It Will Take The Fed Seven Years To Deliver 300 Tons Of German Gold
With the market yet another algo-controlled snoozer, programmed to close the S&P just green (as otherwise confidence in central planning may fail), the key things we learned today are as follows:
Obama proposed 23 "gun controling" executive actions, which do little to actually control guns - that part falls to Congress, where the proposal will be promptly killed - but which will add some $4.5 billion to US spending, and which will "push for further action on his health care law, including insisting on the kind of mental health coverage states must provide under their Medicaid programs."
The breakdown of the spending is as follows, per Weekly Standard:
- $4 billion for the president’s proposal “to help keep 15,000 cops on the streets in cities and towns across the country.” (That is roughly $266,000 per police officer.)
- $20 million to “give states stronger incentives to make [relevant] data available [for background checks] … “$50 million for this purpose in FY2014”
- “$14 million to help train 14,000 more police officers and other public and private personnel to respond to active shooter situations.”
- “$10 million for the Centers for Disease Control to conduct further research, including investigating the relationship between video games, media images, and violence.”
- $20 million to expand the National Violent Death Reporting System.
- $150 million to “put up to 1,000 new school resource officers and school counselors on the job.”
What can one say: politics, fully, theatrically and embarrassingly "endorsed" by the children sitting behind the president.
* * *
But the biggest news of the day comes from the official Buba announcement that, in its official capacity as a prudent central bank, it - as first of many - is looking to repatriate some 300 tons of gold from the New York Fed. That, however, is not today's news - that was Monday's news.
What is news is that courtesy of the supplied calendar of events in the Buba statement, it will take the Fed some seven years to procure Germany's 300 tons of gold. This is the same Fed that, in its own words, holds some "216 million troy ounces of gold" or some 6720 tons, in its vault 80 feet below ground level.
Putting the above in perspective, the amount of gold that Germany will have to wait 7 years for is shown in red. The amount of gold the Fed supposedly holds, is shown in yellow with a shade of tungsten. Why it will take the Fed 7 years to part with an amount of gold that is less than 5% of its total holdings is anyone's guess...
unless of course, the bulk of the gold in the column on the right has been rehypothecated numerous times to serve as collateral for countless counterparties, and it is no longer clear just who own what to anyone.
* * *
We can only wonder how many centuries it will take the New York Fed to deliver all the gold held by third parties in its vault, once the demand notices start rushing in...
For all those curious how the Fed itself describes the gold vault and its contents, can read more in the pamphet below:
(41 votes)
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April fools!
I can deliver that gold in......3 days.
"It Will Take The Fed Seven Years To Deliver 300 Tons Of German Gold"
Or 7 minutes to deliver 8000 tons of tungston!
Your choice Germany.
I'm sure this will speed up delivery - or not: http://economiccollapsenews.com/
The reason for the delay is simple:
It will take them 7 years to mine and refine all that gold from scratch - given that there's nothing but gold-plated tungsten in the vaults...
Germany wants their gold holdings repatriated to home soil. They have asked the French to return all of their gold, at a rate of 50 tonnes per year until all 374 metric tonnes are received.
The French have just commenced military operations in Mali. Mali is Africa's third largest gold producer. Mali, this past year, increased its gold production by just over 50 metric tonnes.
Is anyone else seeing the connection here?
I'm willing to bet that France does not have Germany's gold and the Bundesbank has given them a few years to mine it from Mali. Yet the Mali source must be secure, hence the military must make sure the gold flows.
Yes....and the U.S. has just volunteered to help the French (connection) with their problems in Mali. God knows, they will need some help, too. After all, the CIA supplied units of insurrgent AlQaeda will have fried frog legs for lunch, and sauteed with garlic & butter for dinner.
At least Germany is prohibited from using it's army. Just imagine an armed Germany. /s
They're not getting mine.
Over my dead teeth!
Seven year itch?
I bet Fed Ex could get it there in 2 days.
something about that chart seems wrong ...
oh. right.
http://oi46.tinypic.com/2a65eu9.jpg
I think I found the problem.
If I were the Germans ~ I'd just bomb Pearl Harbor again...
They didn't say 7 years to deliver, they said 7 years to procure, that means buy it from somewhere else with fake money
They....don't.....exactly.....have......it......per se.
They...blame it on 787...belly not large enough.
Some re-construct necessary.
Government work is always the slowest.
Look out for a plane hitting the FRBNY and evaporizing the bulding and the gold with it. Corzined3
Germany should take out insurance on that building against fire and terrorism pronto.
Insurance against default.
What a novel idea.
threadjack:
Richard Fisher speaks about ending taxpayer liablility for TBTF among other topics.
http://www.c-span.org/Events/Dallas-Federal-Reserve-Pres-Speaks-on-Insti...
dunno why tyler won't post it...it warrants a post imo
Mr. Fisher is a good man
Get Larry Silverstein on it. He's got plenty of experience in those matters.
but yet the pilots.passport will somehow survive.
U can say that again (fixed it for U)
but yet the pilots.passport will somehow survive.
Actually, a better bet would be to load uh...like HALF of it....on a 787 TOMORROW and uh...like, fly it right over.
We got indemnity, right? RIGHT?!?!
"The reason for the delay is simple: It will take them 7 years to collect all that gold from US citizens - given that most citizens no longer own any gold ..."
if only there were a way to collect it from foreigners
Rumor is the aircraft carriers sitting off Iran's coast have raised anchor and are heading in the direction of India. /s
This article from Stephen Leeb explains a lot
Why It’s Taking 7 Years For Gold To Be Returned To Germany
germany and italy have just recently offered transport and logistic support... and yes the USSA is also got its nose under the tent, offering various nsa cryptic/logic cyberspace expertise. where to next?--- if you'd guess'd algeria your half way there, but, libya might implode into a sirocco of unimaginable consequences?
jmo
Well they best not be flying that gold back on any Boeing jets.
Dreamdiver.
An armed Germany?:
http://1.bp.blogspot.com/_XKh_DDXuEnA/Sa_n73vQLmI/AAAAAAAAJ3w/CfXrMerP2G...
+1
I'll take the third one from the left. You can have the rest.....you're welcome.
I hope somebody is working on a "Downfall" parody about this.
Done already
http://www.youtube.com/watch?v=PqvDUEVbIbk
If I'm not mistaken, they are allowed to use an army......as it relates to NATO interests.
so its apparently gold not yet mined that will try to satisfy this Demand
how many recall several years ago when the words "Deep Storage" was added to our Gold accounting...makes sense now
Yeah, why don't they just give them that gold.
"Here's the deed. Start digging!"
"There are two types of countries in the world. Those who print the world's reserve currency, and those who dig. You dig."
The good, the bad, and the ugly!!
A gold mine is a hole in the ground with a liar on top. - Sam Clemens
"Mon dieu, it eh appears I've lost my gold. Do you eh accept Alsace-Lorraine?"
There's a LOT of rehypothecation to unwind. That takes time!
Yes that's the most reasonable explanation.
However this action is potentially very bearish for the price of gold in Dollar terms as the Fed might use the attention to crash the price of gold in order to fill the order cheaper.
We may not see much appreciation over this time of 7 years and that may be the real reason for the delay.
Buba and Fed and ECB and BOJ are all fucked, fucked, fucked!!!! They have to contain hyperinflation at all cost!
Depending on how the people will react to this latest action from the man behind the curtain, we could see a financial collapse due to a complete and utter loss of faith in all things paper very quickly.
The man behind the curtain is showing a hand that shouldn't be seen.
lol im sure my ounces will look on with bemusement unfazed.
Taxpayers foot $222,000 bathroom renovation for (former) interior secretary
http://news.yahoo.com/blogs/ticket/taxpayers-foot-222-000-bathroom-renov...
A gold toilet seat?
A refrigerator? In a bathroom?