Where is Germany’s Gold?
“Gold in the vault” vs. “gold receivables”. It’s time for an accurate accounting
“金在庫中”對“應收黃金”。是時候作準確的核算
by James Turk
Global Research, July 30, 2011
GoldMoney.com
Translation by Autumnson Blog
德國人民其中一件最重要的資產，是通過自己辛勤工作和儲蓄而累積多年的黄金。個人持有這黃金的部分，但大部分是被保持在德國聯邦銀行作為一種雨天必不可少的儲備，持有以防萬一的貨幣動盪，需要使用它來重新建立一種穩定的貨幣。
This gold has been entrusted to the Bundesbank and provides peace of mind knowing that it is there. But where is it really? And just as important, how much is there? Unfortunately, we do not know the answer to these questions.
這黃金已被委託於德意志銀行，知道它的存在並提供安心。但真正在那裡？及同樣重要的，有多少？不幸的是，對這些問題我們並不知道答案。
The Bundesbank’s latest Annual Report states: “As of 31 December 2009, the Bundesbank’s holdings of fine gold (ozf) amounted to 3,406,789 kg or 110 million ounces. The gold was valued at market prices at the end of the year (1 kg = €24,638.63 or 1 ozf = €766.347).” The total value therefore reported by the Bundesbank on its balance sheet is €83,939 million. There have been, however, repeated claims suggesting that the Bundesbank's gold vault is empty. The reporting by the Bundesbank in its Annual Report does nothing to disprove these claims.
德國聯邦銀行的最新年度報告指出：“截止 2009年12月31日，德意志銀行的純金（ozf）持有量為3,406,789公斤或1億1千萬盎司。黃金在年底以市場價格的價值（1公斤=€24,638.63或1 ozf =€766.347），“因此由德國聯邦銀行在其資產負債表報告的總價值是€839億3,900萬。然而，已有一再的聲稱提出央行的金庫是空的，由德國聯邦銀行在其年度報告書的報告並沒有做什麼去反駁這些說法。
The Annual Report states that the Bundesbank owns €83,939 million of “Gold and Gold Receivables”. Surprisingly, it does not distinguish between these two fundamentally different assets, nor does it report how much of each it owns.
年度報告指出，德國聯邦銀行擁有“黃金及應收黃金”達€839億3,900萬。令人驚訝的是，它沒有區分這兩種根本不同的資產，亦沒有報告每樣擁有多少。
Clearly, gold stored safely and securely in the Bundesbank’s vault in Frankfurt has a different level of risk than gold that has been loaned out. Physical gold is a tangible asset, and therefore does not have counterparty risk. But a loan – regardless whether you are lending euros, dollars or gold – is only as good as the creditworthiness of the borrower. This lesson was learned the hard way, for example, by the central bank of Portugal. It had loaned gold to Drexel Burnham Lambert, and that gold receivable was still outstanding when this bank failed two decades ago.
By not reporting “gold in the vault” and “gold receivables” separately as two different assets, the Bundesbank is saying in effect that cash and accounts receivables are the same thing. Of course they are not, and their fundamental difference is made clear by Generally Accepted Accounting Principles, which highlights a deficiency in the Bundesbank’s Annual Report.
Section 26(2) of the Bundesbank Act states: “The accounting system of the Deutsche Bundesbank shall comply with generally accepted accounting principles.” By reporting “gold in the vault” and “gold out on loan” as one item, the Bundesbank is not reporting its two different gold assets according to generally accepted accounting principles.
There have been reports that the Bundesbank believes the way it accounts for gold is required by International Monetary Fund rules, which they contend supersede Section 26(2) of the Bundesbank Act. But if so, one can reasonably ask, who controls the Bundesbank? The German people or the IMF? Until these questions are answered, the public may never learn how much gold the Bundesbank has stored safely and securely in Frankfurt, and how much it has loaned, thereby perpetuating the rumour that the Bundesbank's gold vault is empty.
Given the ongoing monetary turmoil and the growing worries about the inflationary impact of rising commodity prices, those rainy-day gold reserves may soon be needed. So when will the Bundesbank provide an accurate accounting of Germany’s gold reserves?
Global Research Articles by James Turk
http://globalresearch.ca/index.php?context=va&aid=25835
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