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To: John McCarthy who wrote (35391)	5/15/2012 9:19:14 AM
From: John McCarthy	Read Replies (1) \| Respond to of 43917

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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