The German Central Bank's Comment on the Gold Evaluation

Europe has gold. We carried on our books at cost, but they have a GRA which basically shows the profits or losses. They're not permitted to take those profits and put them on their balance sheet. Once you tap your savings account, right? You've tapped. So using the rainy day fund negates the ability to bluff using the rainy Day Fund. And if China says, yeah, we've got a lot more gold than we said, and we're going to do that too, that basically puts Europe for five minutes, solvents. But it puts them in the relative picture, the weakest, you know, the weakest hand once again. It's a self defeating purpose