The Phaserl


Bron Suchecki: Many questions about gold repatriation from the New York Fed

by Chris Powell, GATA:

Dear Friend of GATA and Gold:

Using the work of Bullion Star market analyst and GATA consultant Koos Jansen as a point of departure, Bron Suchecki of the Perth Mint today tries to interpret the schedule of foreign gold withdrawals from the Federal Reserve Bank of New York. Suchecki raises good questions about it, covering the weight of the bars being withdrawn, whether the bars consist of coin melt, the irregularity of the withdrawals, and the German Bundesbank’s consulting with the Bank for International Settlements about the withdrawn gold.

The bigger question here is why there should be good questions at all — why Bundesbank and New York Fed officials don’t answer these questions. Suchecki pretty much explains it: “It is all one big central banking club and as Jim Rickards said,” the Bundesbank’s partial repatriation of Germany’s gold “is all just ‘a political sop to agitation in Germany’s parliament’ and there isn’t any concern on Germany’s part as to whether the United States has their gold, and if there is, they can’t be seen to be concerned, lest the Narrative of Central Bank Omnipotence be questioned (even more so after Swiss National Bank dropped its peg).”

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