Just like Germany requested their gold back, and we are not able to fulfill that obligation until 2020.... right after we melt their gold down from its original form... The fact is, we don't have it.
Its like going into the bank and putting a diamond ring into a safety deposit box, then coming in a year later to get it to find out its not there. Or that it will be 3 years before you can have it back.
If China requests the debt in Gold, there is no way we can fulfill that obligation.
Say Russia does remove its dependence on the dollar, that will big a pretty decent blow to our dollar. I'm willing to bet other countries will follow suit. Most middle eastern countries are already considering removing their dependence from the petro dollar. Another blow to our dollar.
I wonder if the price of Gold will rise as a result of those decisions.