Repatriation Avalanche Gaining Momentum: Azerbaijan to Withdraw All Gold From JP Morgan Vaults

gold repatriationThe State Oil Fund of Azerbaijan has withdrawn the first ton of its physical gold from JP Morgan vaults, and placed it in their own Central Bank vaults in Baku.
The Fund has announced it will withdraw all of its physical gold assets from JP Morgan warehouses in London.

The game of musical chairs known as bullion banking allocated (rehypothecated) gold storage appears to be rapidly coming to an end.

 

As  abc.az reports, the first ton of physical gold has already been transferred out of JP Morgan vaults via Brinks:

Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) has placed today the first ton of physical gold in the safety vaults of the Central Bank in Baku, purchased at the London Stock Exchange of Precious Metals (LBMA) within the SOFAZ investment policy.

According to the Fund, today British company Brink’s Global Services delivered from London to Baku and placed 1 ton (32,150 ounces) of gold owned by SOFAZ in the CBA vaults.

The Oil Fund has been acquiring physical gold since February 2012 in batches of 10,000 ounces a week. By early 2013 SOFAZ brought its gold assets up to 14,934 kg (480,146 ounces).

Initially London-based warehousing units of JP Morgan were selected for storage, but now all the gold will be gradually transferred to storage in Azerbaijan. Prior to the completion of construction of a new residence of SOFAZ this gold will be stored in the CBA vaults, and then will be transferred to the Fund’s own store in its residence at Heydar Aliyev Avenue in Baku.

SOFAZ investment policy allows it to keep in gold up to 5% of assets.

 

The size of the gold withdrawal from the cartel bullion banking system is not the important thing in Azerbaijan’s announcement- rather the increasing liklihood that our bankster friends will soon be facing repatriation requests from every last rehypothecated gold bar owner.

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