UGL - Germany Hoarding Gold To Prepare For Currency Reform Italy Dishoards
The Germans are hoarding gold. I estimate that the Germans own 9000 tonnes in private gold-nearly as much gold as the French and Italians have combined. What is their motivation?
We must distinguish monetary gold from non-monetary gold or private gold. Monetary authorities like central banks hold monetary gold, while the people own private gold in the form of bars, coins, and jewelry. For the financial stability of every country not only the monetary gold reserves are of interest to us, but also private gold hoards.
The World Gold Council (WGC) states there are roughly