Bundesbank has its gold in New York to trade with it

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Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, confirms that large parts of the German gold reserves are held at the NY Fed in order to trade with it.

By Lars Schall

During his speech at the Reception of the Bundesbank Representative Office in New York City, Dombret said on November 1, 2012 regarding the German gold reserves:

“(W)e are now looking back at sixty years not only of fruitful cooperation in many fields and international fora, but also of storing gold and trading via the New York Fed. As a matter of fact, it is sensible for us to do so in New York, as Frankfurt is not a gold trading venue.“ (1)

Voila! This is an official confirmation of what gold market experts like Egon von Greyerz have said for quite some time – see here:

And there is no reason for Germany to have its gold in New York or London just because these are major trading places for gold?

Egon von Greyerz: Makes no sense whatsoever, because if these are real reserves and they are not traded, they don’t need to have it there. But the most likely reason they have it there is because they have lent it out and they are trading it, otherwise they would not need it to have it there. It’s that simple.

Excerpt from: http://www.larsschall.com/2011/05/04/the-war-on-gold/

This confirmation may give us also a clue of what was meant when the Bundesbank acknowledged two years ago that it is engaged in secret „strategic activities“ regarding the gold reserves that are held at major trading places:

http://www.gata.org/node/9363.

(1) http://www.bundesbank.de/Redaktion/EN/Reden/2012/2012_11_01_dombret_remarks_europe.html

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