When nations like Germany begins not trusting the US, France for storing their physical gold you know confidence is at an all time low. This could in theory lead to nations all over the world calling in their IOUs in one form or another.
It’s not just that they have lost trust in the US and UK gold storage service. There’s also the small matter that the Cold War is over and West Germany no longer has to fear being over-run by Soviet troops, so they can store their own gold.
Even so, I agree, it’s not a great sign.
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