Relevant:
- Bundesbank Has Completed Gold Repatriation From New York Fed Three Years Ahead Of Schedule
- Bundesbank Says NY Fed to Help Meet Gold Audit Request
- FLASH: German gold report reveals secret sales that likely were part of swaps
- US Custodial German Gold Held for Free to "Support The Dollar"
- Germany getting suspicious about gold to the point of taking action
2012-10-25 — zerohedge.com
Today, in a surprising development, via the Telegraph we learn that none other than the same Bundesbank which is causing endless nightmares for all the other broke European nations due to its insistence for sound money, decided to voluntarily pull two thirds of its gold holdings held by the Bank of England. According to a confidential report referenced by the Telegraph, Buba reclaimed 940 tons, reducing its BOE holdings from 1,440 in 2000 to 500 in 2001 allegedly "because storage costs were too high." This is about as idiotic an excuse as the Fed cancelling its reporting of M3 in 2006 because "the costs of collecting the underlying data outweigh the benefits."
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