GERMANY TRYING TO REPATRIATE ITS GOLD…AGAIN

The Spiegel, one of Germany´s premier magazines, has written about perhaps the biggest story in gold since Hugo Chavez sent shock-waves throughout the gold market in mid-2011 (and propelled gold up $300 to a record $1915). The German Federal Accountability Office has ruled that the Bundesbank must conduct an audit on German Central Bank gold holdings, and in anticipation, has begun the repatriation of German gold from the New York Fed. The Bundesbank will request the NY Fed ship 50 tons of German gold back to the motherland per year for the next 3 years.

Let´s see whether, after this new attempt, the NY Fed will in fact be “willing and able” to deliver. So far, these requests from the Germans and other countries have not been honored. It does raise (manifold) questions…

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