German Gold Repatriation Raises Questions
Gold is back in the spotlight this week with the news that Germany’s central bank is going to begin repatriating its gold held in the US and France. Germany – the only nation in the EU that seems concerned about fiscal responsibility – has the second largest gold reserves in the world after the US. All of this has got some people wondering just how trustworthy central banks are nowadays, as well as what this could mean for the future of the yellow metal. Check out Adam English’s commentary on Wealth Wire:
“So far, the 1,536 tonnes of gold the Fed holds for Germany, worth over $80 billion at spot prices, has only been backed up by personal assurances. Now the Fed will have to prove its demands for blind faith were at least partially justified as 768 tonnes are removed over the next several years.
All the Germans originally wanted was basic verification and inspection of their property. Perhaps if the Fed was more accomodating, there never would have been pressure on the Bundesbank to explain why it allowed the situation to persist as Fed to keep their gold off-limits.”
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