Gold Repatriation Takes a Bite Out Of New York Fed Gold Holdings

Gold Holdings at the New York Federal Reserve Vault.

Gold is Leaving the New York Fed Vault as Countries Repatriate Their Gold.

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The New York Federal Reserve – Custodian of Much of the World’s Gold

None of the gold stored in the vault belongs to the New York Fed or the Federal Reserve System. The New York Fed acts as the guardian and custodian of the gold on behalf of account holders, which include the U.S. government, foreign governments, other central banks, and official international organizations.” statement on the New York Federal Reserve website.

The New York Fed has long acted as custodian of other countries’ gold. Much of the gold came to the New York Fed before and during World War II to be held for safe keeping. After the war, many European nations kept their gold at the New York Fed due to Cold War fears of a Russian invasion. At its peak in 1973, the New York Fed held over 12,000 tons of gold in custody for others.

Today more than half of that gold is gone.

photo of the New York Federal Reserve building

About 6,000 tons of gold is stored in the vault beneath the New York Federal Reserve building at 44 Maiden Lane, New York, New York.

The New York Federal Reserve Is Shipping Gold Out

Gold is leaving the vaults of the New York Federal Reserve. Countries want their gold back for a variety of reasons.

Germany kicked off the gold repatriation movement in early 2013 when it made a repatriation request to the New York Federal Reserve citing the efficacy of having their gold home in “case of a currency crisis”. Germany’s gold repatriation has been ongoing and is not yet completed.

In November of 2014, the Netherlands announced that it had repatriated 122.5 tons of its gold from the New York Fed. Soon after the Dutch gold repatration news broke there was news that Belgium and Austria also were considering repatriating their gold.

Also in November 2014, The French opposition leader, Marine Le Pen made a request to the National Bank of France encouraging it to repatriate its gold.

These recent gold repatriation actions follow the failed November 2014 Save Our Swiss Gold referendum) that included as one of its planks a repatriation of Switzerland’s gold.

In 2012 Venezuela repatriated its gold.

The recent spate of gold repatriations and requests/considerations to repatriate gold highlight the importance of gold as a reserve asset.

Here is a chart showing the recent depletion of gold held at the New York Fed gold vault.

Gold Held at the New York Fed November 2012- November 2014

Chart showing gold held at the federal reserve in New York 2012-2014

Holdings of gold at the New York Federal Reserve are falling as repatriation fever takes hold.

Here is a chart showing the long term depletion of gold held at the New York Fed gold vault.

Gold Held at the New York Fed 1970-2014

chart showing gold held at the new York fed 1970-2014

Gold held at the New York Fed has declined by over 50% since 1970.

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Charts courtesy of Nick Laird of Sharelynx – The Gold Standard in Precious Metals Charts.
Fed Photo:CanStockPhoto

Further Reading:

Gold Repatriation Requests (updated regularly)

Gold Repatriation Fever Spreads to Austria

Gold Repatriation Fever Strikes Belgium

Dutch Repatriate 122.5 Tons of Gold From the U.S. Federal Reserve

Gold News From Around the World

Gold Reserves By Country

Save our Swiss Gold – What You Need to Know (with links to all updates)

The Importance of Gold to Nations and Individuals

Gold and Silver Manipulation – Suspected

Silver and Gold Manipulation – Actual

Why a no Vote on Save Our Swiss Gold is Good For Gold

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