Posted on 01/17/2013 1:30:40 PM PST by Renfield
....The biggest news of the day comes from the official Buba announcement that, in its official capacity as a prudent central bank, it - as first of many - is looking to repatriate some 300 tons of gold from the New York Fed. That, however, is not today's news - that was Monday's news.
What is news is that courtesy of the supplied calendar of events in the Buba statement, it will take the Fed some seven years to procure Germany's 300 tons of gold. This is the same Fed that, in its own words, holds some "216 million troy ounces of gold" or some 6720 tons, in its vault 80 feet below ground level.
Putting the above in perspective, the amount of gold that Germany will have to wait 7 years for is shown in red. The amount of gold the Fed supposedly holds, is shown in yellow with a shade of tungsten. Why it will take the Fed 7 years to part with an amount of gold that is less than 5% of its total holdings is anyone's guess...
unless of course, the bulk of the gold in the column on the right has been rehypothecated numerous times to serve as collateral for countless counterparties, and it is no longer clear just who own what to anyone.
* * *
We can only wonder how many centuries it will take the New York Fed to deliver all the gold held by third parties in its vault, once the demand notices start rushing in...
For all those curious how the Fed itself describes the gold vault and its contents, can read more in the pamphet below:
There nothing like Gold derivatives.
Link to the pamphlet mentioned above:
http://www.scribd.com/fullscreen/79237637?access_key=key-1sdp3zeh9so95s83so9e
Thanks for posting. A friend told me about this at about 10:30AM this morning...I hadn't heard a thing about it.
Rehypothecated
"Rehypothecation is a practice that occurs principally in the financial markets, where a bank or other broker-dealer reuses the collateral pledged by its clients as collateral for its own borrowing."
Doesn't this mean that they don't have the Geman gold?
Translation: It will take the fed 5 years to electroplate all those tungsten bricks with gold leaf and then 2 more years to actually move it .
So, unless your gold is in your direct physical possession, you don’t actually have any gold.
I wonder what the Germans think about this?
Their gold and ours is long gone.
Correct, IMO.
And obvious to anybody who has actually thought the matter through.
It’s not there. They’re using the seven years to push the swindle into the next president’s term.
From what we know so far, it appears that the FED not only doesn’t have the German gold, it also doesn’t have the Greek gold, the Irish gold, the Venezuelan gold, the Brazilian gold, etc. A bunch of nations are now clamoring for repatriation of their gold, and the FED is telling them all to get lost. Meanwhile, China is buying up all the gold it can find on the spot market, and Fort Knox hasn’t had an honest audit in my lifetime.
The real question here, is, “where is all of that gold?” What happened to it? The international banking families have put the gold somewhere...they didn’t just eat it. So where is it?
Should we brace ourselves for a run on the ‘gold bank’?
What kind of country keeps their gold in the USA repo? Germany is leaving that club. Not sure they knew it would take so long, maybe they should ask for all of it. Smart countries want to know or actually, they (should) want to own, their gold, on their own soil. After all, the outlaws running USA may have misplaced it or may soon loose it.
“....in the meantime, here, have these scraps of paper.”
And the certificate representing ownership will be just as valueless as Federal Reserve Notes once the SHTF.
Fort Knox U.S. Gold Reserves to be Independently Audited and Assayed? Congressman Ron Paul Pressures
The Dutch Ask Their Central Bank: "Where Is Our Gold?"
It’s simply not there.
It says Bundesbank is planning a phased relocation. It doesn't say the FED can't deliver if it was all requested tomorrow.
Just gold bugs trying to scare up some business.
"To this end, the Bundesbank is planning a phased relocation of 300 tonnes of gold from New York to Frankfurt as well as an additional 374 tonnes from Paris to Frankfurt by 2020.">
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