by Arthur M.M. Krolman, GoldSeek:
Goldman-Sachs man William C. Dudley is posted at the top of the Federal Reserve Bank of New York. Recently he gave a major speech at the Virginia Military Institute. At the end, he accepted questions from the audience. One man asked Mr. Dudley a pointed question (53:19) about one customer, Germany, experiencing a delay in getting their gold back. A syllable-by-syllable transcription follows:
William C. Dudley: Okay. Last question, please.
Questioner: You don’t store a lot of gold.
WCD: Ha ha ha. Yes, we do. I think the Federal Reserve Bank of New York is the largest gold depository in the world.
Same Questioner: Germany has asked to repatriate their gold. And they haven’t gotten all their gold back. And I was wondering why they haven’t got all their gold back when they asked for it three or four years ago.
WCD: I’m not even sure, ahhh, how to answer that question. The gold. We hold a lot of gold at the New York Fed and it is almost all gold of f-foreign countries. A lot of the gold got there during the two world wars where people wanted a safe place for their gold. And the reality is if peo-peo- if countries want their gold back we’re absolutely happy to to to send it to them. So if there’s any delay in the gold going back to Germany, it’s pr- it’s pr- it’s because they th-th-they something on their end I would think. And I’m not aware of any any problems in getting their gold back. They they’ve they’ve asked for for their gold back not just from the US but from a few other countries. There was some, I think, political issue in Germany about whether the gold was really there. And so they, you know, they were sort of like someone who wants to make sure that, you know, the money that they have under the mattress is still there. Wanted to wanted to check on their gold. And we’re absolutely completely comfortable with that. Any country that doesn’t want to hold its gold at the New York Federal Reserve we’re very happy to make arrangements for that country to take their gold home. Ah, we have absolutely no skin in the game at all, ha ha, it’s completely up to those countries where they want to hold their gold.
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