CNBC’S GUY ADAMI: GERMAN GOLD REPATRIATION COULD BE START OF GOLD BANK RUN!
JANUARY 22, 2013
As SD readers are likely well aware, the Bundesbank last week announced the repatriation of over 600 tons of Germany’s gold reserves held at the NY Fed and the Bank of France.
The “gold conspiracy theories” have now gone mainstream with a CNBC Market Mystery segment discussing the Bundesbank’s gold repatriation over the weekend, which means it can’t be long before the conspiracy theories of empty vaults underneath the NY Fed and Fort Knox become conspiracy facts.
CNBC’s Guy Adami: This is a huge story in my opinion that is not a huge story now, but will be a huge story. Why is that? Because you have to ask yourself, why would Germany decide to do this? What do they see that the rest of us don’t see that requires them to physically move this gold out of lower Manhattan and obviously in Paris, as well, back to their borders? I think that’s really the question you have to ask, and the answer is, it can’t be anything good…
If you think Germany is going to be the last, they’re not. People will line up and do this. You talk about runs on banks? This could potentially be exactly that! Because if everybody wants their metal back at once, you better hope that A, that it’s there and B, that we’re able to do it!