LONDON, July 10 (Reuters) - An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday.
Not forgetting that not long ago the Bank of England refused to send Venuzuela’s gold back to them:
Much of this gold is held in The Federal Reserve and Bank of England. It has often been said that much of this gold has been hypothecated and re-hypthecated many times so this could get quite interesting!
There could end up arun on The Fed. and BofE as countries scramble for their gold
Everybody repatriating their gold is fine with me, and I doubt the FED or Ft Knox gives much beyond a tinker’s dam either. Of course, if the custodians have been cheating then it could get very interesting, but that would only further undermine the value of gold as compared to securities of whatever sort, including simple bank accounts.
Although the Federal Reserve does not own any gold, the Federal Reserve Bank of New York acts as the custodian of gold owned by account holders such as the U.S. government, foreign governments, other central banks, and official international organizations. No individuals or private sector entities are permitted to store gold in the vault of the Federal Reserve Bank of New York or at any Federal Reserve Bank.
For some reason The Fed. is reluctant to part company with the gold that it holds:
On January 16, 2013 Germany’s central bank, the Bundesbank, said it will ship back home all 374 tonnes it had stored with the Banque de France in Paris, as well as 300 tonnes held in Manhattan by the US Federal Reserve, by 2020.
Fast forward a year and the Germans have managed to bring home a paltry 37 tonnes of gold.
Let’s hope that The Fed, and BofE haven’t been running a fractional reserve system in gold
For some reason Divitas seems to be unable to figure out that some jobs may take more than one year to accomplish. Germany asked for 300 tons of gold from its deposits with the US Fed. Moving that much gold is not a simple task. It actually requires some planning and logistics (insert heavily sarcastic shocked face). Turns out that Germany got all of the gold they asked for with no problems. The transfers were done ahead of schedule over the course of 3 years instead of the 4-5 that was originally planned.
So your article proves nothing and your wild accusations are baseless. Again.
No. Three years for Germany to move 300 tons of gold. One of the services the US was providing was safekeeping. Once Germany shows up and gets their gold, transporting and keeping the gold safe is Germany’s problem, not the US.
And don’t forget, they were moving about 375 tons of gold from Paris at the same time. Granted, that’s a lot shorter of a move. But it’s still a second move. The necessary personnel can only be in one place at a time.
Plus you’re still ignoring the fact that Germany got all the gold they asked for, contrary to the implication of your earlier post which implied they didn’t.
Face it, you are just fear mongering here. You stated a half truth, completely ignoring additional facts that happened after the old article you quoted was written. You got caught in a lie, and won’t admit that you were wrong.
