4 ms·
Forbes skipped part of the original quote from the Deustche Bundesbank press release. The full quote is: "With this new storage plan, the Bundesbank is focusin
by SyneRyder 14y ago
Forbes skipped part of the original quote from the Deustche Bundesbank press release. The full quote is:
"With this new storage plan, the Bundesbank is focusing on the two primary functions of the gold reserves: to build trust and confidence domestically, and the ability to exchange gold for foreign currencies at gold trading centres abroad within a short space of time."
I read that as Germany strengthening domestic trust & confidence (via gold repatriation), at the expense of exchanging gold for foreign currencies: specifically, the US Dollar, since that's the only currency where gold reserves are being reduced (ie the amount of gold in Euro & Pound countries remains unchanged).