(From original source)
....The latest shift in strategy follows criticism by the German Court of Auditors, who said in a confidential report that the gold held abroad had “never been verified physically” and was not under proper control. A growing chorus of lawmakers in the Bundestag has demanded a return of all Germany?s gold in case the financial crisis escalates.
Veteran gold trader Jim Sinclair said the Bundesbank?s move is a pivotal event in the gold market and the latest warning for investors that they should keep metal bars under their physcial control, rather than relying on paper contracts.
“This sends a message about storing gold near you and taking delivery no matter who is holding it. When France did this years ago it sent panic amongst the US financial leadership. History will look back on this salvo as being the beginning of the end of the US dollar as the reserve currency of choice,” he said....
“and was not under proper control”
That’s right, they want hard collateral. No control = No accountability for the Glass Steigal Repeal scam artists, and were given a free pass 2008.
The Bundesbank says it (the NY Federal Reserve) holds almost 3,400 tonnes of gold that was valued at €132.8-billion ($176.6-billion U.S.) as of Dec. 31.
Good luck repatriating.