Germany's gold vaults exhausted a decade ago: Turk
Precious metals expert James Turk says that all of Germany's gold stocks have been exhausted by leasing into the broader marketplace.
Speaking to King World News Turk said that the vaults containing German gold were depleted of their contents by 2001 due to leasing activities by Bundesbank.
Half of the gold they (the Germans) leased themselves. The other half of Germany’s gold hoard was eventually leased into the market as well through complicated swaps with the US. But the reality is that as of 2001, all of that German gold was gone. Meaning all German gold worldwide, which was supposed to be stored in vaults, the vaults were emptied of German gold and the gold was leased into the market.
Turk first exposed the exhaustion of Germany's gold hoard 11 years ago, imputing radical changes in the gold market to intervention by the Exchange Stabilization Fund of the United States's Treasury Department.
Turk also says that much uncertainty surrounds the issue of whether the leased gold has returned to the vaults, and that "vaults which are supposed to be storing the German gold hoard may still be empty."