[The Bundesbank] isn't getting what they want, the Federal Reserve is telling them what they can have. The fact that they're doing it over 7 years instead of 7 weeks, to me, is just an indication that that gold probably isn't in the Federal Reserve and the Federal Reserve doesn't want to have to go out and buy it overnight to fulfill the German demand. They are trying to stretch it out as long as possible in order to keep gold prices controlled. James Turk on King World NewsYou can listen to the above interview here: LINK (highly recommended). Mr. Turk's viewpoint echoes that of many of us who have studied the gold market for quite some time, including the paper vs. physical issue which is at the heart of the topic.
With that said, the debate is now getting into the mainstream media. I was quite shocked to see that CNBC enabled this very debate to air on its programming, especially given that CNBC had GATA's Bill Murphy on in February 1999 - only to never invite him back again after he discussed some of the issues in the video below from yesterday:
One thing that has taken me by surprise are the sudden and unexpected developments that have instantly thrust the physical vs. paper issue into the forefront. The Bundesbank event followed by the U.S. Mint announcement has made a much wider audience more open minded about the issues surrounding credibility of bullion bank gold/silver depositories and the ability to verify whether or not the gold/silver that is supposed to be in those depositories can be fully accounted for on an allocated basis.
Certainly the circumstances surrounding the Bundesbank's decision and the length of time being given to fulfill it's request adds credibility to the view that western Central Bank and bullion bank depositories do not have the amount of gold they are supposed to be holding on behalf of others...