Koos Jansen
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Koos Jansen
Posted on 29 Dec 2014 by

Federal Reserve Bank New York Lost 47t Of Gold In November

The number we all have been waiting for; The Federal Reserve Bank of New York (FRBNY), which is the custodian for parts of the official gold reserves of 36 nations and the IMF, e.g. The Netherlands and Germany, saw its inventory of foreign gold deposits drop by 47 tonnes in November 2014. Year to date the FRBNY has lost 166 tonnes. The FRBNY only publishes how much gold it stores in total for foreign nations and the IMF, not country specific.

The German central bank, the Bundesbank, or BuBa, first announced a gold repatriation program in 2012. BuBa then revised their program in 2013; it intended to repatriate 300 tonnes of gold from the US and 374 tonnes from France by the end of 2020. However, in 2013 they only received a meager 5 tonnes from the US and 32 tonnes from France. No worries though, said Carl-Ludwig Thiele from BuBa, in 2014 Germany aims to get 30 to 50 tonnes back from New York to remain on schedule.

BuBa Jansen

Last November the Dutch central bank (DNB) surprisingly reported it had secretively repatriated 122.5 tonnes from New York. Quickly everybody in the gold space grabbed his or her calculator. If the Dutch got 122.5 tonnes from the FRBNY somewhere in between January and November, than how much should have been withdrawn in total from the FRBNY over this period, in order for Germany to remain on schedule? Now we know, based on official numbers: 166 tonnes was withdrawn in the first eleven months of this year, The Netherlands got 122.5 tonnes, which leaves 44 tonnes that Germany potentially got out of the vaults in Manhattan.

If the remaining 44 tonnes were all for sie Germans, this means Buba could be exactly on track to repatriate 30 to 50 tonnes this year.

FRBNY foreign gold deposits November 2014

Were both the dot-com bubble and housing bubble in the US preceded by large outflows of foreign gold deposits from the FRBNY?

FRBNY Nov 2014 

The German central bank still has some explaining to do. How did the Dutch get 122.5 tonnes back in few months and do they take seven years to repatriate 300 tonnes?

Rectification: in this post I speculated The Netherlands repatriated 122.5 tonnes in two months (October and November 2014). This was obviously incorrect.

Koos Jansen
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  • http://www.bullionbaron.com/ Bullion Baron

    Nice to see someone humble enough to admit when they are wrong. Wonder if we see the same from Zero Hedge who used the Netherlands announcement to continue their worn out meme that Germany stopped repatriating their Gold… http://www.zerohedge.com/news/2014-11-21/gold-repatriation-stunner-dutch-central-bank-secretly-withdrew-122-tons-gold-new-yor

    • DameEdnasPossum

      Why do you insist upon using conjecture and innuendo to draw the attention of Koos’ audience towards the fact that you obviously suffer from a severe case of ‘ZeroHedge envy’?

      There is ZERO evidence in this article that Germany has received the return of any of its bullion from the FRBNY in 2014. They may have, or they may not have. Only time will tell…but there is no proof here one way or another.

      Similarly, the ZeroHedge article you have referenced does not support the point you are attempting to make either, making your attempt at presenting an argument utterly fallacious.

      Your apparent choice to ignore this reality illustrates either your personal ignorance or your obstinate bias as evidenced by your conscious choice to leap at the flimsiest of opportunities to launch an attack on ZeroHedge…a news source referred to by a myriad of non-mainstream media pundits as highly credible.

      Are you capable of seeing this?

      Do you really feel that inadequate about your own Website?

      Or are you a troll with an agenda to undermine goods sources of information for us punters?

      Irrespective of your motivation, it is readily apparent to the impartial, rational mind that in fact the worn out meme is yours.

      No doubt you’ll promptly dismiss my raising this valid response highlighting your affliction, but you should honestly consider the legitimacy of the point I am sharing with you. You post detracts from to good knowledge you are most probably capable of sharing with people holding similar interests in precious metals…people who are helped, not harmed by the service ZeroHedge provides.

      • http://www.bullionbaron.com/ Bullion Baron

        There was no “repatriation halt” as described by the Zero Hedge article I linked. As I wrote at the time, they simply misinterpreted the article:

        http://www.bullionbaron.com/2014/06/krieger-zh-wrong-on-german-gold.html

        But ZH then continued with the ‘repatriation halt’ meme through several articles, despite the Bundesbank confirming with several analysts (including Koos) that the repatriation efforts were continuing and running to schedule.

        In ZH’s most recent update they went out of their way to provide any other explanation before suggesting Germany:

        “The question is who: is it now the turn of Austria to reveal in a few weeks that it too, secretly, withdrew some 40+ tons of gold from “safe keeping” in the US? Or was it Belgium? Or did the Dutch simply decide to haul back some more. Or did Germany finally get over its “logistical complications”…”

        http://www.zerohedge.com/news/2014-12-29/gold-held-ny-fed-vault-drops-lowest-21st-century-after-biggest-monthly-withdrawal-20

        But now that they’ve reintroduced Germany as possibly having drawn down the Gold they will be sure to pat themselves on the back as having been right all along once it’s revealved to be the case next year.

        If that’s the manipulated way you like to be fed Gold events, that’s your prerogative.

        • DameEdnasPossum

          ‘…ZH then continued with the ‘repatriation halt’ meme through several articles’

          Links and quotes to evidence this please?

          Please also note that the single reference you have provided above does not support your argument. In fact the quoted text contradicts your assertions.

          You, sir, are presenting manipulated information. This makes you a hypocrite by attempting to criticise others for the behaviour you so obviously display. This completely undermines your credibility.

          Your jealously of the attention ZH receive relative to your own blog is palpable.

  • Olav

    Any idea about the reasons why gold was withdrawn in 2000/01 and 2007/08?

    • BLonde lucy

      It went to china

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