A few months ago the German Bundesbank displayed concern about the security of their gold being stored at the New York Federal Reserve. They called for an audit of their holdings, and while that still has not taken place, the intermediate resolution was to have 10% of their gold repatriated over a period of seven years.
There has been no explanation of why it takes seven years to get such a small portion of the gold returned, which leaves a lot of unanswered questions. However, while Germany has chosen not to be more aggressive in demanding its gold, that does not mean the situation has been resolved. In fact it only serves as more impetus for a potential gold run on the Fed – as well as the Bank of England, the second-largest custodian of sovereign gold.