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What if the Fed Doesn't Have the German Gold?

Previously we've given news regarding Germany's gold repatriation.

The decision to repatriate the Bundesbank's gold came after suspicions arose regarding the existence of the foreign-held bullion bars. Germany decided to return their gold held in New York and Paris. Total quantity: 674 tonnes of gold bars. The time required to repatriate: 7 years.
Naturally, the 7 years surprised gold experts around the World.

Prime Values has even analized why 7 years are required to return "only" 674 tonnes of gold - a shipment that could be effectuated within a month (the 300 tonnes from New York could be flown in to Frankfurt, while the remaining 374 tonnes could be train-transported from Paris).

It's obvious that something went wrong.

The Federal Reserve-held gold in New York has never been properly audited and its existence is questioned. Allegedly, German experts weren't even allowed to audit the entire gold holding.

It is highly probable that the German gold has been lent out (or stolen).

The media is largely preoccupied with the Fed-held 300 tonnes, but we don't know much about the Paris-held 374 tonnes of gold either.

Regardless what has happened, what will the implications be if the gold is missing?

If Germany's gold is missing, then that would have to be replaced. Regardless whether the Federal Reserve is "good willing" enough or, if Germany will start buying physical gold - the result is obvious: gold prices will skyrocket.

Although China does not admit all the gold it's buying each year - experts estimate the 2012 purchases above 600 tonnes.
China's immense acquisitions also give a strong boost to gold's price.

Germany's 674 tonnes of gold are more than the total Netherlands-owned gold and almost as much as Japan has (2012 figures).

A purchase of 674 tonnes by Germany or, even 300 tonnes would drive gold prices up considerably.

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