I'm not truly anti-goldbug. Not at all. In fact I stack phyzz in my spare time. I'm just pro-reality, pro-empiricism, pro-education and anti-fraud, anti-incompetence, anti-fantasy, anti-lying and anti-Republican.
Here, I'll prove it to you:
Mining.com - Germany repatriated 37 tons of gold in 2013. Quote:
Jens Weidmann, president of the Deutsche Bundesbank, said Germany brought back nearly 37 tonnes of gold from its reserves in New York and Paris this year and that the final goal is to store half the national reserves of the precious metal, or about 3,400 tons, in its own vaults by 2020.Um, Jennie? As president of the Bundesbank, how are your math skills? Cos if you only got back 37 tons this year, it'll take you til 2031 to get your 700 tons back.
In an interview with the Bild newspaper (in German), the executive said the bank got back an estimated US$1.5 billion in gold, as part of a plan unveiled in January to increase the reserves held in Frankfurt. By 2020, it wants to have 700 tons back from the US and France.
But I guess it's hard to repatriate your gold when it's all been loaned out by the Fed, melted into bangles and sold to Indian women. I mean, they're not going to just hand back their dowries, are they?
Maybe JP Morgan would be able to scare up more of your gold if they were willing to pay more than the premium that the Indians are happy to pay right now. I mean, otherwise it might be hard to scare up 663 more tons of good delivery bars in 7 years. I mean, JPM will have to buy 3-4% of primary production between now and 2020 just to make good, no?
Maybe you can just take delivery of the Fed's IOUs. I mean, they've been good-as-gold up til now, haven't they? Hey, it even costs less to deliver IOUs.
Look into it, Jennie!