Well IF the gold is missing despite both the FED and Bundesbank saying it is not, and IF Bundesbank was demanding it back, that would be bullish for gold, which is what ZeroHedge has been claiming for years.
BUT now Bundesbank isn’t demanding it back, so there is no bullishness. It no longer matters whether it’s missing or not, which it probably isn’t, because Bundesbank is happy leaving it here. No additional demand for gold.
I suspect the Russian’s aggression has influenced the decision to leave it here. But Bundesbank was never gung ho to bring it all back home anyway. They were moving slowly anyway. Which was prudent even if it fed the conspiracy hacks.
Would that change the market psychology at all?
I am not long gold, btw, nor do I own any bullion.