The Venezuelan gold repatriation transport operation took just over two months to complete, beginning on 25 November 2011, and winding up on 30 January 2012. During this time, 23 shipments (by air) are said to have arrived in Caracas, with 160 tonnes of gold flown in.
Notwithstanding the fact that the German Bundesbank claims to have quietly and secretively moved 940 tonnes of its gold from the Bank of England in London to its Bundesbank headquarters in Frankfurt between 2000 and 2001, the Venezuelan gold repatriation is still probably the “largest movement of physical gold in the world market” since that time.
The death of Venezuelan president Hugo Chavez in March 2013, and the election of Nicolás Maduro as his successor marked a re-establishment of the relationship between the international investment banks and the Venezuelan central bank.
Translation: With Chavez now out of the picture, the desperate banksters want it back…
What do Switzerland, England, Austria, Netherlands, France, Belgium, Mexico, Poland, Italy. Australia, Ecuador, Romania and the tiny country of Azerbaijan have in common? They all want to know where their gold is, and they all have burgeoning gold repatriation movements in various stages of progress.
Peter Boehringer, the father of the gold repatriation movement in Germany, and founder of the website Goldseiten.de joins the SGTReport to discuss the great global awakening as nations begin asking, where is our PHYSICAL gold? We want it back!
The Austrian Court of Audit expresses great concern about the disproportionate amount of official gold reserves (229.6 tonnes) stored at the Bank Of England (BOE), which will be the Austrians excuse for repatriating, “the gold depository contract with the depository in England contained deficiencies” and, “gold reserves stored abroad, internal auditing measures were lacking”.
They’re putting it blunt for an official source on a topic so sensitive as gold.
A remarkable report on The Austrian State Gold from the Austrian Federal Court (ÖBRH) has apparently just revealed that as of 2009, 56% of Austria’s gold reserves “held” at the Bank of England DID NOT PHYSICALLY EXIST!!!
No wonder that Germany & The Netherlands among others began scrambling shortly thereafter to repatriate what was left of their own reserves at the BOE & The Fed!
We just received word that Germany repatriated 120 tonnes of gold: 35 tonnes from Paris France and 85 tonnes from NY! We already knew that 47 tonnes was repatriated from FRBNY (to Germany and Holland) during the month of November of which 3.5 tonnes belonged to the Netherlands. Thus 43.5 tonnes of gold was repatriated to Frankfurt for the entire 2014 year up to the November figure. With the BuBa announcement of 85 tonnes arriving in December, we now know that Germany repatriated 41.5 tonnes of gold in December.
We will get verification of that on the release of the FRBNY figures next week.
However what is true is the speed of repatriation is accelerating!
The Bundesbank, Germany’s powerful central bank, announced very publicly this morning the further repatriation of 120 tonnes of it’s gold being held in foreign locations – namely in Paris and New York with the Bank of France and the Federal Reserve.
Perhaps Jim Willie was on to something with his theory that the Swiss front-ran the market last week by going long physical gold?
That the Dutch have successfully repatriated 122 tonnes of gold (for context this is 122 of the 166 that left the FRBNY in 2014), from the same black-hole vaults in which the German Gold is apparently stuck, adds a fascinating new twist to the issues of 21st century ‘Diplomacy’ and sovereign Gold reserves.
It seems certain that the story of Germany & Gold will be something to watch once more in 2015:
The NY Fed saw its inventory of foreign gold deposits drop by 47 tonnes in November 2014. Year to date the FRBNY has lost 166 tonnes.
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:
Yesterday we received news that the FRBNY withdrew 47 tonnes of gold, of which 3 tonnes went to Holland and the remainder, most likely, was Germany. We will probably have a statement officially from Germany on that matter.
If true, it would certainly kibosh the Bloomberg story earlier in the year as totally false. (that Germany does not want to repatriate the gold stored at the FRBNY)
No doubt we are now seeing central banks no longer trust each other as confidence falters. As Bill Holter constantly reminds us, this is the biggest run on the banking system, the repatriation of one’s gold.
Germany is going to have a tough time explaining why Holland received its 122.5 tonnes before Germany got hers with a further question as to why it is taking longer to repatriate Germany’s gold with the added fact that Holland got their gold in less than one year.
The big news today came from the FRBNY where we witness $64 million dollars worth of gold leave the bank (and New York shores) to repatriate the last amount owed to Holland and most likely Germany has resumed her repatriation.
This gold is valued at $42.20 per oz and thus 1.516587 million oz (47.17 tonnes) leaves the bank.
We know that Holland was to receive its last 3 tonnes in November (they have thus repatriated 122.5 tonnes from the beginning of 2014). Since Germany is the only country that officially has asked for her gold back, you can safely assume that Germany has received 44 tonnes of her 1500 tonne hoard held in NY back to Frankfurt.
The repatriation leaves behind a HUGE MESS OF DERIVATIVES as there is approximately 100 paper obligations per one oz of gold repatriated!
The Bloomberg story of a few months ago is a phony.
Germany has very intention of repatriation her gold!
It looks like Austria is taking gold repatriation step by step, just like The Netherlands did. First there was some discussion in politics about the official gold reserves and then actions began to be taken behind the scenes.
In the case of Austria, they started to allocate their gold.
The fact concrete actions already have been taken since July 2013, tells me there is a significant probability more will follow; such as repatriating gold from London.
Given the ‘risk of a high concentration at the Bank of England’, the examiner advise to ‘rapidly evaluate all possibilities of a better dispersion of the storage locations’… The central bank has not ruled out such a relocation. The existing gold storage concept would be reviewed, potentially it will bring parts of the stored gold in the UK to Austria, OeNB experts have stated.
Bear in mind The Netherlands did not even talk about repatriating openly while preparing it.
Who knows how many countries are preparing or discussing repatriating behind closed doors at this moment.