Germany's repatriation of its gold
Germany repatriates its gold from the United States, what does it all mean?
This week the big headline for precious metals traders was that the German Bundesbank announced that it will repatriate a huge amount of its gold reserves. Germany central bank has the 2nd largest stockpile of gold behind the United States.
Why is Germany doing this?
- The United States is apparently going to run out of money anywhere between Feb 15, to March 1 of this year and unless they increase their debt ceiling, they will default on payments
- There is obvious mistrust between the central banks
- Does Germany need the gold to have easier access to sell?
In the medium to long term, this has extremely bullish implications for the precious metals sector.
On another significant note: The U.S. Mint has had a robust start to 2013…they had mentioned this week that they are no longer selling silver Eagles as they had run out of inventory. Higher premiums could be in the air with tight supply.
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