Federal Reserve Confirms Biggest Foreign Gold Withdrawal In Over Ten Years
A week ago, when we reported that in a stunning move, the "Dutch Central Bank Secretly Withdrew 122 Tons Of Gold From The New York Fed", and when looking at the NY Fed's monthly reports of gold deposits by foreign entities, we observed that "we can see that while the 5 tons outflow in 2013 was most likely Germany, the recent surge in gold repatriation from Liberty 33 was the Netherlands. That said, only 77.5 tons of NY deposits gold has been officially repatriated through September, which means the October update, when it comes out, will be a doozy." Yesterday, the long anticipated October update of "earmarked gold" held on deposit at the NY Fed was released, and sure enough it did not disappoint. Declining in dollar value from $8.305 billion to $8.248 billion, this was the equivalent of 42 tonnes of gold being withdrawn, in the process reducing net gold located in the vault of JPMorgan the NY Fed to 6,076 tonnes. The 42 tonnes withdrawal was also the biggest single monthly redemption from the NY Fed since 2001.
So with the 119 tonnes of gold withdrawn so far in 2014, it is now abundantly clear that the "logistical complications" excuse used by Germany to halt its own gold repatriation program was nothing but a lie to cover up what, as Deutsche Bank explained earlier this month, was an escalation of "diplomatic difficulties" between the US and Germany, one in which Germany has folded, if only for now.
http://www.zerohedge.com/news/2014-11-29/federal-reserve-confirms-biggest-foreign-gold-withdrawal-over-ten-years
