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Germany concerned about the longevity of the EU and Euro project

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By *andS66 OP   Couple
over a year ago

Derby

As reported by RT - and Reuters.

Germany's central bank is bringing home gold reserves stored in places like New York and Paris faster than planned, it said on Thursday, as confidence in the euro ebbs even in the heart of the currency bloc after a decade of a sluggish economy.

Stashed away at the height of the Cold War in safe havens well out of Moscow's reach, the 3,378-tonne, 120 billion-euro (102 billion-pound) gold stockpile has become a symbol of Germany's economic ascent and a guardian of its stability.

But with Europe stumbling from crisis to crisis..... the world's second biggest bullion reserve may be needed to back a new deutschmark, should the euro zone break up.

The Bundesbank plans to have half its gold in Frankfurt by the end of 2017, years ahead of its 2020 schedule, with the rest split between the Federal Reserve Bank of New York and the Bank of England.

With French Presidential candidate Marie Le Pen and Italy's 5-Star Movement openly campaigning to pull their nations out of the euro, confidence in the common currency appears to be waning.

The rigidities of the currency union force them from austerity to austerity, keeping unemployment high, wages low and competitiveness weak, perpetuating economic malaise that actually drives countries apart.

Germans, working to repay debt taken out at the height of the crisis, meanwhile feel they are forced to bankroll many of Europe's weakest economies

Bundesbank board member Carl-Ludwig Thiele said that Britain's plans to leave the EU have had no effect , since London remains a key gold-trading market and a safe place for storage.

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By *entaur_UKMan
over a year ago

Cannock


"As reported by RT - and Reuters.

Germany's central bank is bringing home gold reserves stored in places like New York and Paris faster than planned, it said on Thursday, as confidence in the euro ebbs even in the heart of the currency bloc after a decade of a sluggish economy.

Stashed away at the height of the Cold War in safe havens well out of Moscow's reach, the 3,378-tonne, 120 billion-euro (102 billion-pound) gold stockpile has become a symbol of Germany's economic ascent and a guardian of its stability.

But with Europe stumbling from crisis to crisis..... the world's second biggest bullion reserve may be needed to back a new deutschmark, should the euro zone break up.

The Bundesbank plans to have half its gold in Frankfurt by the end of 2017, years ahead of its 2020 schedule, with the rest split between the Federal Reserve Bank of New York and the Bank of England.

With French Presidential candidate Marie Le Pen and Italy's 5-Star Movement openly campaigning to pull their nations out of the euro, confidence in the common currency appears to be waning.

The rigidities of the currency union force them from austerity to austerity, keeping unemployment high, wages low and competitiveness weak, perpetuating economic malaise that actually drives countries apart.

Germans, working to repay debt taken out at the height of the crisis, meanwhile feel they are forced to bankroll many of Europe's weakest economies

Bundesbank board member Carl-Ludwig Thiele said that Britain's plans to leave the EU have had no effect , since London remains a key gold-trading market and a safe place for storage.

"

Not sure Germany will want to use any of that Gold to prop up Greece when the next inevitable Greek bailout comes along. Italian banks are also looking very shaky at the moment. I think the Germans know it's all going to go pear shaped and that's why they are making these moves now in advance.

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By (user no longer on site)
over a year ago


"As reported by RT - and Reuters.

Germany's central bank is bringing home gold reserves stored in places like New York and Paris faster than planned, it said on Thursday, as confidence in the euro ebbs even in the heart of the currency bloc after a decade of a sluggish economy.

Stashed away at the height of the Cold War in safe havens well out of Moscow's reach, the 3,378-tonne, 120 billion-euro (102 billion-pound) gold stockpile has become a symbol of Germany's economic ascent and a guardian of its stability.

But with Europe stumbling from crisis to crisis..... the world's second biggest bullion reserve may be needed to back a new deutschmark, should the euro zone break up.

The Bundesbank plans to have half its gold in Frankfurt by the end of 2017, years ahead of its 2020 schedule, with the rest split between the Federal Reserve Bank of New York and the Bank of England.

With French Presidential candidate Marie Le Pen and Italy's 5-Star Movement openly campaigning to pull their nations out of the euro, confidence in the common currency appears to be waning.

The rigidities of the currency union force them from austerity to austerity, keeping unemployment high, wages low and competitiveness weak, perpetuating economic malaise that actually drives countries apart.

Germans, working to repay debt taken out at the height of the crisis, meanwhile feel they are forced to bankroll many of Europe's weakest economies

Bundesbank board member Carl-Ludwig Thiele said that Britain's plans to leave the EU have had no effect , since London remains a key gold-trading market and a safe place for storage.

Not sure Germany will want to use any of that Gold to prop up Greece when the next inevitable Greek bailout comes along. Italian banks are also looking very shaky at the moment. I think the Germans know it's all going to go pear shaped and that's why they are making these moves now in advance. "

At least they're not in denial. Let's join the EUA (EU anonamous).

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By *illwill69uMan
over a year ago

moston

I would look a little deeper for the reason that Germany is recovering gold deposits in London and New York. A year ago the idea that a US president would confiscate another countries gold reserves held in the USA would have been ludicrous, but now? Have you seen Trumps golden doors?

And as for May, she has her head lodged so far up his arse...

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By (user no longer on site)
over a year ago


"I would look a little deeper for the reason that Germany is recovering gold deposits in London and New York. A year ago the idea that a US president would confiscate another countries gold reserves held in the USA would have been ludicrous, but now? Have you seen Trumps golden doors?

And as for May, she has her head lodged so far up his arse... "

She can't even see the gold!

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By *andS66 OP   Couple
over a year ago

Derby


"I would look a little deeper for the reason that Germany is recovering gold deposits in London and New York. A year ago the idea that a US president would confiscate another countries gold reserves held in the USA would have been ludicrous, but now? Have you seen Trumps golden doors?

And as for May, she has her head lodged so far up his arse... "

Which wouldn't be too bad an argument - apart from the fact they started their gold repatriation in 2013... years before Trump.

And they are mooving very little of what's in London out of London, so they're not overly concerned about the UK... or May's head 'up Trump's arse'.

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By *illwill69uMan
over a year ago

moston


"Which wouldn't be too bad an argument - apart from the fact they started their gold repatriation in 2013... years before Trump.

And they are mooving very little of what's in London out of London, so they're not overly concerned about the UK... or May's head 'up Trump's arse'."

Its one thing to say your going to do something over time, it is another to expedite it less than a month after a regime change...

And as for moving a little of what they hold here back to Germany, small golden messages can be very loud. Ask anyone who has been handed back a wedding band.

Maybe Germany are just quietly starting to pack their stuff and move it into storage prior to the divorce. After all they are a very correct people and don't like public feuding, I expect the French and Italians will kick up a lot more of a scene when they leave. Its the difference between the Gallic and Roman emotional temperaments of the French and Italians and the Teutonic correctness of the Germans.

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By *et-shortyMan
over a year ago

Manchester

They started repatriation of the gold from new York years ago along with many other countries, it's called not being sure your fiat paper currency will have its "belief" upheld, all currencies are in effect valued by belief.

What started the ball rolling was the US failing to deliver the gold when asked by foreign nations,mmmmm it turns out that maybe they haven't been storing it as by agreement?, there's the odd story of German gold arriving with the wrong seals, which you could put down to "alternative facts" except every country has been in a rush to repatriate since that story broke and that was 8 years ago.

I wouldn't read much into it myself about the euro or any other currency, in reality it's a hedge against your currency collapsing, in that scenario which ten years ago was, well pie in the sky, you want your gold to be as close as possible and certainly not held by the world's biggest debtor and only super power

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By *ercuryMan
over a year ago

Grantham

Gold is always a good thing to have.

Shame Gordon Brown sold a lot of ours at "bargain basement" prices in 1999.

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By *andS66 OP   Couple
over a year ago

Derby


"Gold is always a good thing to have.

Shame Gordon Brown sold a lot of ours at "bargain basement" prices in 1999. "

And he made themistakeerror of judgement in telling the markets how much he was going to sell and when he was going to sell it.... Which pushed the price down further.

And who says publishing your strategies, plans and negotiating position up front is a good idea?

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By (user no longer on site)
over a year ago


"Gold is always a good thing to have.

Shame Gordon Brown sold a lot of ours at "bargain basement" prices in 1999.

And he made themistakeerror of judgement in telling the markets how much he was going to sell and when he was going to sell it.... Which pushed the price down further.

And who says publishing your strategies, plans and negotiating position up front is a good idea? "

quite a few on here and most of the Labour party, so no change or lessons learned it seems

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By *unandbuckCouple
over a year ago

Sheffield

But in reality is the story flawed? Why would physically moving the pieces of gold mean that? They still own them and can sell them regardless of the physical location?

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