Nazi gold
Encyclopedia
Nazi gold is the gold
transferred by Nazi Germany
to overseas banks during the Second World War. The regime executed a policy of looting the assets of its victims to finance the war, collecting the looted assets in central depositories. The occasional transfer of gold in return for currency took place in collusion with many individual collaborative
institutions. The precise identities of those institutions, as well as the exact extent of the transactions, remain unclear.
The present whereabouts of Nazi gold that disappeared into European banking institutions in 1945 has been the subject of several books, conspiracy theories
, and a civil suit brought in January 2000
against the Vatican Bank
, the Franciscan Order, and other defendants.
, and the Nazi economy, focused on militarisation, could not afford to deplete the means to procure foreign machinery and parts. Nonetheless, towards the end of the 1930s, Germany's foreign reserves were unsustainably low. By 1939, Germany had defaulted upon its foreign loans and most of its trade relied upon command economy barter
.
However, this tendency towards autarkic
conservation of foreign reserves concealed a trend of expanding official reserves, which occurred through looting assets from occupied Austria
, Czechoslovakia
, and Nazi-governed Danzig
. It is believed that these three sources boosted German official gold reserves by US $71m between 1937 and 1939. To mask the acquisition, the Reichsbank
understated its official reserves in 1939 by $40m relative to the Bank of England
's estimates.
During the war, Nazi Germany continued the practice on a much larger scale. Germany expropriated some $550m in gold from foreign governments, including $223m from Belgium
and $193m from the Netherlands
. These figures do not include gold and other instruments stolen from private citizens or companies. The total value of all assets stolen by Nazi Germany remains uncertain.
an banking institutions in 1945 has been the subject of several books, conspiracy theories
, and a civil suit brought in January 2000 in California against the Vatican Bank
, the Franciscan Order and other defendants. The suit against the Vatican Bank did not claim that the gold was then in its possession and has since been dismissed.
The Swiss National Bank
, the largest gold distribution centre in continental Europe before the war, was the logical venue through which Nazi Germany could dispose of its gold. During the war, the SNB received $440m in gold from Nazi sources, of which $316m is estimated to have been looted.
Agent Emerson Bigelow. The report established that Bigelow received reliable information on the matter from the American Office of Strategic Services (OSS)
or CIC
intelligence officials of the US Army
. The document, referred to as the "Bigelow Report", was declassified on December 31, 1996 and released in 1997.
The Bigelow Report asserted that in 1945, the Vatican
had confiscated 350 million Swiss francs in Nazi gold for "safekeeping," of which 150 million Swiss francs had been impounded by British authorities at the Austro-Swiss border. The report also stated that the balance of the gold was held in one of the Vatican’s numbered Swiss bank accounts. Intelligence reports, which corroborated the Bigelow Report, also suggested that more than 200 million Swiss francs, a sum largely in gold coins, were eventually transferred to Vatican City
or to the Institute for Works of Religion (aka the Vatican Bank), with the assistance of Roman Catholic clergy and the Franciscan
Order.
Such claims, however, are denied by the Vatican Bank
. "There is no basis in reality to the [Bigelow] report", said Vatican spokesman Joaquin Navarro-Valls, as reported in Time
magazine.
, with neutral status
, was one of the centres of tungsten
production and sale to both Allied
and Axis powers. Much of the tungsten was purchased with Nazi gold bullion, which was looted from the countries they had invaded. It is estimated that nearly 100 tons of Nazi gold were laundered
through Swiss banks, with only four tons being returned at the end of the war.
During the war, Portugal was the second largest recipient of Nazi gold, after Switzerland and this came through the sale of Wolfram (as tungsten was called), with the German armaments industry nearly entirely dependent on the supplies from Spain and Portugal. Initially the Nazi trade with Portugal was in hard currency, but in 1941 the central Bank of Portugal
established that much of this was counterfeit
and Portuguese leader António de Oliveira Salazar
demanded all further payments in gold.
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
transferred by Nazi Germany
Nazi Germany
Nazi Germany , also known as the Third Reich , but officially called German Reich from 1933 to 1943 and Greater German Reich from 26 June 1943 onward, is the name commonly used to refer to the state of Germany from 1933 to 1945, when it was a totalitarian dictatorship ruled by...
to overseas banks during the Second World War. The regime executed a policy of looting the assets of its victims to finance the war, collecting the looted assets in central depositories. The occasional transfer of gold in return for currency took place in collusion with many individual collaborative
Collaborationism
Collaborationism is cooperation with enemy forces against one's country. Legally, it may be considered as a form of treason. Collaborationism may be associated with criminal deeds in the service of the occupying power, which may include complicity with the occupying power in murder, persecutions,...
institutions. The precise identities of those institutions, as well as the exact extent of the transactions, remain unclear.
The present whereabouts of Nazi gold that disappeared into European banking institutions in 1945 has been the subject of several books, conspiracy theories
Conspiracy theory
A conspiracy theory explains an event as being the result of an alleged plot by a covert group or organization or, more broadly, the idea that important political, social or economic events are the products of secret plots that are largely unknown to the general public.-Usage:The term "conspiracy...
, and a civil suit brought in January 2000
Class action suit against the Vatican Bank and others
Alperin v. Vatican Bank is a class action suit by Holocaust survivors against the Vatican Bank and Franciscan Order filed in San Francisco, California on November 15, 1999...
against the Vatican Bank
Vatican Bank
The Institute for Works of Religion , commonly known as the Vatican Bank, is a privately held institute located inside Vatican City run by a professional bank CEO who reports directly to a committee of cardinals, and ultimately to the Pope...
, the Franciscan Order, and other defendants.
Acquisition
The draining of Germany's gold and foreign exchange reserves inhibited the acquisition of materielMateriel
Materiel is a term used in English to refer to the equipment and supplies in military and commercial supply chain management....
, and the Nazi economy, focused on militarisation, could not afford to deplete the means to procure foreign machinery and parts. Nonetheless, towards the end of the 1930s, Germany's foreign reserves were unsustainably low. By 1939, Germany had defaulted upon its foreign loans and most of its trade relied upon command economy barter
Barter
Barter is a method of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is usually bilateral, but may be multilateral, and usually exists parallel to monetary systems in most developed countries, though to a...
.
However, this tendency towards autarkic
Autarky
Autarky is the quality of being self-sufficient. Usually the term is applied to political states or their economic policies. Autarky exists whenever an entity can survive or continue its activities without external assistance. Autarky is not necessarily economic. For example, a military autarky...
conservation of foreign reserves concealed a trend of expanding official reserves, which occurred through looting assets from occupied Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
, Czechoslovakia
Czechoslovakia
Czechoslovakia or Czecho-Slovakia was a sovereign state in Central Europe which existed from October 1918, when it declared its independence from the Austro-Hungarian Empire, until 1992...
, and Nazi-governed Danzig
Free City of Danzig
The Free City of Danzig was a semi-autonomous city-state that existed between 1920 and 1939, consisting of the Baltic Sea port of Danzig and surrounding areas....
. It is believed that these three sources boosted German official gold reserves by US $71m between 1937 and 1939. To mask the acquisition, the Reichsbank
Reichsbank
The Reichsbank was the central bank of Germany from 1876 until 1945. It was founded on 1 January 1876 . The Reichsbank was a privately owned central bank of Prussia, under close control by the Reich government. Its first president was Hermann von Dechend...
understated its official reserves in 1939 by $40m relative to the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
's estimates.
During the war, Nazi Germany continued the practice on a much larger scale. Germany expropriated some $550m in gold from foreign governments, including $223m from Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
and $193m from the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
. These figures do not include gold and other instruments stolen from private citizens or companies. The total value of all assets stolen by Nazi Germany remains uncertain.
Disposal
The present whereabouts of the Nazi gold that disappeared into EuropeEurope
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
an banking institutions in 1945 has been the subject of several books, conspiracy theories
Conspiracy theory
A conspiracy theory explains an event as being the result of an alleged plot by a covert group or organization or, more broadly, the idea that important political, social or economic events are the products of secret plots that are largely unknown to the general public.-Usage:The term "conspiracy...
, and a civil suit brought in January 2000 in California against the Vatican Bank
Vatican Bank
The Institute for Works of Religion , commonly known as the Vatican Bank, is a privately held institute located inside Vatican City run by a professional bank CEO who reports directly to a committee of cardinals, and ultimately to the Pope...
, the Franciscan Order and other defendants. The suit against the Vatican Bank did not claim that the gold was then in its possession and has since been dismissed.
The Swiss National Bank
Swiss National Bank
The Swiss National Bank is the central bank of Switzerland. It is responsible for Swiss monetary policy and for issuing Swiss franc banknotes.The names of the institution in the four official languages of the country are: ; ; ; ....
, the largest gold distribution centre in continental Europe before the war, was the logical venue through which Nazi Germany could dispose of its gold. During the war, the SNB received $440m in gold from Nazi sources, of which $316m is estimated to have been looted.
Vatican
On October 21, 1946 the U.S. State Department received a Top Secret report from US TreasuryUnited States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
Agent Emerson Bigelow. The report established that Bigelow received reliable information on the matter from the American Office of Strategic Services (OSS)
Office of Strategic Services
The Office of Strategic Services was a United States intelligence agency formed during World War II. It was the wartime intelligence agency, and it was a predecessor of the Central Intelligence Agency...
or CIC
U.S. Army Criminal Investigation Command
United States Army Criminal Investigation Command investigates felony crimes and serious violations of military law within the United States Army...
intelligence officials of the US Army
United States Army
The United States Army is the main branch of the United States Armed Forces responsible for land-based military operations. It is the largest and oldest established branch of the U.S. military, and is one of seven U.S. uniformed services...
. The document, referred to as the "Bigelow Report", was declassified on December 31, 1996 and released in 1997.
The Bigelow Report asserted that in 1945, the Vatican
Holy See
The Holy See is the episcopal jurisdiction of the Catholic Church in Rome, in which its Bishop is commonly known as the Pope. It is the preeminent episcopal see of the Catholic Church, forming the central government of the Church. As such, diplomatically, and in other spheres the Holy See acts and...
had confiscated 350 million Swiss francs in Nazi gold for "safekeeping," of which 150 million Swiss francs had been impounded by British authorities at the Austro-Swiss border. The report also stated that the balance of the gold was held in one of the Vatican’s numbered Swiss bank accounts. Intelligence reports, which corroborated the Bigelow Report, also suggested that more than 200 million Swiss francs, a sum largely in gold coins, were eventually transferred to Vatican City
Vatican City
Vatican City , or Vatican City State, in Italian officially Stato della Città del Vaticano , which translates literally as State of the City of the Vatican, is a landlocked sovereign city-state whose territory consists of a walled enclave within the city of Rome, Italy. It has an area of...
or to the Institute for Works of Religion (aka the Vatican Bank), with the assistance of Roman Catholic clergy and the Franciscan
Franciscan
Most Franciscans are members of Roman Catholic religious orders founded by Saint Francis of Assisi. Besides Roman Catholic communities, there are also Old Catholic, Anglican, Lutheran, ecumenical and Non-denominational Franciscan communities....
Order.
Such claims, however, are denied by the Vatican Bank
Vatican Bank
The Institute for Works of Religion , commonly known as the Vatican Bank, is a privately held institute located inside Vatican City run by a professional bank CEO who reports directly to a committee of cardinals, and ultimately to the Pope...
. "There is no basis in reality to the [Bigelow] report", said Vatican spokesman Joaquin Navarro-Valls, as reported in Time
Time (magazine)
Time is an American news magazine. A European edition is published from London. Time Europe covers the Middle East, Africa and, since 2003, Latin America. An Asian edition is based in Hong Kong...
magazine.
Portugal
During the war, PortugalPortugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
, with neutral status
Neutral Powers
Neutral Powers refers to those countries which remained neutral during World War II. During World War II, these nations were Ireland, Portugal, Spain, Sweden and Switzerland...
, was one of the centres of tungsten
Tungsten
Tungsten , also known as wolfram , is a chemical element with the chemical symbol W and atomic number 74.A hard, rare metal under standard conditions when uncombined, tungsten is found naturally on Earth only in chemical compounds. It was identified as a new element in 1781, and first isolated as...
production and sale to both Allied
Allies of World War II
The Allies of World War II were the countries that opposed the Axis powers during the Second World War . Former Axis states contributing to the Allied victory are not considered Allied states...
and Axis powers. Much of the tungsten was purchased with Nazi gold bullion, which was looted from the countries they had invaded. It is estimated that nearly 100 tons of Nazi gold were laundered
Money laundering
Money laundering is the process of disguising illegal sources of money so that it looks like it came from legal sources. The methods by which money may be laundered are varied and can range in sophistication. Many regulatory and governmental authorities quote estimates each year for the amount...
through Swiss banks, with only four tons being returned at the end of the war.
During the war, Portugal was the second largest recipient of Nazi gold, after Switzerland and this came through the sale of Wolfram (as tungsten was called), with the German armaments industry nearly entirely dependent on the supplies from Spain and Portugal. Initially the Nazi trade with Portugal was in hard currency, but in 1941 the central Bank of Portugal
Banco de Portugal
The Banco de Portugal is the central bank of the Republic of Portugal. Established by a royal charter of 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa and the Companhia de Confiança Nacional, an investment company...
established that much of this was counterfeit
Counterfeit money
Counterfeit money is currency that is produced without the legal sanction of the state or government to resemble some official form of currency closely enough that it may be confused for genuine currency. Producing or using counterfeit money is a form of fraud or forgery. Counterfeiting is probably...
and Portuguese leader António de Oliveira Salazar
António de Oliveira Salazar
António de Oliveira Salazar, GColIH, GCTE, GCSE served as the Prime Minister of Portugal from 1932 to 1968. He also served as acting President of the Republic briefly in 1951. He founded and led the Estado Novo , the authoritarian, right-wing government that presided over and controlled Portugal...
demanded all further payments in gold.
See also
- Chiemsee CauldronChiemsee CauldronThe Chiemsee Cauldron is a gold cauldron found at the bottom of Lake Chiemsee in Bavaria in 2001. It was recovered by an amateur diver who found it about 200 m from the shore near Arlaching, Chieming municipality....
- Lake ToplitzLake ToplitzLake Toplitz is a lake situated in a dense mountain forest high up in the Austrian Alps, from Salzburg in western Austria. It is surrounded by cliffs and forests in the Salzkammergut lake district, within the Totes Gebirge . The Toplitzsee water contains no oxygen below a depth of 20m...
- Moscow goldMoscow goldThe term Moscow Gold , or alternatively, Gold of the Republic , refers to the operation by which 510 tonnes of gold, corresponding to 72.6% of the total gold reserves of the Bank of Spain, were transferred from their original location in Madrid to the Soviet Union a few months after the...
- Tripartite Commission for the Restitution of Monetary GoldTripartite Commission for the Restitution of Monetary GoldThe Tripartite Commission for the Restitution of Monetary Gold, also known as the Tripartite Gold Commission, was a panel established in September 1946 by the United Kingdom, United States and France to recover gold stolen by Nazi Germany from other nations and eventually return it to the rightful...
- List of missing treasure
External links
- The Lue Map and a Nazi Connection
- Nazi Gold and Art -- from Hitler's Third Reich and World War II in the News
- Swiss gold holdings and transactions during WW2
- PBS Frontline: Nazi Gold
- Report of the Swiss Bergier Commission
- http://www.state.gov/www/policy_remarks/1998/980602_eizenstat_nazigld.htmlNazi Gold Report (Stuart Eizenstat, Under Secretary for Economic, Business, and Agricultural Affairs, on-the-record briefing upon release of U.S. and Allied Wartime and Postwar Relations and Negotiations With Argentina, Portugal, Spain, Sweden, and Turkey on Looted Gold and German External Assets and U.S. Concerns About the Fate of the Wartime Ustasha Treasury, Washington, DC, June 2, 1998)]
- (US News and World Report) "A vow of silence. Did gold stolen by Croatian fascists reach the Vatican?" 30n March 1998
- Lawsuit against Vatican Bank to recover Second World War era gold
- Law-Related Resources on Nazi Gold and Other Holocaust Assets, Swiss Banks during World War II, and Dormant Accounts
- Nazi Gold: The Merkers Mine Treasure