It may be time to repatriate the Germans with their gold. I certainly wouldn't entrust any New York entity with my valuables. Were I the Germans, I would reluctantly consider all that gold lost, until proven otherwise. The US is swiftly losing honor.“We have a trustworthy and reliable partner in the Fed in New York for the storage of our gold holdings,” Bundesbank President Joachim Nagel said at a press conference in February, a line the bank reiterated when asked for comment on Friday. “It does not keep me awake at night. I have complete confidence in our colleagues at the American central bank.”Famous last words...In 2013, amid a populist outcry and growing eurozone instability, the 'completely confident' Bundesbank repatriated hundreds of tons of gold previously held in Paris - a move that was seen at the time as a symbolic reassertion of sovereignty. The bank argued that, with France and Germany sharing the euro, the strategic rationale for keeping reserves in Paris had faded.Now, more than half of Germany’s gold sits safely in Frankfurt. Thirteen percent is held in London. But it is the tranche in New York - once a monument to transatlantic trust - that is drawing the most anxious of glances.
