Gold Held In NY Fed Vault Drops To Lowest In 21st Century After Biggest Monthly Withdrawal Since 2001

Tyler Durden's picture


Exactly one month ago we observed that, as expected in the aftermath of the Netherlands' shocking and still not fully-explained gold repatriation from the NY Fed, the amount of foreign earmarked gold on deposit with the Fed had just experienced a 42 ton withdrawal: the single largest outflow of gold held at the NY Fed in over a decade, going back all the way to 2001. This had brought the total amount of YTD gold withdrawals from the NY Fed to a whopping 119 tons: the most since the Lehman collapse.

However, because this total was insufficient to cover just the Dutch repatriation of gold from the NY Fed (which amounted to 122 tons), we knew there would be more activity when the November data hit. Sure enough, earlier today the Fed reported the total amount of earmarked gold (or gold "held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States") for the month of November: at $8.184 billion, this was a $60 million drop from the previous month (or it would be at the $42.22/ounce "price"; at market prices the value of the withdrawn gold is about $1.7 billion).

In actual tonnage terms, this means that in November some 47.1 tons of gold were withdrawn from the NY Fed, bringing the Fed's total earmarked gold to just 6,029 tonnes: the biggest single monthly outflow going back to the turn of the century. This is also the lowest amount of gold held at the NY Fed vault located at 33 Liberty street (and just across from the even bigger vault located at 1 Chase Manhattan Plaza) in the 21st century.

But even more notable is that with the November data, we now know that all of the Dutch repatriated gold is fully accounted for.

Which brings up a far more important question: net of the Netherlands withdrawals, there is some 44 tons of extra gold that has been also quietly redeemed (by another entity). The question is who: is it now the turn of Austria to reveal in a few weeks that it too, secretly, withdrew some 40+ tons of gold from "safe keeping" in the US? Or was it Belgium? Or did the Dutch simply decide to haul back some more. Or did Germany finally get over its "logistical complications" which prevented it from transporting more than just a laughable 5 tons in 2013? And most importantly, did Germany finally grow a pair and decide not to let "diplomatic difficulties" stand between it and its gold?

We should have the official answer shortly, but we know one thing: it sure wasn't Ukraine

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Mon, 12/29/2014 - 18:23 | 5602929 Four chan
Four chan's picture

what gold?

Mon, 12/29/2014 - 18:26 | 5602943 kaiserhoff
kaiserhoff's picture

So who is next in line to get Corzined/rehypothecated?

Mon, 12/29/2014 - 18:34 | 5602980 Manthong
Manthong's picture

6,039 tons?

Is that “gold” or “gold and/or gold receipts”?

Mon, 12/29/2014 - 18:55 | 5603071 economics9698
economics9698's picture

Fuck the tribe.

Mon, 12/29/2014 - 19:00 | 5603083 I MISS KUDLOW
I MISS KUDLOW's picture

Its time to panic

Mon, 12/29/2014 - 19:09 | 5603109 Pure Evil
Pure Evil's picture

Where is the Fed Window where you can buy Fed gold for $42.22 an ounce?

Mon, 12/29/2014 - 19:23 | 5603149 johngaltfla
johngaltfla's picture

It's okay. The Bernank said gold isn't money so these suckers demanding delivery of their gold in China, Dubai, and Europe are just getting shiny well painted Tungsten bars anyways.

Mon, 12/29/2014 - 20:26 | 5603323 847328_3527
847328_3527's picture

Some assets are underpriced, like gold. Others still need to correct, like RE. I am guessing, this carry trade thingy combined with the thousands of solid paying jobs in the O&G world will be the straw that breaks the camels back, as they say.

Mon, 12/29/2014 - 21:30 | 5603540 new game
new game's picture

and i am to believe a single word written today from the ny fed. are you or i that stupid?

i don't believe anything about gold, just no way to prove any of the lies. its like knowing how much blow is moving around at any given time.

all poppycock...

Mon, 12/29/2014 - 22:52 | 5603840 mvsjcl
mvsjcl's picture

"... with the November data, we now know..."


We now know diddly-squat. Same as it ever was. You have that right, new game.

Mon, 12/29/2014 - 22:58 | 5603860 BigJim
BigJim's picture

So, Tyler, it's dropped what, 10% in 10 years? Gee.

Meanwhile, why isn't Putin buying phyzz hand over fist? Anyone would think he's happy to play along with the NWO, or, at least, the NWO's banker chapter.

Mon, 12/29/2014 - 23:56 | 5604070 ThirteenthFloor
ThirteenthFloor's picture

Big Jim, look at Russian mining output plus very little gold leaves Russia, and they are sitting on the old gold as well. My guess Russia is one or two in gold holdings. They are flat in trade deficits too. What's gold in Russia stays in Russia !

Tue, 12/30/2014 - 01:25 | 5604237 Soul Glow
Soul Glow's picture

If I rehypothicate 10 tonnes of gold at $42 I can loan out 9/10s of the collateral at a price set by decree of the central bank which means I profit at such and such a degree.

Tue, 12/30/2014 - 03:36 | 5604357 BaBaBouy
BaBaBouy's picture

Folks, We Sold Some GOLD.

Tue, 12/30/2014 - 05:04 | 5604410 Retronomicon
Retronomicon's picture

What's up with copper?  Nary a mummer.

Tue, 12/30/2014 - 05:09 | 5604416 Ying-Yang
Ying-Yang's picture

And then there is


"But there's one currency that did worse in 2014, depending on whether you think virtual currencies are real money," wrote Bloomberg. "A bitcoin has lost 58 percent of its value in U.S. dollars this year, and 72 percent since last November. If you'd invested $10,000 in bitcoin at the beginning of 2014, it would be worth $4,202 today."

Tue, 12/30/2014 - 06:47 | 5604485 GoldSilverBitcoinBug
GoldSilverBitcoinBug's picture

Bitcoin is for short term (spending, speculating) and fleeing the country without anyone knowing about it.

Gold is for long term, crisis proof.

Tue, 12/30/2014 - 20:52 | 5607459 Self-enslavement
Self-enslavement's picture

Here's a story Zerohedge seems to have missed no doubt is mostly google sponsored propaganda

Tue, 12/30/2014 - 07:42 | 5604521 GetZeeGold
GetZeeGold's picture



Where is the Fed Window where you can buy Fed gold for $42.22 an ounce?


I've heard it's right next to the Lost Dutchman's Mine...but I've never actually seen it.

Tue, 12/30/2014 - 01:20 | 5604231 mt paul
mt paul's picture

a kilo in hand

is worth a few in the bush...

Mon, 12/29/2014 - 23:44 | 5604006 ThirteenthFloor
ThirteenthFloor's picture

Straw that breaks the back, is when rest of world no longer wants US treasuries. They convinced/coerced Japan to be a buyer. My guess that line is getting shorter everyday. Who really wants a UST ?

Tue, 12/30/2014 - 00:11 | 5604100 SAT 800
SAT 800's picture

Everyone who has a gun pointed at their head.

Mon, 12/29/2014 - 22:24 | 5603730 WmMcK
WmMcK's picture

I don't think that doillar sign has anything to do with fiats.  Wait for the blue money or a reset.

Mon, 12/29/2014 - 22:37 | 5603798 effendi
effendi's picture

I'm sure they will sell anybody gold at $42/ounce as long as they are paying for it with sound money (like gold eagles and double eagles). With fiat money you will only get your monies worth (very little, if anything).

Tue, 12/30/2014 - 05:55 | 5604451 escapeefromOZ
escapeefromOZ's picture

at that price of $42  which producer/miner will be still operative ? My guess is ZERO . Even at this level of  about $1200 most miners just break even !

So the $42 for one once is an impossible dream ! 

Tue, 12/30/2014 - 10:23 | 5604829 Tall Tom
Tall Tom's picture

No. The Gold Window was closed on August 15, 1971.


Besides the One Ounce $50 Gold Piece, if traded for Gold at $42, would give a person roughly an Ounce and an Eighth for an Ounce.


They are not giving it away...even if it is a "Barbarous Relic".

Tue, 12/30/2014 - 10:16 | 5604811 Tall Tom
Tall Tom's picture

Where is the Fed Window where you can buy Fed gold for $42.22 an ounce?



Closed by Richard M. Nixon on August 15, 1971.


The US Government has never revalued Gold since that time. Thus the US Government Official Price stands...BY STATUTE...BY $42.22.

Mon, 12/29/2014 - 19:39 | 5603191 Greenskeeper_Carl
Greenskeeper_Carl's picture

Not to get all "tinfoil-hatty" but when exactly in 2001 did this previous record withdrawal take place?

Mon, 12/29/2014 - 19:57 | 5603242 johngaltfla
johngaltfla's picture

About a month before 9-11. And it was the Saudis. And nobody wants to cover this because witnesses got the Marcy Park tour.

No tinfoil hat, just redacations in the official investigation that was published.

Mon, 12/29/2014 - 20:16 | 5603285 Pooper Popper
Pooper Popper's picture

hey John,

Do you have a source for the saudi Gold withdrawal?

Im Not doubting this claim.I would just like a good source of study!


Mon, 12/29/2014 - 20:30 | 5603320 johngaltfla
johngaltfla's picture

Just FOAF who claimed to see the unredacted 9-11 report. Until those black marks are removed, the public will never now the truth. As long as Bushies, Clintons, and Obamas are in office, the Saudis have purchased protection to cover up their activities. Including the active slave trade from Christian parts of South Sudan.

Mon, 12/29/2014 - 20:36 | 5603348 VATICANT
VATICANT's picture

Seriously, fuck the Wahabbis. Zionist-cock suckers

Mon, 12/29/2014 - 20:42 | 5603363 Counterpunch
Counterpunch's picture

Anything coming out of a largely neocon-infested government as to Saudi should be treated with a healthy amount of skepticism.


I'd be interested in the source of that claim, as well.

Mon, 12/29/2014 - 23:00 | 5603876 BigJim
BigJim's picture

Anything coming out of a government should be treated with a healthy amount of skepticism.

There! FIFY!

Tue, 12/30/2014 - 12:30 | 5605246 Nestor Makhno
Nestor Makhno's picture

From your link.

'In reality there has been no hard evidence linking Saudi Arabian leaders and officials to terrorism, little evidence of Saudi subjects playing a mindful role, and far less financial ties to terrorism than could be found in most nations with a banking system.'

They're cunning b'stards, I'll give them that.....

Mon, 12/29/2014 - 19:24 | 5603152 Groundhog Day
Groundhog Day's picture

finally the barbaric relic can be replaced with high quality Fiat

Mon, 12/29/2014 - 20:19 | 5603304 ILLILLILLI
ILLILLILLI's picture

...and just in the nick of time, too!

Mon, 12/29/2014 - 23:51 | 5604050 bluskyes
bluskyes's picture

I've just started reading The International Jew by Henry Ford. It is a prophetic work.

Mon, 12/29/2014 - 19:37 | 5603183 Greenskeeper_Carl
Greenskeeper_Carl's picture

Classic. Didn't even have to click on the link to know what it was(I did anyway because that clip never gets old)

Mon, 12/29/2014 - 19:51 | 5603217 Chupacabra-322
Chupacabra-322's picture

Dumb & Dumber, Right?

Mon, 12/29/2014 - 19:59 | 5603232 Cognitive Dissonance
Cognitive Dissonance's picture

It is simply amazing that ANYONE can click on that link and recognize the absurdity of the statement. Yet when the Fed says the same thing the vast majority of people will accept it at face value and never question it.

THAT in its simplest form is the CON in the confidence job the Fed and the banking system are pulling. Of course no CON is complete without someone(s) accepting what they think is true for actual truth. The CON is nothing without someone(s) willing to go along for the ride for any one of a million reasons.

Mon, 12/29/2014 - 20:34 | 5603343 DaveyJones
DaveyJones's picture

Part of the con is always the john

Mon, 12/29/2014 - 21:22 | 5603514 Greenskeeper_Carl
Greenskeeper_Carl's picture

Ha ya that's true. But no one gets it. I forget who said it, but it's much easier to fool someone than it is to convince them that they've been fooled.

Mon, 12/29/2014 - 22:27 | 5603747 Fish Gone Bad
Fish Gone Bad's picture

+1 One has but to look at various institutional religions and cults to know the truth in your statement.  Manson still has followers.

Mon, 12/29/2014 - 22:54 | 5603856 Arius
Arius's picture

"It is simply amazing that ANYONE can click on that link and recognize the absurdity of the statement. Yet when the Fed says the same thing the vast majority of people will accept it at face value and never question it."


CD - you have to put the Gun into the algorithm for the algos ... give the dummer the gun and you will see the other guy smile and ohhhhh  yes, IOU are fine too ... just let me get out of the room

Mon, 12/29/2014 - 22:55 | 5603861 29.5
29.5's picture

The amazing thing is how the writers of the scene/movie hit a literal gold mine in terms of pyramid scheme and economics that are tought nowadays. Did they really know, or at least the depth of the con-game? Probably not. But doesn't matter because I know people who love that movie so much and they still have no idea what they are doing in their own financial world. That's the comedy of it all.

Mon, 12/29/2014 - 19:49 | 5603215 Chupacabra-322
Chupacabra-322's picture

@ ManThong,

Fuck'n IOU Notes.

Mon, 12/29/2014 - 21:05 | 5603436 aurum4040
aurum4040's picture

@cog ~ because nearly everyone goes along with it .... until they don't,  Russia and China will pull the cord simulataneously in my opinion. In America's case it's very different and we will have our head in the sand, debating over the size of Kardashian's ass and cop 'killers' until we can't go along because reality is too inconvenient.   

Mon, 12/29/2014 - 21:27 | 5603539 Greenskeeper_Carl
Greenskeeper_Carl's picture

I still don't think that's necessarily happening. China goes along with it because it's too their benefit. They need us and Europe because they need us to sell their cheap shit to. If we go down, so does the EU, and there isn't another realistic market of about 850 mil people to sell their cheap shit too. I know their are other places with a similar sized population out there, however their own people are borderline slave wages just like the Chinese, so there's no reason for them to need china to make it for them. While it might give them a sense of satisfaction to collapse the dollar since they are sick of US dominance, once we stop buying their manufactured goods, they're going to have several hundred million pissed off peasants to answer to once those factories shut down. Not saying it's a good situation , nor that it's sustainable, that's just my take on it.

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