Gold is making a comeback to the world financial system

LAST year, 22 central banks, situated largely to the east of Germany, bought the largest amount of gold since 1967 – the year that the London Gold Pool collapsed. The gold repatriations by many European countries of the last few years are another sign that we are reaching the end of four decades of monetary calm. This could bring about the largest monetary changes since the closing of the gold window by US President Richard Nixon in 1971.