Germany Pulls Tons of Gold Reserves From U.S. and France

[Kindle]

This is an old article. Why do you guys think Germany is moving gold out of the usa?

https://www.wsj.com/articles/germany-pulls-tons-of-gold-reserves-from-u-s-and-france-1486638006

[OneLight]

Unless someone becomes a member of the site, they cannot read past the first paragraph.  From what I read, it could be for any reason.  My question is, why store your money at another persons house?

[Kindle]

1 hour ago, OneLight said:

Unless someone becomes a member of the site, they cannot read past the first paragraph.  

Can you explain what this means

1 hour ago, OneLight said:

My question is, why store your money at another persons house?

That's a good observations.

I wonder why they put it in the us in the first place.

[Guest]

2 hours ago, worthy said:

Can you explain what this means

That's a good observations.

I wonder why they put it in the us in the first place.

Lower tax rates.

[Kindle]

1 minute ago, JaniceR said:

Lower tax rates.

I was just thinking about you. Wondering where you've been

Edited February 25, 2017 by worthy

[Guest]

Just now, worthy said:

I was just thinking about. Wondering where you've been

I started a new job this week and am adjusting to the new schedule.

I just found this. It's Wikipedia, but might be of some value.

In past, nations from across the globe have stored their gold at the Federal Reserve Bank of New York (FRBNY) for numerous reasons;

1. During World War II Germany confiscated as much gold as they could from nations they occupied, other vulnerable nations anticipated by shipping their gold to the US;
2. After World War II there was the threat of the USSR to seize sovereign gold reserves as spoils of any Cold War action;
3. Under the Bretton Woods System (1944 -1971) it was agreed the US dollar was the world reserve currency, backed by gold. It was thus convenient to store gold in New York for trade settlements; additionally dollars that were converted into gold were credited to FRBNY foreign gold accounts;
4. After the Bretton Woods system, when gold was officially removed from the monetary system, gold was often sold or leased by central banks, facilitated by their accounts at FRBNY.

In the aftermath of the financial meltdown in 2008 European central banks stopped selling gold, Asian and South-American central banks increased official purchases, and central banks from all continents began to worry if storing gold abroad was wise when the next global financial crisis evolved.

There are rumors that US has sold a portion of this gold to underpin the US dollar hegemony in recent decades. Edmund Moy, former Director of the United States Mint (Fort Knox), quoted on June 13, 2014: "Finally, more countries are repatriating their gold. For them, an audit is not enough. They would like their gold back. Azerbaijan, Ecuador, Iran, Libya, Mexico, Romania and Venezuela is a short list of countries that have requests into their custodians to transfer some or all their gold back to their countries."

[Kindle]

Just now, JaniceR said:

I started a new job this week and am adjusting to the new schedule.

Good for you.

1 minute ago, JaniceR said:

I just found this. It's Wikipedia, but might be of some value.

In past, nations from across the globe have stored their gold at the Federal Reserve Bank of New York (FRBNY) for numerous reasons;

1. During World War II Germany confiscated as much gold as they could from nations they occupied, other vulnerable nations anticipated by shipping their gold to the US;
2. After World War II there was the threat of the USSR to seize sovereign gold reserves as spoils of any Cold War action;
3. Under the Bretton Woods System (1944 -1971) it was agreed the US dollar was the world reserve currency, backed by gold. It was thus convenient to store gold in New York for trade settlements; additionally dollars that were converted into gold were credited to FRBNY foreign gold accounts;
4. After the Bretton Woods system, when gold was officially removed from the monetary system, gold was often sold or leased by central banks, facilitated by their accounts at FRBNY.

In the aftermath of the financial meltdown in 2008 European central banks stopped selling gold, Asian and South-American central banks increased official purchases, and central banks from all continents began to worry if storing gold abroad was wise when the next global financial crisis evolved.

There are rumors that US has sold a portion of this gold to underpin the US dollar hegemony in recent decades. Edmund Moy, former Director of the United States Mint (Fort Knox), quoted on June 13, 2014: "Finally, more countries are repatriating their gold. For them, an audit is not enough. They would like their gold back. Azerbaijan, Ecuador, Iran, Libya, Mexico, Romania and Venezuela is a short list of countries that have requests into their custodians to transfer some or all their gold back to their countries."

OK thanks

[missmuffet]

4 hours ago, OneLight said:

Unless someone becomes a member of the site, they cannot read past the first paragraph.  From what I read, it could be for any reason.  My question is, why store your money at another persons house?

That would be my question too.

[other one]

12 hours ago, missmuffet said:

That would be my question too.

it appears to me that JaniceR's post answered that question pretty well.  just in case you missed it or hadn't got to it yet...