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Money Metals News Alert
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January 26, 2026
– After having a huge week, silver and gold blasted higher again last night
and this morning as the massive melt up continues.
Silver has now exceeded $112 per ounce
and gold touched $5,100.
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The momentum continues to
build across the hard asset space.
This is indication of
growing concerns about the Federal Reserve note and debt, but also real supply
tightness key commodities.
Money Metals continues to
maintain its industry-leading inventory position -- almost everything remains in
stock.
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Phone wait times and order fulfillment
backlogs still exist, but our capacity has expanded substantially thanks to recent
hiring, training, and optimizing. Thank you for your patience.
Please buy or sell online for faster
service!
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Gold : Silver Ratio (as of
Friday's closing prices) – 48.1 to
1
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German Officials Renew Calls to Bring Gold
Home
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German officials are once again
calling for the country???s central bank to bring its gold home.
Germany owns the second-largest gold
reserves in the world at 3,352 tonnes.
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About 1,200 tonnes valued
at around €164 billion ($194 billion) are stored at the Federal Reserve Bank
of New York.
Germany also holds some of
its gold reserves in London.
A leading German economist
and former head of research at the Bundesbank says the central bank should move
the gold stored in the U.S. back to Germany.
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Emanuel M??nch said it???s ???too
risky??? to keep its gold reserves in the United States.
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???Given the current
geopolitical situation, it seems risky to store so much gold in the U.S. In the
interest of greater strategic independence from the U.S., the Bundesbank would
therefore be well-advised to consider repatriating the gold.???
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The German central bank opted to store
significant amounts of gold in New York to keep it far away from the Soviet Union
during the Cold War. As an article in Fortune pointed out, "The country???s close
ties with the U.S., which has historically held up the Western World order, made
the Fed an obvious resting place for the commodity."
With the U.S. weaponizing
the dollar and aggressively using economic pressure as a foreign policy tool,
the wisdom of storing German gold in New York no longer seems quite so obvious to
many Germans.
European Taxpayers Association (TAE)
head Michael J??ger said U.S. demands to control Greenland should "concentrate
minds."
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???Trump is
unpredictable and he does everything to generate revenue. That???s why our gold is
no longer safe in the Fed???s vaults. What happens if the Greenland provocation
continues? … The risk is increasing that the German Bundesbank will no
longer be able to access its gold. Therefore, it should repatriate its
reserves.???
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Other notable figures in German
economic and political circles have echoed the warning. Last summer, EU Parliament
member Markus Ferber called for an audit of German gold.
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"I demand regular
checks of Germany???s gold reserves. Official representatives of the Bundesbank must
personally count the bars and document their results.???
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He later explained his position,
saying, ???Trump is erratic, and one cannot rule out that someday he will come up
with creative ideas how to treat foreign gold reserves. The Bundesbank???s policy
for gold reserves has to reflect the new geopolitical realities."
There is also a drive to audit U.S.
gold reserves stored at Fort Knox. Last year, four members of Congress introduced
comprehensive gold audit legislation.
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Calls for German gold
repatriation have primarily come from politically conservative figures.
However, the idea is
crossing the political divide. Green Party finance spokesperson Katharina Beck
also expressed support for gold repatriation, calling the country???s gold reserves
an ???important anchor of stability and trust???, which ???must not become pawns in
geopolitical disputes.???
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A spokesperson for Friedrich Merz???s
coalition government recently said that moving gold out of the U.S. was not
currently under consideration.
The Bundesbank has not made any
official statements related to gold repatriation and continues to publicly back
the Fed as the protector of its assets. However, that doesn't mean the German
central bankers are privately comfortable with the situation.
However, there are some prominent
people who oppose moving German gold. Institute for Economic Research (Ifo)
President Clemens Fuest advised against moving the gold out of the U.S., warning
that it could lead to unintended consequences and would ???only pour oil on the
fire of the current situation.???
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Social Democrats
parliamentary group spokesperson on financial policy, Frauke Heiligenstadt, said
that while concerns were justified, the Bundesbank shouldn't make any hasty moves
because ???Germany???s gold reserves are well diversified." She argued that
since about half of the country's gold is already located in Frankfurt, ???our
ability to act is guaranteed.??? She added that keeping some gold in New York
still makes sense because ???Germany, Europe, and the U.S. are closely linked in
terms of financial policy.???
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Talk of gold repatriation is part of a
broader de-dollarization trend. A Danish pension fund recently announced
plans to divest U.S. Treasuries, citing concerns about the U.S. government's
fiscal malfeasance.
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???The decision is
rooted in the poor U.S. government finances.???
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While you might disagree with foreign
concerns relating to U.S. foreign and economic policy, you can???t simply ignore the
blowback potential from U.S. policy decisions.
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This week's Market Update was
authored by Money Metals Contributing Writer Mike Maharrey.
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