vrijdag 30 januari 2015

10 tonnes of gold disappear from FRBNY in December 2014

With repatriation of gold in the picture, especially when China is gobbling up all the physical gold, we need to keep an eye on the gold deposits at the Federal Reserve Bank of New York.

Each month they issue this report of gold deposits at the FRBNY.

The value of the gold deposit is calculated at value $42.22/troy ounce.

Take an example December 2014: 8170 million USD of earmarked gold.

So you first divide 8170 million USD by $42.22/troy ounce and then you convert it to tonnes. You get 6018 tonnes.

Now we chart it out over two years and we see that people are not deposition gold in the U.S. Instead they are pulling out their gold from the U.S. FRBNY at a very fast pace. I expect this to accelerate till there is no gold left in the U.S. or something breaks in the rehypothecation scheme.

In December 2014, we saw 10 tonnes disappear from the vaults. Which mysteriously coincides with the 10 tonnes that the Netherlands supposedly added in December 2014.

This is what it looked like in the past. If you take a good look, you will notice that gold repatriation typically occurs when there is a recession.

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