~*~Mining and Metals Du Jour~*~

[eik]

Gold never existed?

... it seems evident that much if not all of the German gold allegedly stored in the New York Federal Reserve Bank resulted from Germany exchanging U.S. dollars for gold. The use of the “gold claims” terminology, however, would seem to indicate that there may never have been stored at the Fed the actual physical gold to fulfill the liability! In other words, instead of physical gold in the New York Fed vaults, all the Bundesbank possessed might have been just a bookkeeping entry!

If this is accurate, that would definitely explain why the Fed would negotiate a seven year period to “return” the physical gold. It would take years to try to sneak in this quantity of gold from other sources in order to ship it back to the Bundesbank in Frankfurt.

http://www.numismaticnews.net/article/gold-never-existed