For thousands of years Precious Metals (PM) such as Gold (Au) and Silver (Ag) have been utilized as real money for exchange, wealth store, and metric of value. While I am NOT an advocate of one single commodity backing our money (like a gold standard), I do believe that the price trend of PMs are the most important indicators of the value of fiat money, plus the crimes of corrupt banking corporations and governments that manipulate PM prices. The "Canary in the coal mine" is Gold - AuCanary.
Today's FINVIZ 5 Minute Charts - (for other charts go to the bottom of this page)
Click HERE for more real-time ADVANCED CHARTS and see the bottom of this page for more real time price updates.
FINVIZ - Financial Visualizations and Charts here: here.
Bundesbank brings part of the gold reserves home - UPDATE
Pressure of the Federal Court for review - return from New York
Frankfurt / Main (DAPD). Pressure by the Federal Court and individual politicians, the Bundesbank is bringing some of its gold reserves from the U.S. to Germany. In Germany, the bars will be melted down to verify the authenticity and quantity of the precious metal according to a Bundesbank spokesman said on Monday in Frankfurt. The Federal Court described the repatriation from the U.S. Federal Reserve only as "a first step.
For months, the German Federal Court and some members of German parliament, asked that the Bundesbank investigated the stored gold abroad more comprehensively than before. Instead of a spot check of bars and replying on the vault inspection, they were asked to assay the property. The demand of the Federal Court is also part of a report to the budget committee of the Bundestag.
Randomly inspection of bars for authenticity in the narrow vaults of the private Federal Reserve Bank of NY is not possible except by central banks. Inspection is not commonly conducted nor part of the storage arrangement.
Bundesbank's gold is worth 150 billion euros
The Bundesbank controls almost 3,400 tonnes of gold, worth about € 150 billion, and about two-thirds are stored abroad. According to Bundesbank figures, a large part of the inventory, but less than half of , are stored in New York, where it is kept by the privately owned Federal Reserve bank of NY. The gold provides the Federal Reserve Bank collateral for dollar stores in the event of a crisis. Another part of the German gold stored in London and Paris. "There are still good reasons to store the gold in New York or London," said the Bundesbank spokesman.
In response to demands, the Bundesbank will take approximately three years starting in 2013 will more a "significant amount" of gold from the NY Fed to Germany. The cost and security of the transfer are being planned for. In Germany, the bars will be melted down tested and re-poured to new standard bars, insuring the value.Meanwhile, according to the "Bild" newspaper: the Bundesbank and the German Bundestag Philipp Missfelder Marco Wanderwitz (both CDU) refused to visit the bearings in Paris and London German gold holdings. Bundesbank board member Carl-Ludwig Thiele wrote the two deputies, the central banks in Paris and London did not have adequate facilities for visits. Mißfelder, foreign policy spokesman of the CDU parliamentary group had, in February, visited the German gold reserves at the Fed in New York and are attempting to do in London and Paris.