Global repatriation and the Fed's gold vault

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This means that after 177 tons of gold were withdrawn in 2014 - the largest year of gold redemptions since 2008 when 230 tons of gold departed the NY Fed vault - another 30 tons of parked gold has been recalled to their native lands so far in 2015.

This also means that for the first time in the 21st century the total gold tonnage held at the NY Fed is now under 6000 tons, or 5,989.5 to be precise.

But most importantly 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.

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... 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.

... 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.
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This week, Rep. Mooney wrote to Federal Reserve Board Chairman Jerome Powell as follows:

I remain interested in the Federal Reserve’s activities with respect to the gold market. The gold price – now hitting all-time highs – is in some ways a report card on your management of the current system of unbacked Federal Reserve notes and bank credit.

I am increasingly concerned that actions by the Fed, the U.S. Treasury, and deficit spenders in Congress have undermined the world’s confidence in our currency, making our nation more financially vulnerable – to say nothing of the impact of inflation on our own citizens.

Please respond in writing to the following questions no later than January 15, 2024:

• Has the Federal Reserve or the Federal Reserve Bank of New York repatriated any gold to foreign nations this year? If so, to which countries and how much?
• How much gold is the Federal Reserve vaulting for foreign nations now and how does this compare to the amount vaulted at the end of 2022?
• Does the New York Fed’s statement of November 9 asserting that the Federal Reserve and U.S. Treasury Department did not intervene in the foreign exchange markets during the July-September 2023 quarter cover the gold market as well?...

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U.S. Congressman Asks Federal Reserve Whether Nations Are Repatriating Gold from New York

Washington, D.C. (December 14, 2023) – As central banks across the globe continue to scoop up gold bullion for their reserves at record rates, U.S. Rep. Alex Mooney (R-WV) is asking Federal Reserve Chairman Jerome Powell some pressing questions about gold. Gold currently trades at all-time...

www.moneymetals.com

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Congressman Demands Answers From The Fed About U.S. Gold Reserves!​

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In December, Rep. Alex Mooney, R-W.Va., asked Powell a series of simple and direct questions, including whether the Federal Reserve has recently repatriated gold to foreign nations, how much gold the central bank is holding now, and how much it held in 2022.

Powell responded to Mooney in a letter dated last Friday, giving evasive non-answers to all the congressman’s inquiries.

The Fed chairman told Mooney that the Federal Reserve does not own gold but holds it as a custodian for other entities—a fact the congressman presumably already knew. Powell also said that the Fed serves as a custodian for a “small portion” of the U.S. government’s gold, telling Mooney that “any questions you may have about such gold are best directed to the Treasury Department.” Rep. Mooney’s questions were not about the Treasury’s gold.
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