Is there gold in the Federal Reserve Bank of New York’s underground vault?

Five months ago, on August 26, 2013, I did a post asking “Is there gold in Fort Knox?

Here’s an excerpt from that post:

Fort Knox is a United States Army post in Kentucky south of Louisville and north of Elizabethtown. The Department of Treasury maintains the United States Bullion Depository in a fortified vault building at Gold Vault Rd. and Bullion Blvd. on the army post since 1937. Inside the building supposedly is a large portion of U.S. official gold reserves — 5,046.3 tons of gold bullion (147.2 million oz. troy), roughly 3% of all the gold ever refined throughout human history – and occasionally other precious items belonging or entrusted to the federal government. Even so, the bullion depository in Fort Knox is second in the United States to the Federal Reserve Bank of New York’s underground vault in Manhattan, which holds 7,716 tons of gold bullion (225.1 million oz. troy), some of it in trust for foreign nations, central banks and official international organizations.

But that’s what we are told. How do we know there’s actually gold in Fort Knox or in the Manhattan underground vault? Did you know that the last audit of Fort Knox occurred 60 years ago in 1953?

Federal Reserve Bank of New YorkFederal Reserve Bank of New York building

One of the countries whose gold is being held in trust at the Federal Reserve Bank of New York is Germany.

A year ago, on January 16, 2013, Germany’s central bank, Deutsche Bundesbank (or German Federal Bank), announced that it wanted half of the country’s gold to be repatriated, i.e., returned to Germany:

By 2020, the Bundesbank intends to store half of Germany’s gold reserves in its own vaults in Germany. The other half will remain in storage at its partner central banks in New York and London. With this new storage plan, the Bundesbank is focusing on the two primary functions of the gold reserves: to build trust and confidence domestically, and the ability to exchange gold for foreign currencies at gold trading centres abroad within a short space of time.

The following table shows the current and the envisaged future allocation of Germany’s gold reserves across the various storage locations:

31 December 2012 31 December 2020
Frankfurt am Main 31 % 50 %
New York 45 % 37 %
London 13 % 13 %
Paris 11 % 0 %

To this end, the Bundesbank is planning a phased relocation of 300 tonnes of gold from New York to Frankfurt as well as an additional 374 tonnes from Paris to Frankfurt by 2020. 

300 tons of gold from New York + 374 tons of gold from Paris = 674 tons. Those 674 tons are to be repatriated to Frankfurt over the course of 8 years (2020-2012 = 8), which means an average of about 84 tons of gold a year (37.5 tons from New York; 46.75 tons from Paris).

It is now a year since Deutsche Bundesbank’s repatriation announcement.

How many tons of gold had been repatriated back to Frankfurt?

A paltry 37 tons — an amount that represents just 5% of the stated target, and well below the 84 tons that the Bundesbank would need to transport each year. Worse still, only 5 of the 84 tons were sent from the Federal Reserve Bank of New York; the rest came from Paris.

Let me rephrase:

In the space of a year, the Federal Reserve Bank of New York managed to return to Germany only 5 tons of gold.

Tyler Durden reports for Zero Hedge that “the release of these numbers promptly angered Germans, and led to the rise of numerous allegations that the reason why the transfer is taking so long is that the gold simply is not in the possession of the offshore custodians, having been leased, or worse, sold without any formal or informal announcement.”

The German national daily newspaper Die Welt (The World) claims that in 2014 “larger transport volumes” can be expected from New York: between 30 and 50 tons.

As Durden wryly notes, all that is well and good, “Unless of course, the gold isn’t there…”

~Eowyn

8 responses to “Is there gold in the Federal Reserve Bank of New York’s underground vault?

  1. Great question. A few years ago, I heard all kinds of theories of our gold reserves being depleted and secretly sold off to England and various banking families.

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  2. Odds are there isn’t the amount of gold there that there ought to be, or if it is there the servants of the devil that occupy it’s halls will be laying on the horde like a dragon on a trove, and will likely defend it just as ferociously (lest we forget what the likes of Smaug went to doing over just a few sophisticated taunts, and a bit of burgling by Bilbo.) As an aside, why is the place built like a giant castle, the place looks like it could take a hit from a tank and still stand. (One further wonders just what else they have in said building weapons of war, perhaps? and if said building is as reinforced as it looks.)

    It may also be useful to note that some bars of “gold” were discovered that weren’t solid gold all-through as they were supposed to be (Hong Kong has had issues with such bars, and others have cropped up in various places as well) which tends to be an indicator of foul play, I’ve included a couple links confirming that it is not just a singular case (it also happens with coins, as well.)

    Links: http://www.zerohedge.com/news/tungsten-filled-10-oz-gold-bar-found-middle-manhattans-jewelry-district
    http://www.zerohedge.com/news/2012-09-24/get-your-fake-tungsten-filled-gold-coins-here

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  3. You can bet the gold is there in a safe place but its never going to be public information.

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  4. The absolute fraud that is “fractional reserve banking” means that without a doubt there is not enough hard asset to back the liabilities. Our fake paper/digital money isn’t backed by anything but belief. Gold and silver ETFs are exactly the same (except for the good possibility they are leveraged even more than the paper “money”). The physical commodity does not exist to cover it all. That’s how “fractional reserve banking” works. It is the grandest of all ponzi schemes.

    The same folks that didn’t have US citizen’s gold and silver when they came to make claim on their paper federal reserve certificates in 1933 (after a mere 20 years in business), still don’t have it. FDR by executive order closed the banks and stole the gold and silver of US citizens, forcing acceptance of paper, which Congress then devalued 40% literally overnight. This government ripped off the entire world holding its paper “currency”. We created the fraudulent United Nations and IMF/World Bank and Bretton Woods post WWII so we could take the fraud world-wide – and again fraudulently claim that the IMF currency, “special drawing rights”, was backed by gold. One SDR equaled $1US, and all those agreeing countries had to base their fake money value on our fake money, which we had revealed 12 years earlier was most certainly NOT backed by the silver and gold as claimed. However, we had just won the war capturing what Germany had and dropped the first nuclear bombs on the planet. So are you going to agree to our fake money plan or suffer the same fate?

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  5. Thank you Dr. Eowyn for this fascinating post. The fact that Fort Knox has not been audited since 1953 is absolutely unconscionable! That says volumes. I sense more lies in and about the existence of the gold.

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  6. Well, Die Hard III said it was in there…

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