from Gold News:
AS YOU’VE probably heard, the German central bank announced it will begin withdrawing part of its massive gold holdings from the United States as well as all its holdings from France, writes Jeff Clark, senior precious metals analyst at Casey Research.
By 2020, the Bundesbank says it wants half its gold reserves stored in its own vault in Germany.
Why would it want to physically move the metal from New York? It’s not as if US vaults are not secure, and since Germany already owns the gold, does it really matter where it sits?
You may recall that Hugo Chávez did the same thing in late 2011, repatriating much of his country’s gold reserves from London. However, this isn’t a third-world dictatorship; Germany is a major ally of the US. So what’s going on?