“Germany,
as we know, is repatriating their gold from the United States.
Everybody has talked about that -- ‘Why is it taking years to get a few
hundred tons back to Germany (from the United States)?’ But guess who
else they are repatriating their gold from? France.
Now,
the German comment is, ‘Well, there’s no need to store it in France
because we’re all one currency now.’ Really? And you expect to remain
one currency for the next 10 or 20 years? And if you’re just one
currency, why not leave it in France?
Germany is getting very serious about their gold....
“So they are the one
Western exception. The rest of the gold is headed East big time ... The
reason Germany entered my head is because all of the sudden you see
Germany, Toronto, London, all vying to be hubs for yuan trading. That’s
trading in Chinese currency.
All
of the sudden the yuan is on the verge of becoming a reserve currency.
If you think that trend is going to stop any time soon, forget it. But
Germany continues to go it alone. They continue to be the one European
country after gold. They want to be the hub of yuan trading. So you
can see how the world is developing, Eric.”
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