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Gold Withdrawals From NY Fed Vault Refuse To Stop: 200 Tons Of Gold Repatriated In Past Year
One month ago, when we commented on the latest monthly withdrawal from the gold vault lying on New York's bedrock some 90 feet below the NY Fed building, which then saw another 10 tons quietly repatriated by unnamed foreign central bank(s) bringing the total held on behalf of foreign governments to below 6,000 tons for the first time in the 21st century, we made an observation:
... it means that all of the 207 tons in Dutch and German withdrawals are now accounted for with a matched and offsetting "departure" at the Fed. Which is why the next monthly update of the Fed's earmarked gold will be especially interesting: if March data shows that the withdrawals continue, it will mean that either Germany, or some other sovereign, has continued to redeem their gold which for some reason they no longer trust is safe lying nearly 100 feet below street level on the Manhattan bedrock.
As a reminder, for years it was anathema to even hint at distrust among "developed" central banks and thus to ask for one's gold, because the very currency of central banks in a fiat regime is faith: faith which has been evaporating in inverse proportion to the trillions (at last check some $22T) in asset purchases by central banks to pretend that all is well. As such, even one defector from this grand "game theoretical equilibrium" would be enough to raise a substantial question about the viability of the current economic system which rests on one fundamental premise: the full faith and credit of fiat currencies, and particularly the US dollar as the reserve.
In any event, we now have the March data, and we can officially confirm that the gold redemptions from the world's (allegedly) largest gold vault have continued, and another 10 tons of gold was put on a ship (or plane) in March in an unknown direction.
As a result, total earmarked gold at the NY Fed is now down to 5,979.2 tons, a level not seen in the current century.
More worrying, since Germany and the Netherlands started repatriating a portion of their gold held in Manhattan, some 217 tons of gold has been redeemed starting in February 2014 and just under 200 tons in the past 12 months. Putting this in comparison, during the Great Financial Crisis a grand total of 230 tons of gold fled the US to fund sovereign nations close to default with sales of a "barbarous relic." Of course, all gold redemptions were promptly halted in November 2008... only to return with a vengeance since 2014.
But what is most interesting is that as we noted last month, the total expected gold redemptions by Germany and the Netherlands amounted to 207 tons. Thus, the March redemption means that either Germany is continuing to pull its gold, some 10 tons at a time, or some other central bank has joined the parade of gold repatriators.
Finally, anyone who is unclear about the definition of "earmarked" gold is urged to read "Why Central Banks Hate Physical, Love "Earmarked" Gold, And What Is The Difference."
Source: Fed
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You can't do anything with gold, it just sits there, you can't even eat it!
Jim Rogers says to just invest all your money in North Korea!
https://www.youtube.com/watch?v=IIBrFU_x7HU
You can buy yachts, mansions, planes etc. with gold. And also food when you need your electronic money to burn the stove with. Wait, something did go wrong here ...
I helped contribute to this. :-)
Fuck the Fed.
Gregory Mannarino just pointed out that population growth in the world has run directly proportionate to the debt of the fractional reserve banking system. His thesis: when the debt collapses, so will the population, by one way or another.
And the means to accomplish this population reduction is already in place and fully functional.
Don't delude yourself - the price of gold can keep on falling because it doesn't have anything to do with the element "Au".
Die JPM, die you criminals, and take Fed with you
Exactly! If you can't eat it, like apartments, credit cards and paper money, then it serves no purpose at all.
Funny how not that long ago, this type of news would have had an actual bearing on the price of metals.
Yep. These days there seems to be plenty of faith in being short paper gold.
For the past two years the POG doesnt' do anything but get smacked down every week or so by $20-30 by naked shorts.
Then sits there for a few days waiting to see if it will trigger some long hands to sell. But since all the weak hands left gold a couple years ago there is no selling to trigger.
Then gold jumps $20-30 back up before the week is out with nothing accomplished.
It's pretty clear that (for now) great efforts are being made to keep CB gold banking completely independent of the rest of the gold market. The price suppression is likely to keep people from draining BB inventory as they slowly return what was borrowed from the CBs to them; the alternative would be for the BBs to implode and the gold situation to get exposed, which would cause a lot of political grief to many of the CBs, and keep the CBs from getting their gold back.
Right now virtually every CB has an interest in low gold prices. That will change at some point.
Always handy for a German/Russian/Chinese financial alliance.
Well, some country is certainly concerned about their barbarous relic, eh Munger?
Pretty sure none made it to Greece.
When you have space weapons.
Who needs gold?
All of those space weapons are wrapped in a shroud of gold to protect them from ....uh space.
Whatever. The Habits of Highly Effective People are such (rational and Principle-Centered). They won't have to worry or react to every the 'market' perturbation or manipulation -- because... THEY ARE SENSIBLY DIVERSIFIED in wealth classes and geographic locations.
1. Wealth Classes: Primary, Secondary, Tertiary
2. Geographic locations: part Domestically managed, part Foreign managed. Globally allocated.
That way you can focus on "Deposits & Withdrawals" that truly matter after a long week. [sigh]
No problem.
The Jewish Alchemists at the FED had found that buying up all the .22 LR ammo ever produced in the last 15 years, extracting the lead from the casings and turning it into Au bars, coins, and stuff is a piece of gateaux.
Newsflash: They've improved their methods and are now using Tungsten in place of Pb.
I'm waiting for the cold-shower effect in bullion, that will happen when TPTB release tons of fake gold coins into circulation.
It will force PM Dealers to invest in some hi-tech tools to test the quality of each and every coin they buy or sell. Most coin shop owners are too cheap and arrogant to do so, and only the few (the smart) will seize upon this as a Competitive Advantage.
The FedRes only turns gold into lead.
Just ask any of several dozen countries over the last century.
How can we know that any of this report is any truer than all of the bs they spread about everything else? Who says there is even any gold in the vault? Lies on top of lies. No way to confirm anything. All we KNOW is that there is manipulation. Beyond that is is all speculation.
Agree that the amount they hold is up for debate since no one is allowed to audit the Cartel (FED). However, the number of tons leaving is relevant because these amounts show up as inflows to other nations. If these numbers don't match then even more light gets shown on the ponzi.
"All we KNOW is that there is manipulation. Beyond that is is all speculation."
Therefore all we know is speculation. Beyond that everything is unknowable?
So! There IS gold in the Fed!
There was. All gone...nothing to see here...move along....
It would be interesting to see how much ACTUAL gold is left in those US vaults...
You, sir, are a terrorist.
There is actually just one truck load of Au left. They drive it out in broad daylight, and sneak it back in at the dead of night.
Most of the actual physical gold in FED custody now sits beneath the Chateaus of the FED shareholders.
This is what criminals do. They steal. Since they are now too big to jail, they are going to take and take from the schmucks until there's nothing left to take.
I don't know, maybe they can keep gold down for a very, very long time. On the otherhand, I wouldn't bet the ranch. I sure hope the US has a good stock of gold and we haven't loaned it all away. China is likely stockpiling and may some day use it as leverage for a new reserve currency.
You are a little late to this party Captain Obvious.
Who cares, Warren Buffett said it was a barbaric relic and no one wants it. Continue to stack paper Warren!
Ironically, Warren was not always a hater of PM's. As of this point in time, he stands as the largest accumulator (outside of governments) of silver bullion this world has every known. He took delivery of some 129,710,000 oz.
Now, ironically, he hate metal with a passion and any principled values of PM's he may have learned from his father have since been sacrificed at the alter, along with his own troubled soul.
The question you have to ask yourself, is "What have my assets done for me lately?"
Can I use them (house, boat, plane) for lifestyle and fun? Are they keeping their value or gaining in value? Are they generating an ROI?
If the answer is NO, then you either have a Pet Dog or a glorified Insurance Policy. If it's the latter, then the question is: "How much insurance do I truly need and can afford, when there are so many other lifestyle and wealth Opportunities?"
Perspective, Clarity, Balance, Focus. Have them, keep them.
Kirk out.
Under Sharia, a man can have 4 assets.
How about under halachah law?
"We got rid of our worthless gold and filled the vaults with yummy chocolate" - Poroshenko
The U.S. Put in Willy Wonka to destroy Ukraine and force Russia to pay for the clean up. But Russia called their bluff now the US has made the EU responsible for dealing with the mess. Nuland (traitor) and Willy Wonka say "fuck the EU!" EU is dropping US/IMF behind the scenes and will soon pivot towards Eurasia.
SOMEONE wants it!
What gold??
I paid for a repair of my muffler after I hit a semi tire on I-17 with a .6 gram nugget. I felt like it was a good deal for me. I'm sure the guy that traded me wasn't going to eat it.
I thought it would take Germany 20 years to get their gold back?
I believe we are afraid they bolt from the EU, ditch us and partner with the Russians and Chinese. They may do it anyway. Smart thing to do. We're trying to get another Eoropean world war strted. Germany did not fare too well in the last 2.
I wonder if 10 tons a month is the most that the US can buy and then "give back" to other nations. Doubtful there is any gold stored - it was transmuted into mansions, yachts, hookers and blow.
http://www.jamesbondlifestyle.com/product/rolls-royce-phantom-iii
In other news, chocolate and tungsten sales steady for the past year.
Everybody wants to compare something real, something scarce and something beautiful to a piece of shit fake paper, that is neither scarce or beautiful.We actually take the beautiful and scarce gold and price it in the butt ugly worthless fiat.
We trade in this paper crap because some idiots in DC tells us we have to. IT'S THE LAW!!
THe question is,,, who are they to tell anyone what they can use for trade?
And why do we let them?
Its going to all those new vaults in the ME and Asia....the USA is not a safe Harbor anymore...
Someone said that the $ is far easier to produce than gold, can't understand why economically uneducated foreigners don't just roll over and accept the $ as it's backed by drones!
Bedrock is crumbling...welcome to the new era. Bad is good, good is unambiguously good and everything beneath our feet is shifting sand. Even money is free (for some and they can borrow and pay it back at negative interest in the infinitely distant future.) What a world, what a world.
Aaaand the price of gold remains firmly below $1200, world without end, amen. Oh, that is until the magical deliverance that's supposed to magically arrive in the magical month of September, of course. By which time what's left of my stack will be gone with the wind, just like everything else I ever had or was ever going to have.
Stay positive brother!
My private Central Bank [The Sovereign Reserve Bank of Moe Howard] has been only receiving Ag and Au; no withdrawals permitted.
Patience is a virtue.
Nyuk nyuk nyuk...
Gold Reserves in Russia is expected to increase
to 1289.99 Tonnes in the second quarter of 2015
from 1208.18 Tonnes in the fourth quarter of 2014.
In 2016, the Gold Reserves is expected to increase to 1343.71 Tonnes
US can print dollars far cheaper than it can buy or mine gold....
electron money generation is even cheaper
Repatriation of gold is but one metric in the shifting monetary landscape of the western banking system . . . but it is one of the significant metrics currently in play.
Tricks and treachery are the tools of fools who are so self-assured. . .ultimately yielding to the wise having reason to question.