What The Hell Is Going On With Germany's Gold Held by the NY Fed?

Rick Rule tells it like it is with regard to the multi-year delay before Germany will be able to get all its gold back to its home country that is now being "stored" in the United States at the Federal Reserve Bank of New York.

During an interview with King World News Rick Rule asked the big question and made some very important points:

 “Every time I see something about gold in the mainstream media I’m afraid we haven’t hit a capitulation point yet.  But the questions they are asking about the gold market are good questions.  I can’t help but wonder why it takes them seven years to get delivery when the Germans want 1,200 tons of gold that they’ve already paid for....

“When the Chinese go into the market and buy gold, they get delivery of 1,120 tons of gold in one year.  This doesn’t make any sense to me.

The most obvious explanation is that the gold  stored for the Germans has been hypothecated or lent (and already sold into the market).  So the US Fed has to receive it back from its loans before they (the Fed) can give it back to the Germans.

It is interesting to me as an American citizen, and by the way a substantial taxpayer, that the government doesn’t think I have a right to know this.  They don’t think that I have a right to understand anything with regard to the gold that is allegedly stored in Fort Knox on my behalf as a US citizen.

I would prefer to know that and I’m sure German citizens would prefer to know that.  But for some reason the Fed has chosen not to make that information available to us.  I think questions like that are big enough questions and obvious enough questions that they are even of interest to the readers of major metropolitan dailies.”

Read more here.

Listen to my recent in-depth interview with Rick Rule here.