Bundesbank Tries To Reassure Re. Gold Reserves as Deutsche Bank Shocks With €6 Billion Loss Warning
Like other banks, Deutsche has been caught up in the Libor-rigging scandal, and faces another investigation in Switzerland for suspected price-fixing in the precious metal market.
Gillian Tett, ourselves and many others have warned that Deutsche and its massive derivative book has the potential to be a ”European Lehman Brothers”. Is Deutsche Bank, the largest holder of Warren Buffett’s “financial weapons of mass destruction” derivatives in trouble?
The German Bundesbank released an inventory of its gold reserves yesterday in order to quell ongoing public concerns about the true amount of actual unencumbered reserves and the location of the reserves stored in vaults in Frankfurt, London, Paris and particularly in the New York Federal Reserve.
The central bank said its gold reserves amount to 3,384 tonnes of gold worth just €107 billion at today’s prices.
The move is the latest by the central bank, which is in the process of trying to move its gold reserves back to Germany after the eurozone sovereign debt crisis broke out in 2012 and led to public concerns and questions about the safety of Germany’s gold reserves.
Germany’s gold reserves are the second biggest in the world after those of the U.S. but Germany has been struggling to repatriate its gold reserves from the U.S. Federal Reserve in recent years. This has created wider concerns about the U.S. own gold reserves.
Read more on the GoldCore.com blog
IMPORTANT NEWS
Gold stretches streak of gains to a fourth session – MarketWatch
Gold treads water as dollar firms; awaits Fed minutes – Reuters
Germany’s Bundesbank lists all gold bars to silence sceptics – Reuters
Platinum Futures Rise to Two-Week High as Supply Concerns Mount – Bloomberg
Bundesbank to Doubters: Here Is Our Gold. Every. Single. Bit of It. – Bloomberg
IMPORTANT ANALYSIS
Silver Coin Premiums Soar Above 50% – ZeroHedge
Once the Biggest Buyer, China Starts Dumping U.S. Government Debt – WSJ
The World Map of Debt – Goldseek.com
We Aren’t Nearly As Worried About The Middle East As We should Be – DollarCollapse.com
How the Chinese Will Establish a New Financial Order – Casey Research
Read more News & Commentary on GoldCore.com
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