Press Release from the Bundesbank: LINK
Ben Bernanke: Who's there?
Bundesbank (German Central Bank): We would like our gold
Ben Bernanke: ROFLMAO
(note: "roflmao" is texting-code for, "rolling on floor, laughing my ass off")
It’s quite clear that the German gold is being held hostage. They are not getting what they want. They are getting what the Federal Reserve is telling them they can have. The fact that they are doing it over 7 years rather than 7 weeks, is just an indication 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.Here's the link to his interview with Eric King: LINK
The most likely scenario is that, while it's possible, though not a certainty, that the bars may be sitting in the West Point deep storage Fed gold vault, it has been leased out and swapped out in legal transactions designed to manipulate the price of gold. What this means is that private parties (think: China's central bank, very wealthy foreigners, India, etc) have the legal title to any gold that has been leased or swapped and sold outright.
If you are skeptical as to the credibility of this reality, please take the time to read this paper authored by James Turk in January 2002 - it is quite revealing: Fed Gold Swaps