Ronan.Manly@manly_ronan
Sep 18, 2023
9 tweets
It appears that all the US Treasury gold in the West Point depository (1681 tonnes) is still in a location swap with Bundesbank (Buba) gold at the NYFED vault (1236 tonnes) and at the Bank of England (445 tonnes). So Germany has claim on all the gold in West Point.
At the end of December 2012, the Bundesbank claimed it had 445 tonnes of gold in London, and 1536 tonnes of gold in New York
bundesbank.de/en/tasks/topic
Of this 1536 tonnes of gold claimed to be held at the NY Fed, Buba said in 2012 that it would repatriate 300 tonnes of gold from NY to Frankfurt. Which it then claimed to have done over the next 4 years, bringing back 300 tonnes to Frankfurt
bundesbank.de/en/press/press
This leaves 1236 tonnes of German gold in New York. Which Buba claims is still there.
The 1236 tonnes of gold which the Germans didn't bring back from New York + the 445 tonnes which the Germans didn't bring back from London = exactly the 1681 tonnes which the US Treasury claims is in West Point and which is still classified as Custodial Gold since Sept 2000.
In Sept 2000, the US Treasury changed its definition of the gold stored in West Point from Gold Bullion Reserve" to "Custodial Gold" (Under the custody of the US Treasury).
This was 54,067,331 ozs, or 1681.6 tonnes of gold.
All of the above goes back to the FOMC minutes from January 1995.
For background to the gold swaps and US Treasury reclassification of West Point gold, see James Turk’s report “Behind Closed Doors”, April 2001. fgmr.com/behind-closed-
In 2012, a German auditors report said that BuBa claimed to have repatriated 940 tonnes of gold from London to Frankfurt during 2000-2001, leaving 445 tonnes in London
web.archive.org/web/2012102816
… allowing Buba gold in FRB NY vault and Bank of England London vault to be used to meet the obligation the CBs/BBs found themselves in. Buba gold in BoE would have been London good delivery, but Buba bars in NY were probably US assay office melt bars which had to be resmelted.
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