Germans: ‘Yes, Gold IS Money’
At least, until last week, when Germany announced it has been able to accelerate the gold repatriations. Indeed, the country has now repatriated all the gold it wanted to get back from New York and now has to bring just 91 additional tonnes ‘back home’ from Paris.
Source: Bundesbank.de
Once those final 91 tonnes will be back in Frankfurt, Germany will cut all ties with the custodian in Paris and its gold will remain in the Frankfurt, London and New York vaults, and approximately 50% of the entire inventory of the country will be held inside the country.
What’s really interesting is how hard Germany wanted to emphasize it has received ‘real’ gold and it looks like the Bundesbank wanted to nip some comments in the bud. In fact, the German Central Bank has now promised to release a list of gold bars on Thursday to confirm which bars have been ‘sent home’ by the New York Fed, where the US-based bars were held.
You’d almost start to think the Bundesbank is trying ‘too hard’ to convince the population it really received the yellow metal from New York. If this would indeed be a normal transaction (after all, it should be. ‘You have our gold, please give it back to us!’), why would the Bundesbank be so dramatic about receiving it. The president effectively showcased bars of gold, and showed pictures of the German vault in New York, as you can see on the next image.
You’d almost start to think they were surprised to be effectively able to get the gold back! And you’d almost start to think gold is valuable, contrary to the ‘gold isn’t money’ rhetoric after the global financial crisis.
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