Germany Looks To Gold To Help Weather Financial Storm ...Middle East

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Germany Looks To Gold To Help Weather Financial Storm
source : OILPRICE ( Middle East ) () 20
At a press conference early 2023, member of the Executive Board of the German central bank Joachim Wuermeling made clear that the soundness of the central bank’s balance sheet, in light of general losses, is guaranteed by the bank’s gold revaluation account. Wuermeling’s testimony implies the bank is willing to use its gold revaluation account to cover losses. The President of the Dutch central bank made a similar remark in November 2022. These statements accentuate gold’s role as a remedy regarding financial…

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