IIRC, A German court issued an order to the Bundesbank that Germany's gold bullion (including those held in foreign vaults) be audited. The access granted to the German auditors by they FRBNY wasn't satisfactory to the German authorities, and as a result the Germans decided to begin repatriation of a large portion of their gold (~300 tonnes, I think). A deal was struck to return the gold in batches over the next 7 years. I don't think there has been any conclusive proof of shady things, but of course there is a lot of speculation regarding the motives and facts surrounding the issue.
For anybody reading this, research gold leasing by bullion banks. In essence it's fractional reserve banking... and the issue is if nations demand their gold back, what if it's not there?
Some links in case you're curious:
http://www.spiegel.de/international/germany/debate-breaks-ou...
http://www.spiegel.de/wirtschaft/soziales/rechnungshof-forde...
http://www.spiegel.de/international/germany/german-politicia...
http://www.telegraph.co.uk/finance/personalfinance/investing...