Is There Gold In Fort Knox? Germany Wants To Know

[Rick Ronsavelle]

A jeweler in Manhattan’s Diamond District learned the hard way that all that glitters is not gold.

Ibrahim Fadl, a chemical engineer who owns a business near 47th Street and Fifth Avenue, bought four 10-ounce gold bars and decided to check them out further since he heard counterfeits were making the rounds, MyFoxNY.com reports.

Fadl, who paid $100,000 for the merchandise, drilled into several of the bars and found gray tungsten, which has nearly the same density as gold, making it difficult to detect. The same thing reportedly happened in Great Britain earlier this year, and finance blog ZeroHedge.com reported that in 2010 German refiner W.C. Heraeus claimed to have received a 500-gram bar from an unnamed bank that proved to be filled with tungsten.

The scheme purportedly involves a genuine gold bar that is purchased with serial numbers and authentic documents and is then hollowed out to be replaced with tungsten. The bar is then closed up to finalize the sophisticated operation, the website reports.

Manfra, Tordell & Brookes, the Swiss manufacturer of the gold bars, warned customers to only buy from reputable dealers. Raymond Nessim, the company’s CEO, said he has reported the incident to the FBI and the Secret Service.

Secret Service officials, meanwhile, told FoxNews.com an investigation is ongoing, declining further comment.

Fadl, who could not be reached for comment, told NY1.com that the shell of the gold was sold to him by a customer at his gold refinery business and peeled off like foil on a candy bar.

“It’s got to be somebody really, really professional,” Fadl told the website. “When I analyzed them, it showed they were tungsten.”

Fadl said a colleague tipped him off to the scam, prompting him to further inspect the gold bars.

“Sick to my stomach, but thank God we didn’t sell this to somebody,” he said when asked how he felt. “People are selling their homes to buy gold, it’s a big issue.”

(Tungsten is another type of "fractional reserve". . .rr)


Read more: http://www.foxnews.com/us/2012/09/19...ake-gold-bars/

[Alex Linder]

Originally Posted by Rick Ronsavelle

A jeweler in Manhattan’s Diamond District learned the hard way that all that glitters is not gold.

Ibrahim Fadl, a chemical engineer who owns a business near 47th Street and Fifth Avenue, bought four 10-ounce gold bars and decided to check them out further since he heard counterfeits were making the rounds, MyFoxNY.com reports.

Fadl, who paid $100,000 for the merchandise, drilled into several of the bars and found gray tungsten, which has nearly the same density as gold, making it difficult to detect. The same thing reportedly happened in Great Britain earlier this year, and finance blog ZeroHedge.com reported that in 2010 German refiner W.C. Heraeus claimed to have received a 500-gram bar from an unnamed bank that proved to be filled with tungsten.

The scheme purportedly involves a genuine gold bar that is purchased with serial numbers and authentic documents and is then hollowed out to be replaced with tungsten. The bar is then closed up to finalize the sophisticated operation, the website reports.

Manfra, Tordell & Brookes, the Swiss manufacturer of the gold bars, warned customers to only buy from reputable dealers. Raymond Nessim, the company’s CEO, said he has reported the incident to the FBI and the Secret Service.

Secret Service officials, meanwhile, told FoxNews.com an investigation is ongoing, declining further comment.

Fadl, who could not be reached for comment, told NY1.com that the shell of the gold was sold to him by a customer at his gold refinery business and peeled off like foil on a candy bar.

“It’s got to be somebody really, really professional,” Fadl told the website. “When I analyzed them, it showed they were tungsten.”

Fadl said a colleague tipped him off to the scam, prompting him to further inspect the gold bars.

“Sick to my stomach, but thank God we didn’t sell this to somebody,” he said when asked how he felt. “People are selling their homes to buy gold, it’s a big issue.”

(Tungsten is another type of "fractional reserve". . .rr)


Read more: http://www.foxnews.com/us/2012/09/19...ake-gold-bars/

From what I've read it's the Chinese doing this, although I could certainly see the Israelis doing it too.

[Fred O'Malley]

Originally Posted by Alex Linder

From what I've read it's the Chinese doing this, although I could certainly see the Israelis doing it too.

The Russian mob, the kike mafia in America, there are many hands in this, I'll bet.

[8Man]

Originally Posted by Alex Linder

From what I've read it's the Chinese doing this, although I could certainly see the Israelis doing it too.

.. back up your truck at China Tungsten Alloy. You too can be a fractional reserve banker.

[Steven L. Akins]

♥ "High Hopes" ♫ Frank Sinatra - YouTube

♥ "High Hopes" ♫ Frank Sinatra - YouTube

[Fred O'Malley]

Why Did The Bundesbank Secretly Withdraw Two-Thirds Of Its London Gold?

Two days ago we reported that the German Court of Auditors demanded that the German Central Bank, the Bundesbank, verify and audit its official gold holdings consisting of 3,396 tons, held mostly offshore, namely New York, London and Paris, at least according to official documents. It also called for repatriation of 150 tons in the next three years to perform a quality inspection of the tungsten gold. Today, in a surprising development, via the Telegraph we learn that none other than the same Bundesbank which is causing endless nightmares for all the other broke European nations due to its insistence for sound money, decided to voluntarily pull two thirds of its gold holdings held by the Bank of England. According to a confidential report referenced by the Telegraph, Buba reclaimed 940 tons, reducing its BOE holdings from 1,440 in 2000 to 500 in 2001 allegedly "because storage costs were too high." This is about as idiotic an excuse as the Fed cancelling its reporting of M3 in 2006 because "the costs of collecting the underlying data outweigh the benefits." So why did Buba repatriate its gold? Ambrose Evans-Pritchard has an idea.

The shift came as the euro was at its weakest, slumping to $0.84 against the dollar. But it also came as the Bank of England was selling off most of Britain's gold reserves – at market lows – on orders from Gordon Brown.



Peter Hambro, chair of the UK-listed gold miner Petropavlovsk, said the Bundesbank may have withdrawn its bullion in self-protection since it did not, apparently, have its own specifically allocated bars in London. "They may have decided that the Bank of England had lent out too much gold, and decided it was safer to bring theirs home. This is about the identification. Can you identify your own allocated gold, or are you just a general creditor with a metal account?"



The watchdog report follows claims by the German civic campaign group "Bring Back our Gold" and its US allies in the Gold Anti-Trust Committee that official data cannot be trusted. They allege central banks have loaned out or "sold short" much of their gold.



The refrain has been picked up by German legislators. "All the gold must come home: it is precisely in this crisis that we need certainty over our gold reserves," said Heinz-Peter Haustein from the Free Democrats (FDP).

Speculation aside, the fact that central banks, and even banks of central banks (i.e., the BIS), have long lent out gold, is no secret to anyone, traditionally to satisfy short-term physical gold confirmation claims upon a spike in demand, usually associated with a liquidity shortage (when the value of gold as monetary collateral truly shines). The problem with this rehypothecation scheme is what happens when the counterparty suddenly finds themselves insolvent, the gold has since been re-re-rehypothecated, and nobody really knows whose gold it is any more. This becomes a drastic problem when a counterparty in a collateral chain suddenly goes broke... like MF Global did last year, and the lawsuits started flying trying to determine whose gold is where. Needless to say, it was the London office of MF Global that was at fault for breaching a rehypothecation chain (because only in London was there no collateral haircut limit on rehypotehcation), and once physical delivery demands arose, nobody could locate bar XYZ with a given serial number.

That, or the Bundesbank merely foresaw the ultimate unwind of the failed European mercantilist experiment at the start, and refused to leave its most precious asset in the hands of the banker oligarchy which it knew would do everything in its power to procure said gold once the feces hit the fan. Sure enough, BUBA's 'non-denial' denial confirms this too:

The Bundesbank said it had full trust in the "integrity and independence" of its custodians, and is given detailed accounts each year. Yet it hinted at further steps to secure its reserves. "This could also involve relocating part of the holdings," it said.

Yet what is left unsaid in all of the above is that Germany has done nothing wrong! It simply demanded a reclamation of what is rightfully Germany's to demand.

And here is the crux of the issue: in a globalized system, in which every sovereign is increasingly subjugated to the credit-creating power of the globalized "whole", one must leave all thoughts of sovereign independence at the door and embrace the "new world order." After all this is the only way that the globalized system can create the shadow cloud of infinite repoable liabilities, in which we currently all float light as a binary feather, which permits instantaeous capital flows and monetary fungibility, and which guarantees that there will be no sovereign bond issue failure as long as nobody dares to defect from the system in which all collateral is cross pledge and ultra-rehypothecated... for the greater good. Until the Buba secretly defected that is.

And this is the whole story. Because by doing what it has every right to do, the German Central Bank implicitly broke the cardinal rule of true modern monetary system (never to be confused with that socialist acronym fad MMT, MMR or some such comparable mumbo-jumbo). And the rule is that a sovereign can never put its own people above the global corporatist-cum-banking oligarchy, which needs to have access to all hard (and otherwise) assets at any given moment, on a moment's notice, as the system's explicit leverage at last check inclusive of the nearly $1 quadrillion in derivatives, is about 20 times greater than global GDP. This also happens to be the reason why the entire world is always at most a few keystrokes away from a complete monetary (and trade) paralysis, as the Lehman aftermath and the Reserve Fund breaking the buck so aptly showed.

We are confident that little if anything will be made of the Buba's action, because dwelling on it too much may expose just who the first country will be (or already has been) when the tide finally breaks, and when it will be every sovereign for themselves. Because at that point, which will come eventually, not only Buba, but every other bank, corporation, and individual will scramble to recover their own gold located in some vault in London, New York, or Paris, or at your friendly bank vault down the street, and instead will merely find a recently emptied storage room with humorously written I.O.U. letters in the place of 1 kilo gold bricks.

http://www.zerohedge.com/news/2012-1...ts-london-gold

[littlefieldjohn]

Quote


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.


http://maxkeiser.com/2012/11/08/germ...ow-inspection/

[Fred O'Malley]

Ron Paul knows the gold is long gone, that's why his calls to audit it fell on deaf ears in kwangress. The kikes world would end in just a few days if they were found out.

Since the gold isn't there, they can't actually allow it to be viewed, can it?

OTOH, this could be far more damaging to the kikes' stranglehold on America and the world, if they have removed the gold from Ft. Knox. This could really be a boon for our side, if they can drive the wedge in deep enough to pry open that door.

It could make discovery of the truth about 9/11 look silly by comparison.