© UnknownFinancial Times advises readers to demand physical delivery of gold.
A year ago the Bundesbank announced that it intended to repatriate 700 tons of Germany's gold from Paris and New York. Although a couple of jumbo jets could have managed the transatlantic removal, it made security sense to ship the load in smaller consignments. Just how small, and over how long, has only just become apparent.
Last month Jens Weidmann, Bundesbank president, admitted that just 37 tons had arrived in Frankfurt. The original time scale, to complete the transfer by 2020, was leisurely enough, but at this rate it would take 20 years for a simple operation.
Well, perhaps not so simple. While he awaits delivery, Herr Weidmann is welcome to come and look through the bars in the Federal Reserve's vaults, but the question is: Whose bars are they?
In the "armchair farmer" fraud you are told: "Look, this is your pig, in the sty."
It works until everyone wants physical delivery of their pig, which is why Buba's move last year caused such a stir. After all, nobody knows whether there are really 260 million ounces of gold in Fort Knox, because the US government won't let auditors inside.
Comment: Ukraine should be aware that an agreement with the EU will not give them much freedom to choose afterwards. The unelected overlords in Bruxelles like to promote the ideas of democracy so as encourage regime change when it is wished for, but to accept the voice of the people when it is against their dictates is another thing.