from Zero Hedge [excerpts]
- by Tyler Durden Nov 16, 2014
This is an interesting story linking Germany's forestalled gold repatriations in 2013 with increasing rumours last week of Germany joining the BRICS alliance. Fascinating stuff. Ring-side seat here... Here's Tyler Durden on this subject:
"This week, Deutsche Bank - the bank which is Germany's equivalent to America' Goldman Sachs in terms of policy decision-making - once again revealed just what the true reason behind the failure of Germany's attempt to bring its gold back. From Robin Winkler's special report:
"... the gold community paid great attention to the decision of the German Bundesbank to “bring German gold home”. At the beginning of 2013, the Bundesbank announced it would repatriate 300 tonnes of gold stored in the US by 2020. It is well behind schedule, citing logistical difficulties. Yet diplomatic difficulties are more likely to be the chief cause of the delay, especially seeing as the Bundesbank has proven its capacity to organise large-scale gold transports. In the early 2000s, the Bundesbank incrementally repatriated 930 tonnes of German gold held by the Bank of England.
"Because if anyone knows what really happened behind the scenes in Germany, and inside closed doors at the Bundesbank, it is Deutsche Bank.
"And there you have it: it wasn't transportation, or "good delivery standards" concerns, or anything remotely related to Germany "deciding its gold is safe in American hands", but just the opposite: Germany was pressured to keep its gold in the US after a "diplomatic" line of communication was opened, most likely the result of the Fed making it all too clear clear to the Bundesbank not only who runs the show, but what the assured failure to repatriate Germany's gold would mean for 'price stability'."