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To: John McCarthy who wrote (35391)	5/15/2012 9:19:14 AM
From: John McCarthy	of 44718

Bundesbank Confirms Gold Held by FED & Others May 15th Some Germans are concerned about the risk of contagion in the euro zone and the risk that the single currency could fall apart. They wish to know that the German gold reserves are secure and can be relied upon in the event of a currency crisis. The Bundesbank said it has complete confidence in valuations and the security of its gold holdings at other central banks and said that "there is no doubt about the integrity and the reputation of these foreign central banks where the gold is held." =================== The decision has been unanimous," the paper quoted the Christian Social Union budget expert Herbert Frankenhauser. The newspaper report alleged "account cheating" regarding the German gold reserves. According to a Bild report, the federal auditing office complained of "inadequate diligence of the accounting of the gold reserves, which are stored in some foreign countries. Repatriation of the gold reserves is encouraged.” The Bundesbank confirmed that it, like many central banks, keeps part of its reserves in vaults at foreign central banks and said some of its gold is held at the Federal Reserve Bank of New York, the Banque de France and the Bank of England. It declined to say how much gold in total is held overseas or how much gold is stored with the Federal Reserve, Bank of England and Banque de France. The Bundesbank statement said it had complete confidence in the integrity of the central banks where the gold is held. "From these central banks, the German Bundesbank annually gets confirmation of the gold holdings in troy ounces as a basis for its accounting," the Bundesbank’s statement said. resourceinvestor.com

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From: John McCarthy	5/15/2012 9:21:48 AM
	of 44718

Gold miners need $3,000 price in five years - gold council Mon May 14, 2012 10:27pm EDT * Mining costs increasing steeply * Emerging markets, central banks to drive demand LIMA May 14 (Reuters) - Sharp increases in mining costs mean gold will need to reach $3,000 an ounce in five years for the industry to stay profitable, World Gold Council chief executive Aram Shishmanian said on Monday. Miners currently needed a gold price of $1,300 to survive, Shishmanian said, but faced steep rises in mining costs, along with the cost of dividends and host nation taxes. "If this continues for the next five years the gold price needs to be at least $3,000 just to stay in the business," he said. However, he was optimistic sustained demand would drive prices higher over the long term. Spot gold fell to a four-and-a-half month low of $1,556.5 an ounce on Monday on concerns over the European debt crisis. Normally a refuge for investors in times of economic turmoil, gold has recently traded in line with risk assets like base metals and stocks. Future demand would come from emerging markets, central banks and investors, Shishmanian said, noting that China and India now represent 55 percent of the world gold market. "Emerging markets are going to hold increasing amounts of gold reserves," Shishmanian said. "Holding billions of dollars doesn't help them. The alternative potentially is gold." reuters.com

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