FRBNY

FRBNY Gold Repatriation Continues

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After a 3 month hiatus, the gold repatriation continues at the Federal Reserve Bank of New York. There is only 5880 tonnes of foreign gold left in the vault.

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.

Gold Repatriation Update

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While gold is smashed down, repatriation from the Federal Reserve Bank continues. For the first time since decades, we go below 6000 tonnes.

 

And on a side note, remember when we talked about leverage of paper gold against physical gold? We are at it again. When we look at the COMEX stock, we notice that registered gold is at record lows again, while the paper gold is at record highs. Resulting in this second spike.
The first spike was in 15 January 2014, which was a bottom in gold price. I believe this second spike will give us a second bottom in gold price soon.

10 tonnes of gold disappear from FRBNY in December 2014

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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.
http://www.federalreserve.gov/econresdata/releases/intlsumm/forassets20141031.htm

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.

Monitoring the Foreign Gold Deposits Held at Federal Reserve Bank of New York (FRBNY)

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With repatriation of gold in the picture, especially when the Swiss gold referendum vote comes in a few weeks to repatriate their Swiss gold (30 November), 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.
http://www.federalreserve.gov/econresdata/releases/intlsumm/forassets20141031.htm

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

Take an example September 2014: 8305 million USD of earmarked gold.

So you first divide 8305 million USD by $42.22/troy ounce and then you convert it to tonnes. You get 6118 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.

This is what it looked like in the past: