[Wheldcobchoto]

Bundesbank said nien !

They are still coming though.
(Reuters) - Germany on Saturday rejected media reports that Bundesbank reserves would be used to fund the euro zone's rescue facility after German newspapers said Group of 20 leaders had discussed the idea of tapping central banks.
The Frankfurter Allgemeine Sonntagszeitung (FAS) reported that Bundesbank reserves -- including foreign currency and gold -- would be used to increase Germany's contribution to the crisis fund, the European Financial Stability Facility (EFSF) by more than 15 billion euros ($20 billion).
The European Central Bank (ECB) would own the reserves, according to the paper, citing sources at the G20 meeting held in Cannes this week.
The Welt am Sonntag newspaper, citing similar plans, said 15 billion euros would come from special drawing rights (SDR) that the Bundesbank holds.
"Germany's gold and foreign exchange reserves, which the Bundesbank administers, were not at any point up for discussion at the G20 summit in Cannes," government spokesman Steffen Seibert said.
G20 leaders in Cannes discussed the idea that the European System of Central Banks could pawn their total foreign exchange reserves of 50-60 billion euros to a trust of the European crisis fund in the form of special drawing rights from the International Monetary Fund (IMF), the newspapers said.
"We know this plan and we reject it," a Bundesbank spokesman said.
Seibert said several partners had raised the question in Cannes whether SDRs could be used to strengthen the EFSF but Germany had rejected this plan and discussions at Monday's Eurogroup on Monday would not discuss this topic.
The newspapers had said the issue was taken off the agenda at the G20 following Bundesbank opposition but that it would be debated on Monday at a Eurogroup meeting of euro zone finance ministers.
http://www.reuters.com/article/2011/...7A428Y20111105

[9TWSg835]

So far they ain't giving it up.



G-20 Demands German Gold To Keep Eurozone Intact; German Central Bank Tells G-20 Where To Stick It

[Romarionsion]

Did they loan gold to begin with, why should they now be entitled to gold as either collateral or repayment?

[vladekad]

If Germany were to help they then would end up like them.......is like us helping others with our food WTSHTF where at the end we would end up as hungry as them.

[werkeeque]

I thought we had the German gold. Supposedly it was moved to West Point for safekeeping during the Cold War. They asked for it back after Obama took office and were told to get bent.

That's why they can't give it up; they don't have it.

And I love how they're now trying to backstop the Eurozone with more phony paper, this time the mythical SDR created by the IMF.

If the SDR is worth anything, how many does it take to buy an ounce of gold? Sorry, we can't tell you. SDRs are so valuable, ordinary humans can't own them, and the IMF can save the world just by pledging a few.

[shihoodiacarf]

Maybe I am a bit oldfashioned here, but wouldn't it be logical to ask Greece to deposit their gold into the facility, prior to asking for the German gold?

[giDdfezP]

Slowly but surely everyone is figuring out paper is just paper.

Asking for gold is like asking your best friend to use his wife as collateral to guarantee your love life.

Germany says don't go there. Barbarous relic...uh-huh.

[Knqzjbmf]

Maybe I am a bit oldfashioned here, but wouldn't it be logical to ask Greece to deposit their gold into the facility, prior to asking for the German gold?

Interesting point. On the record, Greece holds 112 metric tonnes (3.6 million troy ounces) of gold reserves.

P.S. Germany holds 3400 metric tonnes, second only to the U.S.

(Yeah, I know. No country really holds any gold. I get it.)

[vladekad]

No matter how much gold, or money, you have is not what you have but what you do with what you have.....I don't have much and yet I am happy with what I do have because I know what to do with it.

[werkeeque]

I don't have much and yet I am happy with what I do have because I know what to do with it.

Lose it on the bottom of a lake?