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 NY Fed. The Bundesbank will request the NY Fed ship 50 tons of German gold back to the motherland a year for the next 3 years!
$7,200,000,000
The last time a foreign country asked for gold from the US was back in '72 when Nixon closed the gold window and took us off the gold standard.
This looks bad and is likely the result of reports of gold bars being filled with tungsten. Now, everybody is going to be doing some very close inspection of exactly how much gold they have and how many fakes have been pawned off on them.
The gold market used to be extremely reliable and precise. The phrase "good as gold" actually meant something up until recently. Now we're having our doubts about the entire basis of our world economy?
This may send tremors through world markets making them weaker than ever.
Currency wars are going in to full gear shortly, hang on to your hats people.
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