Does that mean that the gold was in their possession, but in London, or bought from London? And why?

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It’s unclear. Maybe they bought the gold or redeemed the paper gold certificates they had.

Either way, I doubt Trump would expose the US on the global stage and signal weakness. My guess is the gold wasn’t there but they will make sure it is when they being in the cameras. I could be wrong, but I don’t see the upside of showing a mostly or completely empty vault.

Seems plausible