As of 2008, the Federal Reserve Bank of New York housed $200 billion worth of the precious metal, according to ABC News reporter Scott Mayerowitz. In his report, Mayerowitz stated there were roughly 540,000 gold bars in the vault…
More than can be found in Fort Knox.
In fact, this particular vault contains almost 25% of the world’s gold reserves.
Of that amount, very little actually belongs to the United States. The 540,000 gold bars in the vault belong to 48 foreign central banks, as well as 12 international organizations.
Only 5% of the United States’ gold is stored there. Continue reading
“The problems originate from the culture of the firms, and this culture is largely shaped by the firms’ leadership.”
Dudley’s main message was a warning: If nothing changed, regulators would have to conclude that large financial institutions are too big to manage, and “that your firms need to be dramatically downsized and simplified so they can be managed effectively.” Continue reading
Perhaps the Fed is preparing for a crisis of its own doing and a ‘natural disaster’ is a scapegoat.
Although, and admittedly to their credit, a natural disaster is looming as Mt. Saint Hellens is ready to blow at any moment and a mega earthquake is poised to sink half of California into the Pacific. The New Madrid Fault line is also a great concern at the moment. However, normally in the real world, it’s rather difficult and borderline asinine to try and make a connection between Fed rate hikes and natural disasters.
As the article notes, cyber attacks likely will also play a role in a new crisis.
(Reuters) – The New York branch of the U.S. Federal Reserve, wary that a natural disaster or other eventuality could shut down its market operations as it approaches an interest rate hike, has added staff and bulked up its satellite office in Chicago.
Some market technicians have transferred from New York and others were hired at the office housed in the Chicago Fed, according to several people familiar with the build-out that began about two years ago, after Hurricane Sandy struck Manhattan. Continue reading
It shouldn’t take a genius to see where this is going. They’re jumping ship before it sinks.
In what could definitely be called a stunning move, the Netherlands has announced it has repatriated in excess of 120 tonnes of gold from the vaults of the Federal Reserve in New York to the Dutch Central Bank in Amsterdam. Officially a move made to rebalance the locations where the gold is being stored, one cannot ignore the fact that the Netherlands only repatriated a large part of the gold which was stored in New York and it did not touch the gold stored in Canada and London.
Additionally, it’s not just ‘some’ gold being brought back home, no, the total amount is 122.47 tonnes or almost 4 million ounces with a market value of $5B. This will reduce the exposure of the Dutch Central Bank to the US financial system as now just 31% of its gold is being stored in the vault of the Fed, coming down from 51%. We have the impression this won’t be the last repatriation as the Dutch Central Bank is keeping its shipping route secret ‘in case more gold needs to be repatriated’. Continue reading
As an additional supplement to the previous post, the following article (originally in Russian) is related to early reports of gold being lifted out of Ukraine and transported to the New York Fed. The translated post will be in its entirety, as well as the original, below the translated version. The title of the post is a rough English translation of the original title.
At 2 a.m. this morning an unmarked transport plane was on the runway at Borispol Airport. According to airport staff, before the plane came to the airport, four trucks and two Volkswagen minibuses arrived, all the truck license plates missing.
Fifteen people in black uniforms, masks, and body armor stepped out, some armed with machine guns. They loaded the plane with more than 40 heavy boxes. Continue reading
Today an outspoken hedge fund manager out of Hong Kong stunned King World News when he said that the entire Ukrainian gold hoard may have just secretly been flown from Ukraine to the United States. William Kaye, who 25 years ago worked for Goldman Sachs in mergers and acquisitions, also spoke about the incredible implications of this astonishing development. Below is what Kaye had to say in this powerful interview.
Kaye: “There are now reports coming from Ukraine that all of the Ukrainian gold has been airlifted, at 2 AM Ukrainian time, out of the main airport, Boryspil Airport, in Kiev, and is being flown to New York — the presumable destination being the New York Fed….
“Now that’s 33 tons of gold which is worth somewhere between $1.5 billion – $2 billion. That would amount to a very nice down payment to the $5 billion that Assistant Secretary of State Victoria Nuland boasted that the United States has already spent in their efforts to destabilize Ukraine, and put in place their own unelected government.” Continue reading