"Oops...I'm sure it's around here somewhere."
Translation from the original BILD article follows the preceding below
2012-MAR-09
Gold and silver prices gained slightly in yesterday's trading and continued in the green in early trading this morning. Comex Gold is currently trading back above the $1,700 mark and silver is taking another stab at the $34 level. The gold chart currently looks like it may be completing a reverse head-and-shoulders pattern with the latest correction back to $1,676 being the right shoulder of this formation. This is usually a powerful bullish signal.If gold can break the neckline which can be drawn at $1,750, than standard technical analysis would indicate that a $200 surge with a new target price of $1,950 is on the cards. Such a move will probably coincide with a change for the better with regards sentiment towards the euro, with signs of progress in tackling the continent's sovereign debt woes.
Yesterday evening's, "debt restructuring“ programme ended with 85.8% of Greek bonds being turned in by private debt holders. These creditors therefore agreed to having 53.5% sliced off the face value of their Greek bonds. Greek authorities were pleased with the result, but still seek to force the remaining debt holders into participating by invoking so-called collective-action clauses which were authorised in February. Through this "hair cut“ Greece will be freed from €100 billion in national debt. But many questions still remain. One being if this debt deal will formally be ruled a credit event, triggering payment on credit default swaps. The International Swaps and Derivatives Association (ISDA) will be addressing this issue tomorrow. It will be interesting to see what their decision is.
Another question is whether or not Greece can "turn the corner" in terms of economic growth and get out of recession. All the models on Greece are based on strongly improving GDP numbers. If they don't materialise Greece will be in for more trouble, with further bailouts from other EU nations a possibility.
Speaking of other EU nations, there have been some interesting developments over the course of this week with regards countries' gold reserves. The German tabloid paper BILD recently went to New York to find out more about the German gold held at the New York Federal Reserve vault. Most of the German gold – at 3,396.3 tonnes the second-largest official gold hoard in the world – is stored in other countries – with most of it in New York.
But detailed information about this subject is rare, as the Bundesbank remains very secretive about the location and form of the German gold (the Bundesbank's balance sheet does not distinguish between gold bullion and claims on gold). BILD points out that the Bundesbank has violated reputable accounting standards by not auditing the bars every three years, and is pushing for an investigation.
While no one expects the Germans to repatriate anytime soon – in the manner of Venezuela's Hugo Chavez – that these questions are being asked in mainstream media is significant. More people are starting to understand the importance of gold as a monetary asset. As the global debt crisis continues, expect more attention to turn to the topic of national gold reserves.
Author: The GoldMoney News Desk
New York - It is the most precious treasure we have Germans: 3401 tons of pure gold - € 1,800 for each. Absolute crisis-proof, divided into high-security vaults in Frankfurt, Paris, London and New York! And the Bundesbank does not care!
The incredible gold scandal! On 19 November 2011 IMAGE reported that the German Central Bank for the last time in 2007 cast a look at our gold holdings in New York, and even alert the Federal Court of Auditors (verification is ongoing).
A clear breach of the law, says top Bilanzrechtler Prof. Jörg Baetge told BILD: "At least every three years to control counts the bars are made." It has not done the Bundesbank.
A sloppy with tangible consequences: In the annual balance sheet of the Federal Bank's gold reserves (current value is around 147 billion euros) from a "significant" (Baetge) items of more than 17%: So, are the Bundesbank's balance sheets in recent years wrong?
Alarmed by the BILD report, it asked the CDU member of parliament and foreign policy expert Philip Missfelder accurate. On the edge of talks at the UN in New York wants to control the Mißfelder stored there parts of the German gold reserves at the Federal Reserve Bank (Fed).
According to the report he requested from IMAGE-Bundesbank President Jens Weidmann, the list of gold bullion. Missfelder told BILD: "I was shocked. First they said that there was no list. Then there were lists that are secret. Then I was told, demands endanger the trust between alliance bank and the Fed. "
Experiences as the Federal Bank of the IMAGE-searches on the German state gold, communications chief Michael Best is even trying to obstruct the visit of representatives and report to Bild: "Against this background, I ask for understanding that the Bundesbank your visit concerns (...) not supported. "
What does the Bundesbank hide?
PICTURE site. Number 33 Liberty Street, downtown Manhattan. It is five stories deep. "E-level" of bare floor, humming ventilation, massive steel doors. And: 7000 tons of gold! More than the legendary Fort Knox. It is the largest gold depository in the world.
But where is the German gold?
Jack Gutt of the staff of the Fed's vice president: "It is in some of these 122 steel lattice sections. More must say I do not. "
How many bars? All secret. No photos!
Just this: The German gold lies in some of the lattice-chambers here in New York's vault. IMAGE want to see it: Not a chance! Shown it only gets the Bundesbank. This site visit would have been your job, Mr Federal Bank CEO!
How to recognize the German gold?
Jack Gutt told Bild: "There are lists of all the bars. Each bar has a number stamped on the purity of gold and a seal. "The German gold stocks can therefore be counted according to the law. In the Bundestag, pressure is growing:
Missfelder told Bild: "It may be that is the gold assets of the German apparently violate any applicable accounting law. This is a case for Parliament. I call for a clear view. "
3401 Tonnen GoldBILD beim Goldschatz der Deutschen in New York
Von RALF SCHULER
The incredible gold scandal! On 19 November 2011 IMAGE reported that the German Central Bank for the last time in 2007 cast a look at our gold holdings in New York, and even alert the Federal Court of Auditors (verification is ongoing).
A clear breach of the law, says top Bilanzrechtler Prof. Jörg Baetge told BILD: "At least every three years to control counts the bars are made." It has not done the Bundesbank.
A sloppy with tangible consequences: In the annual balance sheet of the Federal Bank's gold reserves (current value is around 147 billion euros) from a "significant" (Baetge) items of more than 17%: So, are the Bundesbank's balance sheets in recent years wrong?
Alarmed by the BILD report, it asked the CDU member of parliament and foreign policy expert Philip Missfelder accurate. On the edge of talks at the UN in New York wants to control the Mißfelder stored there parts of the German gold reserves at the Federal Reserve Bank (Fed).
According to the report he requested from IMAGE-Bundesbank President Jens Weidmann, the list of gold bullion. Missfelder told BILD: "I was shocked. First they said that there was no list. Then there were lists that are secret. Then I was told, demands endanger the trust between alliance bank and the Fed. "
Experiences as the Federal Bank of the IMAGE-searches on the German state gold, communications chief Michael Best is even trying to obstruct the visit of representatives and report to Bild: "Against this background, I ask for understanding that the Bundesbank your visit concerns (...) not supported. "
What does the Bundesbank hide?
PICTURE site. Number 33 Liberty Street, downtown Manhattan. It is five stories deep. "E-level" of bare floor, humming ventilation, massive steel doors. And: 7000 tons of gold! More than the legendary Fort Knox. It is the largest gold depository in the world.
But where is the German gold?
Jack Gutt of the staff of the Fed's vice president: "It is in some of these 122 steel lattice sections. More must say I do not. "
How many bars? All secret. No photos!
Just this: The German gold lies in some of the lattice-chambers here in New York's vault. IMAGE want to see it: Not a chance! Shown it only gets the Bundesbank. This site visit would have been your job, Mr Federal Bank CEO!
How to recognize the German gold?
Jack Gutt told Bild: "There are lists of all the bars. Each bar has a number stamped on the purity of gold and a seal. "The German gold stocks can therefore be counted according to the law. In the Bundestag, pressure is growing:
Missfelder told Bild: "It may be that is the gold assets of the German apparently violate any applicable accounting law. This is a case for Parliament. I call for a clear view. "
