France upgraded gold holdings for a profit, Axel Merk notes

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1 hour ago

France upgraded gold holdings for a profit, Axel Merk notes — France turns gold swap into profit

Axel Merk reports that France repatriated its gold, exchanging nonstandard bars stored at the NY Fed for London Bars now held in France. The transaction generated a profit, driven by fears of tariffs at the time.

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Merk has recently noted policy actions in other regions. He reported that the California wealth tax would hit entrepreneurs with illiquid assets harder than those with generational wealth. In a separate observation, Merk highlighted that the Dubai real estate market is showing signs of recovery.

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