Gold

[Skol]

JB,

I'm currently on a tour around Asia, France, UK and Holland. I can report that the world economy hasn't collapsed, all seems to going reasonably well actually under the circumstances, but for some strange reason local bodies, Heathrow Airport, and the gubbermint in the UK want to increase levies and taxes because business isn't as good as it was. Suicidal I'd say, but apart from that everything else seems quite normal.

Unfortunately for the goldbugs the predictions of worldwide economic chaos haven't eventuated, nor will they.

[skid]

Dont forget to include Greece and Spain in your travels

[JBmurc]

yeah I'm sure all those 5 star hotels/restaurants will give out a true indicator of economy health...skol how about heading round the poorer areas ....doesn't Spain have 50% youth unemployment

[skid]

And apparently 58% in Greece

[Skol]

Spain and Greece are hardly likely to send gold into outer space, they don't even get a mention in the papers, only on gold forums.lol

The long awaited launch isn't gonna happen.

[JBmurc]

The OECD has cut its global growth forecasts. It warns that the eurozone crisis is now a bigger threat to the world economy than the US fiscal cliff. It predicts that the global economy will grow 2.9pc this year and 3.4pc in 2013. In May it had said that we would see 3.4pc growth this year and 4.2pc in 2013. OECD Secretary-General Angel Gurría said:
The world economy is far from being out of the woods. The US ‘fiscal cliff’, if it materialises, could tip an already weak economy into recession, while failure to solve the euro area crisis could lead to a major financial shock and global downturn. Governments must act decisively, using all the tools at their disposal to turn confidence around and boost growth and jobs, in the United States, in Europe, and elsewhere.

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German Calls for Gold Repatriation Intensify

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 country’s 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 Fed’s non-compliance with German requests to view/inspect their own gold below.

Der Spiegel reports that nearly half of Germany’s 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 Berlin’s reserves. This enormous hoard of gold is stored in the fifth subfloor of the bank’s building on Liberty Street, 25 meters (80 feet) below street level, and 15 meters below sea level. According to the bank’s 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’:

[skid]

Like I said ,Gold is a reflection of other things in the economy.
Are you saying Greece and Spain are not an issue economically?

[airedale]

H JB, one wonders why the Germans don't call their bluff and threaten to take the gold back to Berlin if the Yanks won,t let them see it[and count it].
If the gold is really in a vault 25 metres below sea level then it may well be under water after the hurricane and flooding.

The OECD has cut its global growth forecasts. It warns that the eurozone crisis is now a bigger threat to the world economy than the US fiscal cliff. It predicts that the global economy will grow 2.9pc this year and 3.4pc in 2013. In May it had said that we would see 3.4pc growth this year and 4.2pc in 2013. OECD Secretary-General Angel Gurría said:
The world economy is far from being out of the woods. The US ‘fiscal cliff’, if it materialises, could tip an already weak economy into recession, while failure to solve the euro area crisis could lead to a major financial shock and global downturn. Governments must act decisively, using all the tools at their disposal to turn confidence around and boost growth and jobs, in the United States, in Europe, and elsewhere.

-------------------------------------------------------------------------------------------------------

German Calls for Gold Repatriation Intensify

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 country’s 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 Fed’s non-compliance with German requests to view/inspect their own gold below.

Der Spiegel reports that nearly half of Germany’s 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 Berlin’s reserves. This enormous hoard of gold is stored in the fifth subfloor of the bank’s building on Liberty Street, 25 meters (80 feet) below street level, and 15 meters below sea level. According to the bank’s 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’:

[airedale]

As an afterthought....I think that one of the South American countries repatriated their gold a couple of years ago.

[percy]

Does any one follow TAM Tanami Gold.?