from Gold Core:
The Financial Times has said that the Bundesbank’s move to repatriate 674 tonnes of the German gold reserves from Paris and New York to Frankfurt is a victory for openness, transparency and for those who have campaigned for transparency in the gold market for years.
The FT said that the move is important –
“not for what it says about Germany’s faith in French or American vaults; nor for the cost of shifting 674 tonnes of gold; but because it is a major victory for transparency in the gold market.”
The move by the Bundesbank to be more transparent about the location of gold reserves was welcomed by the FT and the FT’s commodities correspondent Jack Farchy noted that while central banks should not have to reveal their trading strategies to the world, there is a world of difference between this and –
“disclosing simple facts about your reserves – such as their quantity, where they are held, whether they have been lent or swapped, and so forth – with a delay if need be.”