case of the whereabouts and the physical and (un-?)compromised status of Germany’s gold has NOT been closed yesterday by Deutsche Bundesbank! The work has barely begun – but without REAL bar number lists and REAL audits, it CANNOT even BEGIN in earnest. The struggle will have to continue – Bundesbank leaves no other choice to the owners of the gold. And the issue will not go away from the desks of Mr Weidmann and Mr Thiele. “We. Demand. A. Real. Bar. List. Not. Yet. Another. Paper. Trail. Without. Any. Evidence.”


Peter Boehringer is founder and president of “German Precious Metal Society” – an NGO established in 2006. He is also the most widely read writer on gold matters in German language countries, a frequent speaker on precious metal conferences and the initiator of the German and international campaign “Repatriate our Gold” which has prompted similar public campaigns for gold repatriation in more than a dozen countries. He is the author of the Book “Holt unser Gold heim” / “Repatriate our Gold”, published in 2015 in German in renowned “Finanzbuchverlag” editing house. https://www.facebook.com/Holt.unser.Gold.heim.PeterBoehringer

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.

Federal Reserve Bank New York Lost 47t Of Gold In November

The number we all have been waiting for; The Federal Reserve Bank of New York (FRBNY), which is the custodian for parts of the official gold reserves of 36 nations and the IMF, e.g. The Netherlands and Germany, saw its inventory of foreign gold deposits drop by 47 tonnes in November 2014. Year to date the FRBNY has lost 166 tonnes. The FRBNY only publishes how much gold it stores in total for foreign nations and the IMF, not country specific.

The German central bank, the Bundesbank, or BuBa, first announced a gold repatriation program in 2012. BuBa then revised their program in 2013; it intended to repatriate 300 tonnes of gold from the US and 374 tonnes from France by the end of 2020. However, in 2013 they only received a meager 5 tonnes from the US and 32 tonnes from France. No worries though, said Carl-Ludwig Thiele from BuBa, in 2014 Germany aims to get 30 to 50 tonnes back from New York to remain on schedule.

BuBa Jansen

Last November the Dutch central bank (DNB) surprisingly reported it had secretively repatriated 122.5 tonnes from New York. Quickly everybody in the gold space grabbed his or her calculator. If the Dutch got 122.5 tonnes from the FRBNY somewhere in between January and November, than how much should have been withdrawn in total from the FRBNY over this period, in order for Germany to remain on schedule? Now we know, based on official numbers: 166 tonnes was withdrawn in the first eleven months of this year, The Netherlands got 122.5 tonnes, which leaves 44 tonnes that Germany potentially got out of the vaults in Manhattan.

If the remaining 44 tonnes were all for sie Germans, this means Buba could be exactly on track to repatriate 30 to 50 tonnes this year.

FRBNY foreign gold deposits November 2014

Were both the dot-com bubble and housing bubble in the US preceded by large outflows of foreign gold deposits from the FRBNY?

FRBNY Nov 2014 

The German central bank still has some explaining to do. How did the Dutch get 122.5 tonnes back in few months and do they take seven years to repatriate 300 tonnes?

Rectification: in this post I speculated The Netherlands repatriated 122.5 tonnes in two months (October and November 2014). This was obviously incorrect.

More Confirmation Germany Continues To Repatriate Gold

In addition to a post I wrote earlier about the Bundesbank continuing to repatriate gold from the US and France, in contrast to a misleading article from Bloomberg suggesting the program was canceled, I present an email I just got in from Peter Boehringer, founder of Repatriate Our Gold in Germany:

Dear E-Mail partners: A quick info in English because I know there are many people
around the world waiting for gold repatriation news from Deutsche Bundesbank (BuBa) in 2014. I always said BuBa would continue their repatriations in Germany despite many
official and unofficial news outlets claiming the opposite.

We still have no quantitative news – but this came in 8am CET today (45 mins ago).
See here for original German language interview text of BuBa´s “gold exec” Mr Thiele.
*) My translation of the text below. Followed by my short comment.

“Bundesbank has delivered gold to Germany according to plan Also in 2014, Deutsche Bundesbank has brought gold from foreign storage sites to Frankfurt. ‘We are within our plan with our delivery of gold from the Fed and the Banque de France.’. BuBa-executive Carl-Ludwig Thiele told the German Press
Agency dpa in Frankfurt.”

Boehringer comment:

  • This is really all there is, all we have right now. I would personally call it “non-news” as usual in that Mr Thiele does not give out ANY new info which we did not have before. With the possible exception that Bundesbank now officially says what I said all along throughout the year: The gold repatriation is continuing – albeit not transparent and probably way too slow but with a rate larger than 0 tonnes in 2014…
  • We still do not know exact numbers.Thiele does not seem to have given out tonnages for 2014 (in the press release we only have 2013 numbers which had been known since Dec 2013).
  • Every number below 70-100 tonnes would be shamefully little – and therefore this is exactly the range I am expecting in the final announcement with numbers (due early 2015).

So it is business as usual with Bundesbank. Too slow, too little, not transparent: this
holds true both for its information policy on gold and for its repatriation efforts! The fight for repatriation and for receiving more info from BuBa will have to continue. And since BuBa is stalling and our institutions are not helping – we the owners of the gold will have to do the work on our own. To be continued (in 2015)… Happy Christmas to everybody!

*) 22.12.2014 08:00 Bundesbank bei Gold-Verlagerung im Plan Die Deutsche Bundesbank hat auch 2014 tonnenweise Gold aus ausländischen Lagerstätten nach Frankfurt gebracht. “Mit der Goldverlagerung von der Fed in New York und der Banque de France in Paris liegt die Bundesbank voll im Zeitplan”, sagte Bundesbank-Vorstand CarlLudwig Thiele der Deutschen Presse-Agentur in Frankfurt. Die Notenbank will bis 2020 mehr als die Hälfte ihrer zuletzt 3387 Tonnen in heimischen Tresoren lagern. Dafür sollen 674 Tonnen des Edelmetalls aus Paris und New York nach Frankfurt gebracht werden. Zum Start der Aktion holte die Bundesbank 2013 fünf Tonnen aus New York und 32 Tonnen aus Paris.

Bundesbank Changes Gold Repatriation Schedule

One of the initiators of the German public campaign “Repatriate our Gold” is Peter Boehringer of “German Precious Metal Society” (est 2006). After lengthy efforts together with partner the “European Taxpayers Association”, the team finally, in January 2013, brought about Bundesbank´s decision to repatriate 300 tons of gold from the US and 374 tons from France  by end-2020. Because asking your gold back from the US being quite sensitive, the repatriation would be spread over an eight year period. This was the original allocation schedule for the German official gold holdings, 3390.6 tons, set up in January 2013:

………………… 2013 ……….. 2020
Frankfurt ……. 31% ………… 50%
New York ……. 45% ………… 37%
London ………. 13% ………… 13%
Paris ………….. 11% ………….. 0%

What I just found out, and what presumably few people in the English speaking world knew, was that the Bundesbank had made an earlier repatriation request in the fall of 2012, to ship home 150 tons  from the US in three years (ending in 2015).  So after January 2013 two repatriation schedules co-existed. They were not mutually exclusive – so most Germany expected to see back was 150 tons from the US by 2015 – and ultimately 674 tons by end-2020 from both the US and France.


This was the plan.. But in 2013 only 37 (remelted) tons of gold reached German grounds of which 5 tons from the US. Needless to say, this lifted a few eyebrows. The Bundesbank has now withdrawn the original schedule to repatriate 150 tons from the US before 2015, but continues plan B, to repatriate 674 tons from NY and Paris by end-2020.

The following is the translation of an article written by Peter Boehringer published on Goldseitenblog (click here to read the original post). It’s a response to a full three page title story that appeared in a German newspaper (Handelsblatt Feb 6, 2014, print version only, not online) on the latest developments regarding the gold repatriation schedule discussed in German politics.

German gold: Bundesbank moves away from specific repatriation schedule

by Peter Boehringer , Founder German Precious Metal Society
06-02-14, for Goldseitenblog

Due to new developments, the initiators of the Repatriate Our Gold action today publish a small update. The print version of the German Handelsblatt today (02.06.2014) published a substantial three page feature exclusively on the German Gold Reserves, widely known to be stored by the German Bundesbank, the Fed, the Banque de France, and the Bank of England. Under the ambiguous title “Silence is Golden,” no less than four Handelsblatt editors along with Norbert Häring, a senior and competent voice in matters of Gold vs Money, delivered a piece that is in parts pretty critical against the Bundesbank and addresses questions that are familiar to the readers of this blog.


Some of these are the same questions for which we have been labeled as paranoid conspiracy theorists by almost every mainstream publication from the beginning of our initiative in 2011-2012 right up to a few days ago. Questions which, from the perspective of the Bundesbank (BuBa), are apparently too delicate to be answered. But today, the usual rhetorical billy club of “conspiracy theory” is absent from the Handelsblatt piece. Apparently, the German mainstream publication is finally coming to the realization that it would make a ridiculous fool of itself, were it to continue to stick with its conspiracy theory vilification strategy in the face of such overwhelmingly critical BuBa-Gold inquiries from its very own readership, as well as from hundreds of reports from international observers and media, most recently even from the Financial Times.  By now, articles on the German gold repatriation demand of Repatriate Our Gold has even appeared in dozens of Chinese, Russian, American, Indian and African publications.  The German Gold, opaquely held in custody by the Fed & other central and currently worth more than 100 billion Euros, is not only the core component of BuBa’s balance sheet and the property of the German people, but it is also a geopolitical issue and an important founding stone of the suspected world fractional gold banking system.

The Handelsblatt writes today: “The policy makers are putting pressure on the Bundesbank.”

=> To which we reply:  German “Policy makes” have done almost nothing in the past 50 years.  After David Marsh in 1992 and Bruno Bandulet in 2002, and Martin Siegel and Dimitri Speck, Martin Hohmann in 2002 was the first POLITICIAN who at least posed questions – albeit without any results. The same holds for lawyer and member of parliament (MP) Peter Gauweiler. And as a staunch trans-atlanticist, his MP-colleague Mißfelder who currently serves as the German “federal commissioner for the German-American relationship” would never have jumped on the Fed-Gold topic had there not been the mounting public pressure and a need to relieve some of that pressure. In any case, “Policy makers” have not helped us a lot. But at least, a few weeks ago, Mr Mißfelder has finally and rightfully called for the retrieval of ALL foreign holdings of the German Bundesbank (i.e., 2300 tons instead of the planned 700 tons; totally new “dimensions” for BuBa´s imagination…)!

Handelsblatt: “The repatriation falters – for enigmatic reasons.”

=> Don’t let the BuBa hear that Mr. Häring, otherwise you will quickly be labeled a conspiracy theorist.  Nothing is “enigmatic” in the cellars and books of the BuBa and the Fed, absolutely nothing! We are talking (quoting BuBa) about “partner-banks whose integrity is not be questioned,” much like the purity of gold itself.  Let that be heard! ;-)

Handelsblatt: “The Bundesbank no longer feels bound to the [concrete repatriation commitment time table] as they now admit for the first time [towards the HB].”

=> Interesting – because this is in fact the first time that the BuBa is partially revoking their promise, made to the German Bundestag (parliament) in 2012, for a full inventory inspection and a repatriation of “150 tons from New York by 2015″. After the 5 tons retrieved from NY in 2013 and the 30-50 tons announced for 2014, the BuBa seems to already KNOW today that not even 100 tons (= 6.7 % of the portfolio) will be forthcoming from NY in 2015! Honi soit qui mal y pense.  (“Shame on him who thinks evil of it!”)

=> Indeed, in January 2013 BuBa has come up with a new (less specific) repatriation concept that would retrieve 300 tons from NY & Paris by the end of 2020. However, the concrete repatriation time table from the Bundestag hearings of 2012 had thus far not been withdrawn – which is why the above quoted admission of the unfeasibility of repatriation by 2015 is quite remarkable!  And which naturally feeds our mistrust of the Fed’s ability and willingness to deliver the gold.

Handelsblatt: “Due to ‘logistical challenges,’ the BuBa no longer feels bound to its promise to the Bundestag.”

=> We have already dealt exhaustively with this issue in previous articles.  If even the ridiculously low amounts of 80-100 tons of gold per year are too challenging for the Fed and BuBa to transport (and that despite Weidmann’s request for help from the BIS), then one must wonder how back in 2000-2002 nearly 1000 tons of gold were delivered from the Bank of England to Frankfurt without all this fuss and public whining.  The BuBa itself has been claiming this successful transportation performance of the early 2000s since 2012.

=> And quite apart from that, the BuBa is of course free to simply ask the Fed for a swap of their bullion with a European gold holder or international dealer, upon which the bars would simply be retrieved from London, Zurich, or even Frankfurt. No physical transatlantic transport required – and everything guaranteed to be LGD compliant!  The disadvantage would be that we paranoid gold historians would never get to see in Frankfurt the old German bullion from the 1950s and 1960s that are held at the Fed (since they would be swapped with European gold). But that would be a small disadvantage given that the BuBa has already refused publication of any photos or number lists of the already allegedly repatriated and supposedly already re-melted original Fed bullion, due to “security reasons.” In fact, from the perspective of the BuBa, the swap solution would have the great advantage that we would finally have to put to rest the silly and delicate questions about the whereabouts of our original German bullion bars.  But no – even such logistically and legally simple options, by which 2300 tons of overseas gold could be “home by Christmas” are not good enough for BuBa. Honi soit qui mal y pense. (“Shame on him who thinks evil of it…”)

Handelsblatt: “Peter Gauweiler will no longer accept these delay tactics.  He calls for the ‘immediate on-site inspections of the gold stocks and their immediate delivery to Germany’.”

=> Dear Mr. Gauweiler, we happily extend our invitation to you once again to sign the Repatriate Our Gold initiative. Your clearly formulated demands are the same as ours.  Since 2011.  Let us finally reinforce our demands with the will to actually implement them!

Handelsblatt: “In 2012, the auditors of the Bundesbank could visually inspect the German bullion.”

=> It’s Groundhog’s day again.  This statement is not new.  And it remains utterly blank and vague. Furthermore, the BuBa refuses to say anything about who these ominous auditors were (names), when and what exactly they audited, what “visually inspect” exactly means, what inspection reports have been produced and who signed them – in other words, why all this information is being held “confidential”?

=> But wait – we learn some more:  BuBa board member Thiele “personally visually inspected” the German gold stocks in June 2012 in NY.  Well, Mr. Thiele, did you arrive at any counts and inspection results?  And apparently “beyond that” you have also been “in the vaults in London and Paris.”  Did you indeed meet the Queen there during a walk in the depths of the BoE?  Everything was fairy-tale-fabulous there, was it not? And your spokesman also tells us more: “Mr. Thiele could see everything that he wanted to see.”  There is but one question that arises:  what did he WANT to see?  Ninety years ago your predecessor Hjalmar Schacht explicitly wanted to see NOTHING, although at the time the former Fed chairman B. Strong simply could not find any German gold at the Fed (for “fans” of the German Reich’s gold: these were NOT the 3400 BuBa-tonnes of today!).  At that time Schacht had said succinctly: “It doesn’t matter Mr. Strong – I know you are good for it (the replacement gold).”  Hmm – we wonder whether Janet Yellen is also “good for it” in the year 2014?

Handelsblatt: “In addition, an external expert has observed the re-melting of the gold bars.”

=> Oh yeah, baby.  That sounds very good, Mr. BuBa Speaker (anonymous).  If you would now kindly provide and publish a NAME of this “expert”, his exact procedure for the “counting observation”, his signed report and his expertise – after your recent refusal to provide this information to the Handelsblatt upon their request.  Honi soit qui mal y pense.  (“Shame on those who..”)

Let us close this small update today not with our own conclusion, but with these “no-longer-conspiracy-theoretical” findings from the mouth of MP Gauweiler:

“I wonder why the Bundesbank cannot repatriate the gold and then allow it to rest in an appropriate form [as reported by GS Blog from 25.12.2013 ].  My suspicion: Apparently the bars are no longer untouched and available.  This [leads to] the presumption that the gold bars, while in storage, have been used in a manner that lacked transparency.”

=> Conclusion of the Handelsblatt: “Transparency as promised by Bundesbank looks different.”  To be continued.

An old piece of advice – relevant both for individuals and for our Federal Bank board managing our gold.  The convenience of naive ignorance will soon cease to work:

“There are two ways to sleep well at night: be ignorant or be prepared.”

Dutch Central Bank Tight-lipped About Gold Policy

Only 11 % of Dutch official gold reserves, which is 613 tons in total, is stored in Amsterdam. The rest is held abroad; 20 % in Ottawa, 20 % in London and 49 % in New York. Because of my believe gold will re-enter the monetary system within a few years I’m most concerned about the safety of the official gold reserves of the Netherlands held abroad. Just like the Germans are, expressed by the repatriation of some of their gold. Germany decided to repatriate 300 tons from New York and 374 tons from Paris in a seven year period, so that at least half of their gold reserves are stored at home. The following slide is from a gold report written by the German central bank, the Bundesbank:

German gold repatriation plan

From second hand I had heard the Dutch Central Bank (DNB) and the Federal reserve (the custodian of the Dutch gold in New York) did have some correspondence in recent years about monetary gold, but the Dutch did not decide to repatriate any gold because the subject was rather sensitive, according to my source. Through which we can conclude it’s vey likely the FED doesn’t hold all the foreign gold they claim, how else can this subject be sensitive. If a friend would store a book in my home for 30 years but would like to have it back at a certain moment I would be happy to return it. Only if I would have lost or sold the book his request would be rather sensitive.

 De Nederlandsche bank

In The Netherlands we have a law called WOB (Wet Openbaarheid van Bestuur). It means the law for openness of governess, this is the Dutch version of FOIA.

On December 12, 2013 I sent the Dutch Central Bank (DNB) a WOB request to inspect all correspondence, from the past 45 years, regarding monetary gold between DNB and all other central banks, mainly the Federal Reserve.

The next day I got a call from DNB in which they told me they received the request and it would be processed, confirmed by a letter four days later.


Wow, great service I thought. I was looking forward to reading the correspondence.

But then on December 20, 2013, I got another letter from DNB.

DNB 2.1

Translated in short: the WOB act applies for just about everything the government does, except its gold dealings. What a surprise..

Of course I will fight this till the end.  I would also like to encourage everybody around the world to ask his central bank about their gold allocation. Do not forget the official gold reserves of a (democratic) country are owned by its citizens, not by a few politicians. So why are we not allowed to examine our own gold?


To be continued…