Argoz, I think you are going to the core of the matter in your post. Your calculations show that this precious metals market is far more important than 99% of the financial community and public is aware of. I remember how 5 years ago a friend working at the Dutch Central Bank told me that they still had plenty of that "stuff", when I talked to him about gold and its importance. I guess that even 90% of the people working in Central Banks had no idea what kind of OTC pyramides are built on the "stuff" they sell or lease out. By now the reality must start filtering through and it is a question of time before the Gold Swap issue becomes a public scandal in Germany. Germany is a very democratic and (in comparison) transparent country, so the press will be all over it, once the swap arrangement with the US becomes clear.