On Germany demanding its gold back from the Fed.
Just found this clip. Good discussion.
Larry Lindsey and the Squawk Box team discuss why Germany is moving some of its gold out of storage at the New York Federal Reserve. Broadcast Jan. 16.
Joe Kernen: "There's a rumor there's no gold at Fort Knox."
The German central bank is planning a “phased relocation” of 300 tonnes (metric tons) of gold from New York to Frankfurt as well as an additional 374 tonnes from Paris to Frankfurt by 2020. The reserves should end up looking like this:
- Frankfurt (31%, currently) 50% by Dec. 31, 2020
- New York (45%, currently) 37% by Dec. 31, 2020
- London 13% no change
- Paris (11%, currently) 0% by Dec. 31, 2020
This is pretty funny:
Fort Knox Receives Just $85 From Cash4Gold