Readers of The Gold Enthusiast know we’ve been following this story all along. For those new to these pages: In 2012 Germany voted to repatriate much of its overseas gold horde, citing worries that the bars may not actually exist (yikes!). It’s a valid concern in these days of overleveraged-everything. As we all know, over-leveraging eventually has its day of reckoning, which is commonly described as when the bubble bursts. Those aren’t happy days for anyone left holding the bag.
So the Germans, a hard-working, practical and good-at-math lot if there ever was one, said collectively “Hey, no one’s auding our gold properly so we want it back!” Many gold watchers thought this was it, the day when rumors of gold being sold out from under our feet would be tested. But No – the good folks in New York dutifully produced 300 tonnes of gold bars and shipped them back to Germany.