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Editor’s Note: We conduct a ton of fascinating research at the Palm Beach Research Group… but only the best investment-related ideas ever make it to your inbox. That’s not to say the ones that don’t are not valuable. Some of these items are so incredible, they’re worth sharing… even if they don’t have immediate investment implications. In today’s Palm Beach Daily Weekend Edition, we share with you some incredible stories you’re unlikely to hear about anywhere else. We hope you enjoy. |
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Imagine if the German central bank president came to the Federal Reserve Bank of New York to view his country’s gold reserves. (Most people don’t know it, but the majority of the world’s gold is kept at the New York Fed.) And imagine a nervous Fed representative, after some time down in the vaults, came back and said, “We can’t find it.”
According to Hjalmar Schacht, former head of the German central bank, that’s exactly what happened the day he visited the Fed’s vaults in the 1920s. Schacht admitted he let the Fed off the hook… saying even if it weren’t there, he knew the bank was “good for it.”
This is not an isolated incident. Over the last several decades, many have wondered if all the gold said to reside in the Fed’s vaults is really there. The bank has fought every effort to audit the gold by governments and citizens.
But one German citizen’s efforts have led to a startling revelation. While not enough to prove central bank fraud, it’s a serious “red flag” that begs more questions…
To read his fascinating story—and why several countries from Italy to the Netherlands are quietly shepherding their gold back home—click here.