Germany Gives Up On Trying To Repatriate Its Gold, Will Leave It In The Fed's "Safe Hands"

http://www.zerohedge.com/news/2014-06-23/germany-gives-trying-repatriate-its-gold-will-leave-it-feds-safe-hands

Submitted by Tyler Durden on 06/23/2014 - 15:25

Several months after it was revealed that Germany was able to only recover a miserable 5 tons of its gold in all of 2013 (under 10% of the 84 tons it was scheduled to repatriate), Germany appears to have given up entirely in its attempt to recover gold which simply is not there, and as Michael Krieger reports, citing Bloomberg, has decided to keep "it"(by "it" we don't mean the gold since that clearly has not been at the Fed for decades, but merely the paper promises of ownership: for moresee China's gold rehypothecation scandal and how the unwind works) at the NY Fed after all. That is to say, in the "safe hands" of former Goldmanite Bill Dudley.