While the merest suggestion that all the gold reserves in Fort Knox might not be fully accounted for is dismissed as the anarchistic and rambling speculations of a Sanka drinking mountain woman, the same question posed by the German Schatzkammer, the competent authority for auditing such things as the nation’s some 3 400 tonnes of gold, seems to have drawn some serious, if not careful and apologetic attention.
Germany and other countries have some of their supplies held in case of emergencies at central banks and depositories around the world, in order to be able to more quickly liquidate their stocks in a foreign currency, should a crisis break out. Given advances in electronic commerce, the common currency of Europe and the shaky state of the economy in general, this arrangement does seem a little outmoded. Although assurances are issued annually, Germany also worries that its treasure might not be inventoried and guarded properly, if not loaned out from time to time, used as door stops or treated to a tea-party rather than quietly resting inert in the vaults. Unlike Fort Knox, with little trouble, the public can arrange tours and get a glimpse of the horde (it’s Germany’s that they get a peek of) in the deep cellars of the Federal Reserve Bank in New York City, some fifteen levels below the street and beneath the waters Hudson Bay. I am sure it’s a safe place but perhaps the gold should be repatriated and not on permanent-loan.
