The Story Behind the Nazi Gold Paper

This essay has a total of 652 words and 3 pages.

The Story Behind the Nazi Gold


Nazi Gold: Hard currency looted from treasuries of countries occupied by the Axis powers
during World War II. Ingots consisting of gold melted down from the teeth of murder
victims and weddings bands and jewelry. About two thirds of an estimated $660 million
($7.8 billion in today's dollars) in stolen Nazi gold passed through Switzerland during
the war. And like any sharp businessmen with hot goods, the Swiss disposed of much of
their gold quickly - through Portugal mainly, but also to Sweden, Spain, and other central
banks (Hirsh 48). Probably no more that $140 million remains unaccounted for, and a good
portion of that was probably sold onward as well. But what remains of the known Nazi hoard
(none of which has been returned to the Jewish community) is worth no more than about $65
million according to the Brussels-based Tripartite Gold Commission, set up after World War
II to return stolen gold to national treasuries. Recently the Clinton administration
created a commission to search for any Nazi funds that might have ended up in U.S. Federal
Reserve vaults. "We have to be willing not only to focus the spotlight on Switzerland,"
says Under Secretary of Commerce Stuart Eizenstat. "We have to be willing to follow the
trail of assets into our own treasury" (qtd. in Hirsh 47).


This trail though, suggests that there is no huge stash of Nazi gold in Switzerland. The
loot has scattered worldwide through numerous transactions and is probably irretrievable.
Also, because so many banks were involved, the
Continues for 2 more pages >>




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