Due to the “sensitivities” about the story, the IMF decided to revise the data to “unchanged” and Bloomberg “corrected” the story…
◆ Has Germany increased it’s gold reserves for the first time in 21 years?
◆ Important story of how Bloomberg reported that Germany had added to its gold reserves and that “Germany’s reserves climbed to 108.34m oz in September, the first increase since 1998” and then “corrected the story”
◆ A screen grab of the original Bloomberg story (only covered by Bloomberg via the Bloomberg terminal) on October 23rd can be seen in our video and in our daily market update
◆ The Bundesbank gold buying was questioned by Jaspar Crawley, the Director of Institutional Investment in the WGC in a tweet where he noted “that the IMF database – which triggered the story in the first place – has been amended to show no change” but the image he shared on Twitter was illegible
◆ Bloomberg corrected the original story on the terminal on October 29th and said that the German gold reserves were “unchanged” at 108.25 m oz (see screen grab of the revised Bloomberg story on the terminal in our video)
◆ Did the IMF get the data wrong? Or was the IMF data correct in the first place and the Bloomberg article correct but due to the significant “sensitivities” about the story the IMF decided to revise the data to “unchanged”
◆ Answers on a postcard please! or better still please direct them the Bundesbank itself on Twitter here @Bunbesbank or use this form to contact the Deutsche Bundesbank’s press office.
◆ More important is the context that central banks are the largest buyers of gold in the world in 2019 – including the PBOC and the central banks of Russia, Hungary and Poland
◆ The Central Bank of the Netherlands has published a report in which they say that gold is the “perfect piggy bank” and “the anchor of trust for the financial system”
◆ Please contact journalists, financial and economic experts and indeed directly contact the Central Bank of Ireland, the Bank of England and your national central bank and encourage them to repatriate and increase their gold reserves in order to protect against the coming currency crisis