"Germany has decided its gold is safe in American hands. "...
Germany's end is near(er).
Mtl JP 07:16:17 GMT - 06/24/2014
correction: owns... s/b has
Paris ib 08:01:59 GMT - 06/24/2014
JP - I wonder what kind of pressure was brought on Germany to do this? Love the article. Love how it's implied that Germany's move to repatriate its Gold reserves from the U.S. (something that the New York FED was unable to comply with) was somehow Euro negative !! At any rate the cat's out of the bag now. I very much doubt anyone now believes that the New York FED has all that German Gold stored safe and sound. What's clear is that there was no way the New York FED was able to return the metal but now - joy of joys - they don't have to. Does mean that the United States is a safe and reliable haven for reserves? I think not. The whole thing looks dodgy as h.ell. The Yanks are only now, perhaps, coming to terms with the damage to their standing in the international community. But I doubt that they can repair the damage.
Paris ib 08:09:33 GMT - 06/24/2014
"a year after the Bundesbank announced its stunning decision.... to repatriate 674 tons of gold from the New York Fed... it had managed to transfer a paltry 37 tons. This amount represents just 5% of the stated target, and was well below the 84 tons that the Bundesbank would need to transport each year to collect the 674 tons...over the 8 year interval"
Now no repatriation is scheduled. I guess the Germans will just keep selling Gold certificates of deposit linked to their reserves and BUYING Gold for real delivery. USD positive? I think not.
Paris ib 08:14:32 GMT - 06/24/2014
"However, what will certainly not help mute "conspiracy theorists" is today's update from today's edition of Die Welt, in which we learn that only a tiny 5 tons of gold were sent from the NY Fed. The rest came from Paris."
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