Calls for Germany to repatriate its 1,536 tons of gold reserves held at the NY Fed are intensifying as Der Spiegel reports the Federal Reserve has refused to allow German inspectors to even view the countrys massive gold reserves in the interest of security and of the control process.
We have stated repeatedly that with repatriation and/or audit requests completed or in progress by Venezuela, Germany, Switzerland, and the Netherlands, The BOE and the Fed suddenly find themselves in a heap of trouble as the situation (and confidence that the Central banks actually still hold the tungsten gold reserves on deposit) is rapidly deteriorating.
More on the Feds non-compliance with German requests to view/inspect their own gold below.
Der Spiegel reports that nearly half of Germanys entire gold reserves are still held (supposedly) 5 floors below the NY Fed:
The Federal Reserve Bank of New York continues to hold 1,536 metric tons of German gold or nearly half of Berlins reserves. This enormous hoard of gold is stored in the fifth subfloor of the banks building on Liberty Street, 25 meters (80 feet) below street level, and 15 meters below sea level. According to the banks website, the vault rests on the bedrock of Manhattan Island.
The Fed has reportedly denied German requests to view their own gold reserves, in the interest of security:
Tourists are allowed to venture below street level to see the vault. After descending in an elevator, they stand in front of an enormous steel cylinder that pivots like a door in a 140-ton steel-and-concrete frame. But not even the owners are allowed to view their own gold. According to the Federal Audit Office report, the Fed explained that in the interest of security and of the control process no viewings are possible.
