What really happened to the German gold housed in the United States?

Last January, Glenn covered the story that the German Central Bank was planning to repatriate its gold reserves from the United States and France. Ultimately, it was agreed upon that Germany would only actually take a fraction of its holdings back. Why the sudden change of heart? Glenn opened Wednesday's Glenn Beck Program with a disturbing report about what really happened when the Germany Central Bank decided to repatriate its gold reserves.

Tonight, I want to start here, and this is probably something that we’re going to have to talk about several times because it’s really hard to understand. But we’ve talked about it once before over several months, but I think things have gotten significantly worse, and let me explain. Last January, Germany started asking if they could just come into the Federal Reserve and look at their stash of gold.

This is the gold that the Feds supposedly hold, and the Fed said no. Germany was like I’m sorry, what? Huh? Well, not surprisingly, Germany announced soon after that they wanted their gold back. Because they weren’t even allowed to see their gold, that got them a little nervous. They said we want to repatriate our gold from the Fed.

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Bundesbank to bring gold home, plans to hold 50% of gold reserves in Frankfurt by 2020, so 300 tons are going to leave New York, 374 tons from Paris. Well, not quite clear why.

It’s German politics.

Is that what it is?

They want to have it, right? They moved it out of Germany because of the Cold War, right, the threat the Russians would take it? It’s just the same reason most of the gold is sitting in the basement of the New York Fed. In World War II, Europeans moved their gold over here to avoid the war, and now they’re moving back.

What a bunch of bull crap. This is the biggest bunch of bull crap I’ve ever heard. Why does anybody watch these guys? I have no idea. The reason why they moved the gold over to the United States is because we said we would be the gold standard. Yes, they wanted to move the gold over here for security reasons, etc., etc., but we promised them that we would never go off the gold standard, and we didn’t until the 1970s.

Why do they want to move them over? Well, there’s something to tangible gold. Well, no, not if you believe in this. What’s the difference? But if you say hey, can I get into that bank and see my money, and the bank says no, huh uh, I don’t think so, don’t you say I want to take my money out of that bank, and I’m going to store it someplace else?

So the gold supposedly has been sitting in the vaults since the 1950s, and you know, it shouldn’t take any more than a little bit of Swiffering before you send it back. But the Fed said that it’s going to take until 2020 before they can return that gold, seven years. Now, why would it take seven years to dust something off and ship it out? I mean, we have FedEx. I know you’re not going to send FedEx, but we have cargo planes.

Now, that’s what they said last year. They were going to make their first payment on that over the holidays, and they did, but something happened along the way. Apparently we had to melt their gold bars down. The Fed claims that about 6,700 tons of gold from Germany is in their vaults. What Germany is asking to get back is 300 tons, 5% of their stack, shouldn’t be a problem.

It’s been a year since they requested, and the U.S. has just sent back 37.5 tons. That’s 50 tons short of what we need to send each year to meet Germany’s request by the deadline. We didn’t even hit the first payment. Okay, if I’m German, that makes me nervous. Wait a minute, you promised you’d send all of the first year, and you only sent half of it. What’s the problem here?

And here’s the disturbing part, even more disturbing. The reports that are coming out now is that the gold we sent them over the holidays was melted down and recast. This is important. It begs the question why? I can think of several reasons, but none of them really make sense, except the situation is worse than even I thought it was when I talked to you about rehypothecation.

I think there’s a good chance that there’s not a lot of that gold left. But how did that happen? I mean, do we have another Sandy Berger loose, you know, stashing gold bricks in his socks? No, the answer is partially rehypothecation. Now, this is something we talked about on this program before, if you remember.

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Glenn: It’s why when they’re taking the gold, and Germany says, I want the gold, return our gold, it’s ours, the Federal Reserve says, Okay, but we’ll return 10% in seven years. Well, how hard is it to return our gold? It’s got the German Republic stamped on it. Give us our gold. The reason why – this is my theory – the reason why they’re not returning that for seven years is because a little phone call came in, and they said to the Germans, hey, rehypothecation dude. If you take your gold, there’s not enough gold here.

We were playing a game. There’s only so many assets, and so we just keep building on those assets in a bogus way. So once people demand their hard asset back, the entire thing collapses, and that’s the last phase of what we’re headed for. Rehypothecation, learn it.

Okay, that’s really important. Let’s start at the basics. The Federal Reserve is a collection of banks. We don’t know whose banks they are. We’re not allowed to look at their books or anything else. They’re the ones that we put the gold in, and then they give us this instead. They print our money. But we’re not allowed to see…we just gave them all that gold? Yes, that unfortunately is the way it works. It sounds like a scam already, doesn’t it?

The money has to be backed by something. It needs to be backed by gold, so we put all of our gold into the Federal Reserve, just a giant bank, and they gave us a stack of cash. And then we said okay, this is the cash the Federal Reserve has. Remember, it’s all backed by gold. Then we convinced that the entire world, not just the U.S. but the rest of the West. Germany gave it to us, Japan, the UK. Everybody gave us their gold to hold like in a safety deposit box for the entire world, okay? Safety deposit box, let me stop there for a second.

I want you to think of the vaults down at the basement of the Federal Reserve in Manhattan as a safety deposit box. You go in. Say you have jewelry, I have my wedding ring. It’s my anniversary today. This is the ring we had made for me. It’s the Klimt, The Kiss on it, and it’s special to me. And if I go to a safety deposit box, I put it in there with all the other, you know, lovely plastic jewelry that I have, and I bring it to the bank. And I say I want to put this in a safety deposit box.

They give me a receipt. They give me a key. I go in, and I put it all into the safety deposit box. I see it the whole way. Anytime I can walk in and say I want to see my stuff in my safety deposit. Yes sir, Mr. Beck. Do you have your key? Yes, I do. We both unlock it. There we have it. We each have a key, and I can see it anytime.

Now, at some point if I go back and I say I want my wedding ring back, and I want all my jewelry, they say, oh, I can’t let you see that – wait a minute, what? What do you mean I can’t see that? And then if they give me not this ring, but they give me another wedding ring, might weigh exactly the same, but it’s not my wedding ring, wouldn’t you ask some questions?

Let me explain rehypothecation one time and then back to what happened to Germany. Why I said originally they weren’t going to give their money back to them for seven years is because rehypothecation is exactly what happened to our housing crisis, and it’s happening to our gold because everybody got greedy. Everybody was greedy in the housing market, not necessarily you but the banks.

Here’s what happened: Let’s say these were just houses. Jeremy here wanted to buy a house. I was a bank. I said okay, I’m going to need your house as collateral. You continue to pay for that, but I’m holding that collateral. But then me as the bank, I need a loan, so I go over here to Germany. And I say hey, Germany, I have this house over here. If you’ll just give me some money for this house, then we’ll be square, but if I don’t pay you, then you can take this house.

Well, wait a minute, I can’t really do that because then he becomes the owner of this house, but I’m the owner of this house as well. And then he says he needs some money, so he sells this same house to Japan and then to England. And we keep selling everything to each other over and over again. There’s no real asset. If he defaults and doesn’t pay me, I default. And because I default, he says I’m going to default, and he says give me the house.

Well, I’m sitting for the house. I need it from him. He needs it from me, but he needs it from him. And he needs it from him, and it goes back around. It doesn’t work. This is what’s happening with gold. I believe rehypothecation, the West wanted a fat and sassy lifestyle that none of us could afford, so the Federal Reserve and the central banks all around the world sold our gold over and over and over again.

We took our gold, and we said okay, we’ve already printed all that money for United States, what the heck, Japan, how much do you need? We’re going to take, and you’re going to make a loan on this gold for Japan. And then Japan said okay, Germany needs some money, and we’ll give it on America’s gold and then England. It’s happening over and over again. That’s rehypothecation. That’s a Ponzi scheme that I believe happened at the Federal Reserve, and it’s starting to fall apart.

Now, picture this deal happening over and over and over again since 1950, hundreds and thousands of times. Subprime crisis, do you remember that? Imagine that crash on a global scale and instead of houses, it’s gold which backs all of our money and gold that is not really owned by anyone. Our money becomes worthless. Not a good Ponzi scheme, right? Everything collapses.

The Fed’s no different right now, but I believe it’s worse than this. I believe not only did they rehypothecate all of the gold, but they also said you know what, I’m going to sell this to somebody else because I as the bank also want that money. Oh, and I’m going to take the German money, this gold, and I’m going to sell this one to somebody else too because I as a bank need some money.

Forget about the countries. We’ve already sold the gold to each other over and over again, but then they just started taking the gold and selling it themselves. Wait a minute, the Federal Reserve, remember what got me here is the Federal Reserve cannot pay Germany back a relatively little sum that happens, a little sum, not this big box, just a little box of their gold. They can’t do it. And when they start asking for it, they stall.

And then something weird happens, nobody’s allowed to peek into the vault. Do you remember Geraldo at Al Capone’s vault when nothing was there, and it was kind of a letdown? This time it won’t be a letdown if nothing’s there. A German reporter with over three decades of experience in financial reporting asked on December 27 Germany’s Bundesbank, their central bank, why the Federal Reserve melted down the gold that was returned.

Here is his e-mail: “Dear Ladies and Gentlemen: I am an independent financial journalist. In connection with the transfer of 37 tons of Bundesbank gold from New York to Germany, I came across the news that the bars were a melted before the transfer. May I kindly ask you the following information: Why were the bars melted at all? And why couldn’t that wait until the bars arrived in Frankfurt? Kind regards, Lars Schall.” Great question, Lars.

The bank’s answer wasn’t really an answer at all. They explained that they have a new storage concept to ensure that certain specifications are met. They claimed the bars had to be melted to meet these specifications – uh huh. Why in the world would you need to melt it down before it got to Germany? Have you ever seen the movie The Italian Job? What’s on that bar? It’s stamped with a dancer, right?

Now, I don’t know what Germany’s has on it. I don’t know, maybe a big beer stein or something, but they’re all stamped. And why are gold bars stamped like that? Do you remember in the movie? What did they say? Everybody knew. Remember, that’s why the one guy got it in the head because he was like oh, this is – BOOM! Everybody knew who owned that gold. That’s why every country stamps it, to authenticate the weight and the purity.

Let’s talk about purity for a second. A few years ago, several years ago, the Fed had to respond to reports that damage had happened to Britain’s gold when Britain asked for some of its gold back and left it with a purity of just 91%. What does that mean? Again, I go to the bank, I give them this, and then I say what’s the purity of this? It was 99.9% pure when I gave it. If it’s 91% pure, there’s a problem.

When you melt down these bars and send them back, you negate the authenticity. We’re not able to send them the right amount of gold at all. We’re not able to send them their actual bars of gold. That’s a red flag to me, and it should have every American and every press organization up in arms asking questions. I believe what’s happening is far worse than rehypothecation.

Not only were the Feds playing the Ponzi scheme of rehypothecation, a game on each other over and over and they all knew it, all the central banks, but I believe they’re also physically selling everyone’s gold. And now they can’t reproduce the stamp, and so they’re coming up with whatever they can.

Remember, when Britain complained that their money was repatriated gold, it was returned with a small piece of impurity. Well, when you have access to that much gold, skimming it becomes quite tempting. Does anybody have a quarter on them? Nobody actually carries any cash anymore. If you think about a quarter or a dollar, you know, an actual coin – you have a quarter? Somebody actually uses the drink machine.

When you think about a quarter, I want you just to think about the thin part for just a second, this part. Pull in as tight as you can, this part, the edge. Is it smooth, or does it have ridges like Ruffles? It’s ridgy, right? Why? Why are those ridges there? Because if you skim it, it becomes less valuable. Think of it like the scene from Indiana Jones. Do you remember this scene? Do we have this? Yeah, remember?

This is the most ridiculous thing because you know how heavy that would be if it was pure gold? But anyway, he takes the sand. It’s not quite enough, so he has to pour a little bit out. Now, what people used to do is they would skim a little bit. This is a very old coin. This is from the time of Christ. This is from the year of the crucifixion. This is a piece of silver.

If you look at this coin, you can see – pull in as tight as you can. If you look at this coin, you can see that it is uneven. Pull in. There you go. It is uneven, and parts of it are cut off. The back is even better to see. Parts of the stamping have been cut off. Why? Because over 2,000 years because it’s solid silver, people would take a little bit and just shave a little bit off. That’s why those ridges are on the quarter, they shaved just a little bit off.

That’s what happened to England when they got 92%. They just shaved a little bit. The world needs to demand accountability from the Federal Reserve. I don’t think it’s going to end well when we do. In fact, I think it ends horribly for everyone but better face the facts right now. The world needs to demand to see proof that America still has its gold, and we still stand for something.

Now, maybe this is just a giant mix-up, and all of it can easily be explained by coincidence. I can’t think of a way it does. My gut tells me that’s not the case. It tells me the more likely scenario is the Fed is playing games, more specifically stealing through a massive Ponzi scheme, and when the rest of the world who has been in on part of that, the rehypothecation, realizes that the Fed and U.S. government perhaps has been taking the gold, not just theirs, yours as well, to fund their addiction to spending or to give the banks more money, there is nothing of value in those vaults, and there is nothing that anyone will put any trust in. The chickens come home to roost.

We have never seen theft like this before. How would you feel if you went to the bank, and they couldn’t give you back anything, your wedding ring, or any of your other valuables? When you got back, they handed you this, except it really was plastic, but it wasn’t plastic when you gave it to them. That’s what’s happening, I think, right now, and it’s happening to Germany. And it will at some point happen when people all over the world and hopefully our country start demanding to see the vaults and the gold.

When the people busted down the doors only to find nothing, what happens to those bankers? What happens to Americans? You will be blamed for stealing the world’s treasure. America is the globe’s banker, and it is only a matter of time before all of the world and the rest of us as well find out we’ve got nothing. Who does?

'Rage against the dying of the light': Charlie Kirk lived that mandate

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Kirk’s tragic death challenges us to rise above fear and anger, to rebuild bridges where others build walls, and to fight for the America he believed in.

I’ve only felt this weight once before. It was 2001, just as my radio show was about to begin. The World Trade Center fell, and I was called to speak immediately. I spent the day and night by my bedside, praying for words that could meet the moment.

Yesterday, I found myself in the same position. September 11, 2025. The assassination of Charlie Kirk. A friend. A warrior for truth.

Out of this tragedy, the tyrant dies, but the martyr’s influence begins.

Moments like this make words feel inadequate. Yet sometimes, words from another time speak directly to our own. In 1947, Dylan Thomas, watching his father slip toward death, penned lines that now resonate far beyond his own grief:

Do not go gentle into that good night. / Rage, rage against the dying of the light.

Thomas was pleading for his father to resist the impending darkness of death. But those words have become a mandate for all of us: Do not surrender. Do not bow to shadows. Even when the battle feels unwinnable.

Charlie Kirk lived that mandate. He knew the cost of speaking unpopular truths. He knew the fury of those who sought to silence him. And yet he pressed on. In his life, he embodied a defiance rooted not in anger, but in principle.

Picking up his torch

Washington, Jefferson, Adams — our history was started by men who raged against an empire, knowing the gallows might await. Lincoln raged against slavery. Martin Luther King Jr. raged against segregation. Every generation faces a call to resist surrender.

It is our turn. Charlie’s violent death feels like a knockout punch. Yet if his life meant anything, it means this: Silence in the face of darkness is not an option.

He did not go gently. He spoke. He challenged. He stood. And now, the mantle falls to us. To me. To you. To every American.

We cannot drift into the shadows. We cannot sit quietly while freedom fades. This is our moment to rage — not with hatred, not with vengeance, but with courage. Rage against lies, against apathy, against the despair that tells us to do nothing. Because there is always something you can do.

Even small acts — defiance, faith, kindness — are light in the darkness. Reaching out to those who mourn. Speaking truth in a world drowning in deceit. These are the flames that hold back the night. Charlie carried that torch. He laid it down yesterday. It is ours to pick up.

The light may dim, but it always does before dawn. Commit today: I will not sleep as freedom fades. I will not retreat as darkness encroaches. I will not be silent as evil forces claim dominion. I have no king but Christ. And I know whom I serve, as did Charlie.

Two turning points, decades apart

On Wednesday, the world changed again. Two tragedies, separated by decades, bound by the same question: Who are we? Is this worth saving? What kind of people will we choose to be?

Imagine a world where more of us choose to be peacemakers. Not passive, not silent, but builders of bridges where others erect walls. Respect and listening transform even the bitterest of foes. Charlie Kirk embodied this principle.

He did not strike the weak; he challenged the powerful. He reached across divides of politics, culture, and faith. He changed hearts. He sparked healing. And healing is what our nation needs.

At the center of all this is one truth: Every person is a child of God, deserving of dignity. Change will not happen in Washington or on social media. It begins at home, where loneliness and isolation threaten our souls. Family is the antidote. Imperfect, yes — but still the strongest source of stability and meaning.

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Forgiveness, fidelity, faithfulness, and honor are not dusty words. They are the foundation of civilization. Strong families produce strong citizens. And today, Charlie’s family mourns. They must become our family too. We must stand as guardians of his legacy, shining examples of the courage he lived by.

A time for courage

I knew Charlie. I know how he would want us to respond: Multiply his courage. Out of this tragedy, the tyrant dies, but the martyr’s influence begins. Out of darkness, great and glorious things will sprout — but we must be worthy of them.

Charlie Kirk lived defiantly. He stood in truth. He changed the world. And now, his torch is in our hands. Rage, not in violence, but in unwavering pursuit of truth and goodness. Rage against the dying of the light.

This article originally appeared on TheBlaze.com.

Glenn Beck is once again calling on his loyal listeners and viewers to come together and channel the same unity and purpose that defined the historic 9-12 Project. That movement, born in the wake of national challenges, brought millions together to revive core values of faith, hope, and charity.

Glenn created the original 9-12 Project in early 2009 to bring Americans back to where they were in the wake of the 9/11 attacks. In those moments, we weren't Democrats and Republicans, conservative or liberal, Red States or Blue States, we were united as one, as America. The original 9-12 Project aimed to root America back in the founding principles of this country that united us during those darkest of days.

This new initiative draws directly from that legacy, focusing on supporting the family of Charlie Kirk in these dark days following his tragic murder.

The revival of the 9-12 Project aims to secure the long-term well-being of Charlie Kirk's wife and children. All donations will go straight to meeting their immediate and future needs. If the family deems the funds surplus to their requirements, Charlie's wife has the option to redirect them toward the vital work of Turning Point USA.

This campaign is more than just financial support—it's a profound gesture of appreciation for Kirk's tireless dedication to the cause of liberty. It embodies the unbreakable bond of our community, proving that when we stand united, we can make a real difference.
Glenn Beck invites you to join this effort. Show your solidarity by donating today and honoring Charlie Kirk and his family in this meaningful way.

You can learn more about the 9-12 Project and donate HERE

The critical difference: Rights from the Creator, not the state

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When politicians claim that rights flow from the state, they pave the way for tyranny.

Sen. Tim Kaine (D-Va.) recently delivered a lecture that should alarm every American. During a Senate Foreign Relations Committee hearing, he argued that believing rights come from a Creator rather than government is the same belief held by Iran’s theocratic regime.

Kaine claimed that the principles underpinning Iran’s dictatorship — the same regime that persecutes Sunnis, Jews, Christians, and other minorities — are also the principles enshrined in our Declaration of Independence.

In America, rights belong to the individual. In Iran, rights serve the state.

That claim exposes either a profound misunderstanding or a reckless indifference to America’s founding. Rights do not come from government. They never did. They come from the Creator, as the Declaration of Independence proclaims without qualification. Jefferson didn’t hedge. Rights are unalienable — built into every human being.

This foundation stands worlds apart from Iran. Its leaders invoke God but grant rights only through clerical interpretation. Freedom of speech, property, religion, and even life itself depend on obedience to the ruling clerics. Step outside their dictates, and those so-called rights vanish.

This is not a trivial difference. It is the essence of liberty versus tyranny. In America, rights belong to the individual. The government’s role is to secure them, not define them. In Iran, rights serve the state. They empower rulers, not the people.

From Muhammad to Marx

The same confusion applies to Marxist regimes. The Soviet Union’s constitutions promised citizens rights — work, health care, education, freedom of speech — but always with fine print. If you spoke out against the party, those rights evaporated. If you practiced religion openly, you were charged with treason. Property and voting were allowed as long as they were filtered and controlled by the state — and could be revoked at any moment. Rights were conditional, granted through obedience.

Kaine seems to be advocating a similar approach — whether consciously or not. By claiming that natural rights are somehow comparable to sharia law, he ignores the critical distinction between inherent rights and conditional privileges. He dismisses the very principle that made America a beacon of freedom.

Jefferson and the founders understood this clearly. “We are endowed by our Creator with certain unalienable rights,” they wrote. No government, no cleric, no king can revoke them. They exist by virtue of humanity itself. The government exists to protect them, not ration them.

This is not a theological quibble. It is the entire basis of our government. Confuse the source of rights, and tyranny hides behind piety or ideology. The people are disempowered. Clerics, bureaucrats, or politicians become arbiters of what rights citizens may enjoy.

John Greim / Contributor | Getty Images

Gifts from God, not the state

Kaine’s statement reflects either a profound ignorance of this principle or an ideological bias that favors state power over individual liberty. Either way, Americans must recognize the danger. Understanding the origin of rights is not academic — it is the difference between freedom and submission, between the American experiment and theocratic or totalitarian rule.

Rights are not gifts from the state. They are gifts from God, secured by reason, protected by law, and defended by the people. Every American must understand this. Because when rights come from government instead of the Creator, freedom disappears.

This article originally appeared on TheBlaze.com.

POLL: Is Gen Z’s anger over housing driving them toward socialism?

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A recent poll conducted by Justin Haskins, a long-time friend of the show, has uncovered alarming trends among young Americans aged 18-39, revealing a generation grappling with deep frustrations over economic hardships, housing affordability, and a perceived rigged system that favors the wealthy, corporations, and older generations. While nearly half of these likely voters approve of President Trump, seeing him as an anti-establishment figure, over 70% support nationalizing major industries, such as healthcare, energy, and big tech, to promote "equity." Shockingly, 53% want a democratic socialist to win the 2028 presidential election, including a third of Trump voters and conservatives in this age group. Many cite skyrocketing housing costs, unfair taxation on the middle class, and a sense of being "stuck" or in crisis as driving forces, with 62% believing the economy is tilted against them and 55% backing laws to confiscate "excess wealth" like second homes or luxury items to help first-time buyers.

This blend of Trump support and socialist leanings suggests a volatile mix: admiration for disruptors who challenge the status quo, coupled with a desire for radical redistribution to address personal struggles. Yet, it raises profound questions about the roots of this discontent—Is it a failure of education on history's lessons about socialism's failures? Media indoctrination? Or genuine systemic barriers? And what does it portend for the nation’s trajectory—greater division, a shift toward authoritarian policies, or an opportunity for renewal through timeless values like hard work and individual responsibility?

Glenn wants to know what YOU think: Where do Gen Z's socialist sympathies come from? What does it mean for the future of America? Make your voice heard in the poll below:

Do you believe the Gen Z support for socialism comes from perceived economic frustrations like unaffordable housing and a rigged system favoring the wealthy and corporations?

Do you believe the Gen Z support for socialism, including many Trump supporters, is due to a lack of education about the historical failures of socialist systems?

Do you think that these poll results indicate a growing generational divide that could lead to more political instability and authoritarian tendencies in America's future?

Do you think that this poll implies that America's long-term stability relies on older generations teaching Gen Z and younger to prioritize self-reliance, free-market ideals, and personal accountability?

Do you think the Gen Z support for Trump is an opportunity for conservatives to win them over with anti-establishment reforms that preserve liberty?