Today James Turk spoke with King World News about Germany repatriating their gold and the impact on the gold market. He also discussed the recent price action in both gold and silver. Here is what Turk had to say: “By now most people have heard that a newspaper in Germany has reported Germany will be repatriating gold held in France and the United States. If true, an upcoming Bundesbank announcement has the potential to send shock-waves through the gold community.”
James Turk continues:
“We just have to wait and see exactly what the Bundesdbank says tomorrow about their plan regarding gold repatriation. The key here is that although the newspaper in Germany is considered credible, the reality is that we need to see an official statement from the Bundesbank.
The question here has always been, how much gold has the United States leased out? In other words, how much gold has already left the vaults and been sold into the market?