Germany’s Gold Isn’t Missing — But Control Is the Issue Let’s start with what this story is not. Germany’s gold hasn’t been stolen. There’s no proof it’s been rehypothecated, leased away, or vanished into some secret ledger. The Federal Reserve Bank of New York remains the world’s largest gold custodian, holding thousands of tonnes for foreign governments. The Germany gold control issue isn’t about disappearance, but about whether custody without direct access still qualifies as true ownership. But that’s not what has German lawmakers nervous. The issue is access. Germany holds roughly 3,350 tonnes of gold, the second-largest national reserve on Earth. About 37% of that — more than 1,200 tonnes — sits in New York. And in a world…
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