In response to public pressure, the Bundesbank, the German central bank, now wants to bring "parts" of Germany’s gold reserves home and verify their authenticity. Is fear rife in Frankfurt of counterfeit gold bars from the USA which are actually made of tungsten?
The failure of the gold inspection by two members of the German parliament, Philipp Mißfelder and Marco Wanderwitz, is an outrage. And not only is the Fed in New York refusing to open its vault so that the Germans can check their gold, Paris and London are also denying access to the German gold. This situation threatens grave consequences.
Last year the German Federal Audit Office demanded from the Bundesbank a precise inventory of the huge gold reserves located abroad, as well as regular inspections. Now the Bundesbank wants to bring a “part” of its gold reserves back from the USA to Germany. Here the bars will be melted down to verify the quantity and authenticity of the precious metal, a Bundesbank spokesperson explained. However, the German Federal Audit Office is not satisfied with this, describing the return of the gold from the Fed (the US central bank) as nothing more than “a first step, not a comprehensive procedure”.
Counterfeit German gold bars at the Fed?
Is it all just lip service? Why isn't all Germany's gold returned to Germany? Another interesting aspect: the small portion that the Bundesbank reportedly wants to bring back to Germany is to be melted down in order to verify its authenticity. If it is necessary to verify the Fed gold for authenticity, then the rest of the gold reserves in the USA must be a real source of worry. Has the gold been “hardened”, with tungsten for example? Are the gold bars counterfeit? Are they actually tungsten bars?
