Auch nach fast drei Jahren seit dem Start unserer Bürgerinitiative "Holt unser Gold heim" lässt das öffentliche Interesse am Thema keineswegs nach. Kein Wunder, sind doch unsere wichtigsten Fragen und Forderungen an die Bundesbank weiterhin schwärend offen und natürlich auch weiterhin vollumfänglich berechtigt . Die bisherigen angeblichen und minimalen Heimholungen, die dabei erlebten unnötigen Einschmelzungen sowie die konsequente Belegverweigerung der Bundesbank selbst zu ganz einfach beschaffbaren Indizien der Lagerseriosität der Fed (Barrenlisten, Auditreports) wecken mit jedem abgelaufenen Monat immer mehr das Interesse der Medien. Speziell die internationale Presse stellt immer drängendere Fragen - auch an uns, wobei wir letztere mangels Tresorzugang und Buchhaltungszugang bei den Zentralbanken (Doppelerfassungen von Barren?) nur immer und immer wieder öffentlich an Sie-die-Eigentümer sowie an die Bundesbank als Treuhänderin unseres Volksvermögens weiterleiten können. Beispielhaft für diese Erklärungs-Anstrengungen speziell im internationalen Raum lesen Sie bitte unten ein Interview mit interessanten Fragen, die ich gegenüber dem sehr großen US-Finanzhaus "Euro Pacific Capital" (Managing Director von EPC ist der sehr bekannte Peter Schiff) in dessen fünfzigtausendfach direkt an Kunden, Stakeholder und andere Akteure der NYC-Finanzszene sowie an die US-Medien verteilten "Global Investment Newsletter" beantwortet habe.
Das Thema des Zentralbank-Goldes ist seiner Natur nach ein globales, da letztlich fast alle westlichen Zentralbanken ihre Goldbestände zu großen Teilen in nur ganz wenigen, völlig intransparenten Tresoren in London und New York fremdlagern, was multiplen Erfassungen von Barren sowohl buchhalterisch als auch logistisch Tür und Tor öffnet. Mehr dazu unten im Interview.
Hinweis: Für Leser, die dieses Interview in deutscher Sprache lesen wollen, hat dankenswerterweise das Übersetzungsbüro "LQ-Services" sehr schnell eine Übersetzung ins Netz gestellt. Siehe hier: "Der seltsame Fall des deutschen Goldes"
The Strange Case of German Gold - An Interview with Peter Boehringer
By: Andrew & Peter Schiff, Euro Pacific Capital, Westport / NYC , July 24, 2014
A June 23 Bloomberg News story entitled "German Gold Stays in New York in Rebuff to Euro Doubters" made the seemingly straight-forward case that the German authorities had decided to reverse course on a plan announced in 2012 to bring home some 300 tonnes of German gold that had been on deposit at the New York Federal Reserve since the 1960s. According to the article, German representatives had gone to New York, saw their gold, were convinced that it was in good hands, and decided that the hassle of putting it on a plane and sending it back to Germany was simply unnecessary. The article quoted a spokesman for Chancellor Merkel who said "the Americans are taking good care of our gold" and even quoted Peter Boehringer, one of the leading private advocates of the repatriation movement, as saying their campaign to pressure German authorities "is on hold."
When the Germans originally asked for their gold back, the Federal Reserve had countered with a painfully slow eight-year delivery period. This struck many as strange given that the total request only represented 5% of the gold reportedly held at the Fed's New York vaults. The delay severely whipped up concerns that long-held theories about imaginary gold were actually true. The Bloomberg article appeared to dismiss all these concerns and bring the case to a close. Or did it? Almost immediately, people close to the matter cried foul.
I caught up with none other than Peter Boehringer of the German Precious Metals Society for this exclusive interview.
EPC - The apparent reversal by the German government to no longer look to repatriate its gold from the United States failed to raise any interest in the American press or the financial establishment. Did the move create much of a stir in Germany? Are any mainstream politicians there actively picking up the issue?
PB - The "reversal" has indeed been only apparent - the Bundesbank has not in any way officially changed its repatriation plan that was announced in January 2013 (a plan that I believe was too slow and too little anyway - 700 tonnes by end 2020 - of which 300 tonnes from the New York Fed). The primary source for the confusion, especially in the non-German media, came from a factually wrong Bloomberg story. That story began with a completely unfounded headline "German gold stays in NY." I tried to set the record straight in the English-language press, but it is hard to fully "call back" wrong mainstream reports like that one (via Bloomberg BusinessWeek on June 23, 2014).
Having said this, it is quite possible that the politicians cited in the story (such as Mr. Barthle, a Merkel spokesman) actually intended to "test the waters" of how the German public would react. In that respect, statements like "The Americans are taking good care of our gold. Objectively, there's absolutely no reason for mistrust." could indeed have some significance, as they might be intended as a first step towards stopping even the already painfully slow repatriation process of gold from the Fed. Still, Barthle, or Merkel for that matter, are not in charge of the gold, the Bundesbank is, and they have said nothing.
It is noteworthy that in 2013, a mere 5 tonnes were actually delivered from NY to Frankfurt. And even for these miniscule volumes there is no evidence, either by an external auditor or by video documentation, that real gold bars (allegedly untouched in the Fed´s vaults since the 1960s) have been moved across the Atlantic. Bundesbank has even melted down and allegedly re-cast these bars for no apparent reason! We have not received any audit report of this process, no report from the (unknown) performing smelter, and no bar lists from "old" or newly cast bars.
But to date, no mainstream politician has publicly questioned this strange behavior. It has been left to concerned private organizations like ours to press these concerns. Fortunately our national media has picked up on some of this which may have prompted Mr Barthle´s blind and unfounded "pledge of allegiance" to the U.S.
EPC - Is the issue something that is discussed or understood by the average German?
PB - These details are of course not being discussed by the "average German" - soccer seems to be far more important these days. But both the gold community, the financial community, and the international media are taking ever more notice of our continued struggle. A full two and a half years after the initiation of our campaign, I receive at least two interview requests per week.
The Fed´s unwillingness to provide information, Bundesbank's obvious evasions and obfuscations, and Bloomberg´s misleading article are leading to completely unintended reactions by the general public and the independent media: Rather than putting this issue to bed as these authorities may have hoped, we are seeing ever MORE questions being raised.
EPC - Officially, at least, what was responsible for convincing German officials that their gold is safely stored and accounted for by the Federal Reserve?
PB - I can of course only speculate here. Given the decade-long mis-information by the Fed and the Bundesbank regarding our national gold, there is no apparent reason for these officials to now call this case "closed" - quite the opposite would be logical. We must therefore assume that the Fed is unwilling or unable to quickly put Germany´s gold at the Fed (1,500 tonnes) on a few planes, thereby sending our property to where it belongs (Frankfurt). It's become harder to not come to the conclusio n that our officials are complicit in some kind of U.S. led cover-up. So far, due to our public responses, this approach has not worked but rather increased the pressure on Bundesbank to repatriate.
One reason that the gold was unavailable for quick delivery could be multiple ownerships of our bars at the Fed. Given today´s global fractional gold banking scheme, an (allegedly physically existing) bar in a central bank vault could have 10+ owners - and could thereby show up in 10+ central bank balance sheets as either "physical gold" or "gold claim". These two (completely different!) balance sheet items have not been properly differentiated for many decades now. We are potentially talking about non-existent physical bars at a magnitude of tens of thousands of tonnes!
Without proper physical audits, repatriations and allocated storage, no gold "owner" today can be certain that "his" bar in one of these unallocated gold storage vehicles is actually his exclusive property! Our campaign is therefore not only a "German" one - but could have international repercussions of unknown scale.
It is not by accident that since the launch of the first two campaigns in 2011/12 (Germany and Switzerland) - more than ten similar national initiatives have been launched all over the world. The responses of the arrogant central bankers are the same everywhere: Ignore them, call them "conspiracy theorists", insist that "everything is in order with the gold", but give not a shred of evidence (bar lists, audit reports, bar transport to owners). And act only if public pressure forces you to...
EPC – Is it realistic to assume the German gold will be transferred to Frankfurt anytime soon?
PB - Some observers argue that our demands to repatriate our gold is naïve and that the German gold at the Fed is gone for good. “Nothing to repatriate here” – because the gold had “never been at the Fed in the first place”. Or because “the Fed has given the gold into the market a long time ago to suppress the gold price and to support the Dollar”. Or because Germany (as well as other countries) were “not sovereign anyway in these gold matters”. Whilst all of this is possible, our campaign cannot prove it and therefore has no official opinion re these questions. Whatever the truth: the legal CLAIM of Bundesbank against the custodian of its gold, the Fed, is both undisputable and has never been disputed by any party involved. Therefore, even if the gold were actually gone, lent out or otherwise compromised by multiple ownerships of bars, Bundesbank would/will have to insist that the custodian buy back these 1,500 tonnes from the open market – before then handing them over to Germany.
EPC - How did the Bloomberg article quote you incorrectly or out of context? Has the reporter explained his actions?
PB - I had a friendly 30+ minute conversation with the Bloomberg reporter, explaining all I could. But the only so-called "quotation" of mine which was ultimately used (published months later!) was "Right now, our campaign is on hold". Of course, I never said this sentence. All I did is (truthfully) explain that, unfortunately, nobody in Germany -including our campaign- can legally ENFORCE the dissemination of information from Bundesbank or a quicker repatriation of our gold. When the interview was conducted in May, we had no opportunity for putting even more pressure on BuBa (which we had done several times opportunistically and partly successfully since 2011). The Bloomberg hack somehow twisted this to mean that we were satisfied and that we were no longer pressing the issue.
In hindsight, I however have to THANK the reporter for involuntarily opening up this new and great opportunity for spreading our message. Since the Bloomberg piece, I am giving interviews on a weekly basis. This gold issue will not go away.
Gold is money. And central bank gold is a potential cornerstone of future currencies which might well HAVE TO be (partially) gold-backed, especially if there is a crash of today´s un-backed paper-currencies. The central banks all over the world therefore have to quickly become much more transparent and have to audit and repatriate their / OUR gold!
Peter Boehringer is a founder of "German Precious Metal Society" (est. 2006) - an NGO dedicated to spreading independent information on the relevance of gold and silver as both investment vehicles and as basis for sound money and in turn a sound society. Mr. Boehringer is one of the main initiators of the German public's "Repatriate our Gold" campaign, which is being supported by many prominent signatories as well as by 15,000+ national and international activists. Peter has been writing Germany´s most popular (German language) gold blog since 2003 with a focus both on economic and political implications of gold and silver prices. He is a book author, speaker at liberal and economic conferences, and a frequent writer of articles critical towards the current, credit based monetary system and its negative implications. He is a fellow of the liberal "Hayek-Society".
Neither Mr. Boehringer nor German Precious Metal Society is affiliat´ed with Euro Pacific Capital. The opinions expressed above are those of the writer and may or may not reflect those held by Euro Pacific Capital.
Founded in 1997, Euro Pacific Capital is a full-service, registered broker/dealer specializing in foreign markets and securities. Peter Schiff, the firm’s founder and CEO, is known for his vocal and unpopular bearish views of the U.S. economy, voiced prior to the 2008 financial crisis, many of which were outlined in his 5 bestselling books, including "Crash Proof: How To Profit From The Coming Economic Collapse." Mr. Schiff leads our experienced and diverse team of managers, researchers, consultants and support staff. Euro Pacific Capital has six regional branches – Westport, Connecticut; New York, New York; Boca Raton, Florida; Scottsdale, Arizona; Newport Beach, California; and Los Angeles, California – over sixty investment consultants, a team of research analysts, and three divisions – Retail Brokerage, Wealth Management and Capital Markets.