“Paint by Numbers” quickly reveals the picture, and after the Epic Fort Knox Mnuchin Fail, Today’s German Faux Pas seems like they are getting their paintings from the dollar store…
The following Tweet links to a whopping two paragraphs which lack any detail:
German central bank completes move of €24bn worth of gold https://t.co/50MI4WsfPX
— Financial Times (@FinancialTimes) August 23, 2017
Upon further investigation, we can see that the Germans have been repatriating their gold for years:
While we all know this, and while we take a ton of heat for the 3rd through 5th word immediately under that picture above, in addition to any other connotations that “dogging” conjures, well there seems to be a bit of a problem.
Today, the story is also “breaking” in DW, with a little more filler:
In a recent shipment, some 374 tones of the metal, 11 percent of the German stock, left the vaults at the Bank of France, while 300 tones had been removed from the Federal Reserve in New York to the Bundesbank vaults in Frankfurt, board member Carl-Ludwig Thiele told journalists.
“We’ve checked every ingot against authenticity, fineness and weight. We have nothing to complain about,” Thiele said, adding that the secret shipments were finished three years ahead of schedule and at a cost of some 7.7 million euros ($9.1 million). Under the gold repatriation plan announced in 2013, Germany originally envisaged bringing home half of its reserves by 2020.
Germany holds the world’s second-largest gold reserves after the United States, at 3,378 tons or 270,000 ingots of around 12 kilograms each. The amount has a market value of around 120 billion euros. Some 1,710 tons – or 50.6 percent – are now kept in Frankfurt, while 1,236 tons remain in New York and 432 in London
Now, get ready for the punchline, or the punch in the face:
And somebody please compare the two pictures and see if you can count all the reasons why this is so wrong?
In my best guess, we have had two top-down hit pieces on gold this week, and if this whole price suppression and market rigging wasn’t so serious, it would almost be funny…