Fed Needs Seven Years to Deliver Germany’s 300 Tons of Gold
January 18th, 2013Via: ZeroHedge:
But the biggest news of the day comes from the official Buba announcement that, in its official capacity as a prudent central bank, it – as first of many – is looking to repatriate some 300 tons of gold from the New York Fed. That, however, is not today’s news – that was Monday’s news.
What is news is that courtesy of the supplied calendar of events in the Buba statement, it will take the Fed some seven years to procure Germany’s 300 tons of gold. This is the same Fed that, in its own words, holds some “216 million troy ounces of gold” or some 6720 tons, in its vault 80 feet below ground level.
Putting the above in perspective, the amount of gold that Germany will have to wait 7 years for is shown in red. The amount of gold the Fed supposedly holds, is shown in yellow with a shade of tungsten. Why it will take the Fed 7 years to part with an amount of gold that is less than 5% of its total holdings is anyone’s guess…
Research Credit: alvinroasting
Saw this comment the other day and had to chuckle (whoever you are who made this – thanks for the humour!)
OK, let’s see here, where did I put that 3,400 tons of gold? It must be around here somewhere. Maybe it’s in this box marked Social Security? Nope, that one’s empty. Maybe in this one marked Veteran’s Benefits? Nope, that one’s empty, too! Let’s try this box marked education. Nope. Can ya come back in a few months? We’ll have about 3,400 tons of guns we can give ya instead…