Last night, when breaking the Buba repatriation story, we summarized it simply as follows "in brief: this is a momentous development, one which may signify that the regime of mutual assured and very much telegraphed - because if the central banks don't have faith in one another, why should anyone else? - trust in central banks by other central banks is ending." We are happy that the implicit message is so clear that everyone now gets it, including Bill Gross:
Gross: Report claims Germany moving gold from NY/Paris back to Frankfurt. Central banks don’t trust each other?
— PIMCO (@PIMCO) January 15, 2013