Where is how much German gold?

[Skybird]

I swallowed twice when reading this. How does this make sense : having a national gold treasure of one'S own national bank - and then storing it not in one's own country with one'S own national bank, but in three other other, foreign ones...?

http://www.spiegel.de/international/...-a-833289.html

And not inspecting this because the trips of the inspectors would cost flight tickets?

I also did not know that it is so terribly few gold. I thought a bigger share of the German currency - at least before the Euro came - was covered in gold assets.

[joegrundman]

The initiative alleges that there is an "acute" danger that the German gold could be expropriated as a result of the financial and debt crisis. They argue that the German government could soon be forced to sell gold to cover the costs of the crisis.

and

Philipp Missfelder, a member of the conservative Christian Democratic Union (CDU), wanted to see the gold for himself and traveled to New York in person to inspect the holdings, according to the newspaper Frankfurter Rundschau. His trip was apparently unsuccessful, though. When he visited the Fed's safes in New York, staff were either unable or unwilling to show him exactly which bars belonged to Germany

Love it

Could be expropriated or could have been expropriated?

Either way, I'd say that 'amalgamated' would be a better word than 'expropriated'. Expropriation would be theft and there's no way the US would just steal it, but "using it" to back up various financial activities, since it's there so to speak....

Good luck repatriating it

maybe you could get a signed IOU instead?

[TLAM Strike]

Where is Germany's gold?

Ask these guys:

[Herr-Berbunch]

I thought the German Finance Minister swapped it for WOW gold.

[August]

I suppose the Germans could bring all their gold back home but then every time they conduct a financial transaction with another nation they'll have to risk shipping it and the ocean is littered with wrecks containing similar precious cargoes.

They found one just off our coast recently with upwards of 3 billion in Platinum which coincidentally was put there by Germans.

[STEED]

Dear Uncle Sam can you please send me some gold bars you have laying around doing nothing for Germany as clearly they are not that bothered who uses their gold.

[the_tyrant]

You see, I only trust converting my money to chocolate, than eating the chocolate

the problem is how to convert it back into money

[August]

Originally Posted by STEED

Dear Uncle Sam can you please send me some gold bars you have laying around doing nothing for Germany as clearly they are not that bothered who uses their gold.

I know you're joking Steed but I have to wonder how you get the idea that foreign gold reserves in my country are used by us for anything.

I mean it's not like the gold is in a bank being lent or drawing interest or anything like that.

We have gold reserves in Germany and I imagine England. Has HMG been using our reserves to pay it's bills?

[Oberon]

Originally Posted by August

I know you're joking Steed but I have to wonder how you get the idea that foreign gold reserves in my country are used by us for anything.

I mean it's not like the gold is in a bank being lent or drawing interest or anything like that.

We have gold reserves in Germany and I imagine England. Has HMG been using our reserves to pay it's bills?

That would not surprise me, we sold it when it was at the bottom of the market after all...

[Reece]

Originally Posted by TLAM Strike

Where is Germany's gold?

Ask these guys:

or this guy:

[Platapus]

How exactly would one inspect 3,400 tons of gold?

Gold bars that are kept in central banks usually weigh 12.5 kilograms or 27.5 pounds... 400 troy ounces to be precise.

3,400 tons, assuming short tons, of gold is 6,800,000 pounds or about 247,273 bars of gold. How long would it take to count that many bars?

Assuming that one could move, count, and restack 100 bars per hour, the counting would take 2,472 hours or 103 days..... working 24 hours per day. That's three months of nothing but 24/7 counting. Working just 8 hour days, it would take almost a year to count.

Since the bars would be stacked, one would would have to disassemble the piles to count the inner bars. If one is so distrustful as to not trust the central bank from stealing the gold, one would not assume that the inner bars are also gold and not simply painted lead.

That's a lot of moving of almost 7,000,000 pounds of stuff and then move it back when you are done counting.

I think it would be more efficient to just store the gold bars inside a vault that is sealed. As long as the seals are secure, so is your gold. I would also imagine the central reserve banks have insurance or some other type of security agreement.

[August]

Originally Posted by TLAM Strike

Where is Germany's gold?

Ask these guys:

Originally Posted by Reece

or this guy:

It never would have succeeded without this guy though:

[Rockstar]

Originally Posted by August

It never would have succeeded without this guy though:

I beg to differ, I think Crap Games idea broke the stalemate and won the gold.



Crapgame: Hows things going with the bank?
Big Joe: Nothing, the sherman is broken down and nobody can move that Tiger out of the square.
Crapgame: Then make a DEAL!
Big Joe: What kind of deal?
Crapgame: A DEAL, deal! Maybe the guy's a Republican. "Business is business," right?




.

[August]

Originally Posted by TLAM Strike

Where is Germany's gold?

Ask these guys:

Originally Posted by Reece

or this guy:

Originally Posted by August

It never would have succeeded without this guy though:

Originally Posted by Rockstar

I beg to differ, I think Crap Games idea broke the stalemate and won the gold.

Well that's true but let's not forget the high price that was paid to get them to that point:

[mapuc]

I think this guy got them by mistake