The “game” is not chess, it’s musical chairs. If you’re the last guy, you go home without your gold.
“An interesting aspect of this story is that Germany has agreed to allow this transition to take place over the course of 8 years, which is a seemingly inordinate length of time, raising numerous questions ranging from the existence of the gold altogether to the complexity of the long standing gold leasing agreements. In either event, it seems the 8 year buffer is meant to allow as much time as is possible to prevent a complete fracturing of the gold reserve system.”
The terms “gold leasing agreements” and “gold reserve system” and the implications of this statement suggest to me that the custodianship is, at best, a little dicey.
It seems to me that if the gold were simply being held in the equivalent of a safety deposit box, it shouldn’t matter whether that box was in NYC under control of the Federal Reserve or in Germany under control of its owners. Anything more complicated than that raises the hair on the back of my neck.