NY Fed Vault Gold Exit
Many countries store some of their gold 30m underground in the New York Fed’s vault. Germany now famously asked for theirs back in 2013 (c300 t) but have been given but a dribble. Netherlands recently got 122 t of theirs out and others are posturing as pressure builds on governments to repatriate their gold to reduce the counterparty risk of the US ‘system’.
The graph below (courtesy of ZeroHedge) shows the new ‘trend’, a trend coinciding with that of the GFC period. Few know that all of Australia’s 80t of gold is sitting in a similar vault in London. There is currently a petition doing the rounds in Australia calling for repatriation of that gold.