It is the "receivables" part that most question whether the physical gold is actually there or just another paper claim?
In an article on Goldmoney, they suggest an audit of the German Bundesbank may also be in order. Via Goldmoney:
The total value therefore reported by the Bundesbank on its balance sheet is €83,939 million. There have been, however, repeated claims suggesting that the Bundesbank's gold vault is empty. The reporting by the Bundesbank in its Annual Report does nothing to disprove these claims.
The Annual Report states that the Bundesbank owns €83,939 million of "Gold and Gold Receivables". Surprisingly, it does not distinguish between these two fundamentally different assets, nor does it report how much of each it owns.
