According to Handelsblatt, a respected publication, Germany is serious about repatriating significant amounts of gold held outside of Germany, mostly by the Federal Reserve. This sends a message about storing gold near you and taking delivery no matter who is holding it.
When France did this years ago it sent panic amongst the US financial leadership to the degree of monetary aggression.
Why? The inviting question has always been does the US have fungible gold assets to the degree claimed.
ReservenBundesbank will deutsches Gold zurÃ¼ckholen
14.01.2013, 21:07 Uhr
Nach der GrÃ¼ndung der Bundesbank wurden groÃŸe Teile der deutschen Goldreserven aus SicherheitsgrÃ¼nden bei den Alliierten deponiert. Nun soll das Gold aus New York und Paris zurÃ¼ckgeholt werden.
Frankfurt. Die Bundesbank hat ein neues Konzept ausgearbeitet, wo sie kÃ¼nftig ihre Goldreserven lagern will. Nach Informationen des Handelsblatts sieht dieses Konzept, das am kommenden Mittwoch bekanntgegeben werden soll, vor, den heimischen Standort aufzuwerten, in New York dafÃ¼r weniger Gold zu lagern und Ã¼berhaupt kein Gold mehr in Paris zu horten.
Damit reagiert die Notenbank auch auf einen Bericht des Bundesrechnungshofes, der die JahresabschlÃ¼sse der Bundesbank prÃ¼ft und ihr empfohlen hatte, ein aktuelles Lagerstellenkonzept zu erstellen und zu dokumentieren.
Charles De Gaulle was the first person in modern history to call the hand of the USA on its then obligation to convert French held dollar reserves into gold. I was a senior trader at the time.
History will look back on this salvo fired across US war financing as being the beginning of the end of the US dollar as the reserve currency of choice.
The reaction on the part of the US was to cut the tie between the dollar and convertibility. This again raises the question of does the USA have fungible gold to the degree that is claimed without 3rd party audits or any viewing publicly whatsoever.
If it is true as reliable sources today reported that Germany wishes to repatriate a significant amount of its gold, then that request is a modern version of the first salvo that Charles de Gaulle fired at the US treasury over convertibility.
Assume that no close violated Alf’s downside price and it is possible that today’s revelation concerning Germany is an event leading to gold’s first main target above the recent high of $2111. It is significant because under normal circumstances no major central bank would insult another major central bank in that manner.
Today’s report, if true, is a salvo fired at the concept that the USA has all the gold it claims and all the gold it stores for others. If true, this event is the most important gold development since Charles De Gaulle called the US hand that it would stand by convertibility which many then assumed it could not because even then the amount of gold held was publicly questioned.
Please review the following video of Charles De Gaulle