Question regarding repatriation of foreign gold in US Federal reserve vaults in Manhattan.

Factual Questions
1

Hi

I remember reading about the Germans wanting to repatriate their gold from vaults underneath 33 Liberty Street in Manhattan (Federal Reserve Bank) because they didn’t believe it was safe there. That was in 2008 following the Financial Crisis. What was the outcome? Was any gold repatriated? I look forward to your feedback.
davidmich

2

Would this, or the accompanying sources, be useful?

It looks to me like it’s mostly gold-nutters who’re writing about the topic, so I’d take some of what they write with a grain of salt.

3

It was not “the Germans” believing that the gold was unsafe at the Federal Reserve Bank of New York; it was simply that a few German politicians, most notably the chairman of the youth organisation of a major German party, made a big fuss about it - among other things, he showed up at the Federal Reserve Bank, demanded to see the gold kept there on behalf of the Bundesbank (the German central bank), and acted all outraged when he was turned down, pitching the story to the press. The Bundesbank itself never had any doubt about the safety of the gold there, but since the story was somewhat hyped in the German media, it was decided that as a sign of goodwill part of the reserves were to be repatriated to Germany. It´s not just New York that it affected, part of the reserves are also kept in London, Frankfurt, and Paris, but the major part was (and still is) in New York.

I checked the most recent annual report of the Bundesbank available (the 2013 one), and it says that end of 2013, 1,531 tons of its gold were still in New York, down only about 5 tons since end of 2012. That´s still almost half of the bank´s total gold reserves of 3,387 tons. There is a general decision, though, that as of 2020, half of the reserves are to be kept in Frankfurt.

4

Thanks Naita and Schnitte. Very helpful.
davidmich

5

GQ asked and answered. So it’s time for …

A Conspiracy Theory, tada !!!

The Bundesbank’s intent is to bring all the gold (not half as they’ve told the public) home as a prelude to breaking out of the Euro.

You read it here first!! History will prove me right! The sheeple won’t listen, but it’s all true.

Yes, I’m kidding.

6

That’s a good word, “sheeple.” Invented/used in conspiracy circles? Or other, more genteel political ones?

Yours?

7

It goes back to the 1940s. General use.

8

Used in CT circles to refer to the supposedly unenlightened masses hoodwinked by the conspiracy(ies). And used by those, such as myself, who relentlessly poke fun at CT-believing fools.

Ref samclem, here’s a more recent usage of a different flavor. xkcd: Wake Up Sheeple