1 million ounces, easy peasy, page-82

Thanks to Angers for posting this on SLR thread;

Bundesbank is repatriating their gold held abroad.
The two major foreign depositories of gold in the world are the Bank of England and the Federal Reserve Bank of NY. The Federal Reserve bank holds gold as earmarked gold and this facility is not allowed to touch this gold. They cannot enter into any transactions on this gold.

The gold at the Bank of England is gold on deposit and these guys can do whatever they like with the gold like entering into lease arrangements. However, it is a liability on the bank and if called upon they must deliver back the gold requested. When Chavez, of Venezuela asked for his gold back from the Bank of England, the authorities at the B. of E. scrambled to supply the gold back to Venezuela.

This is why Germany asked for the gold back in 2000 from the Bank of England because they feared the massive leasing of gold, which of course was centered in England. They felt that if they kept their gold there, they might not get it back.

Three months ago, the German Fin.Minister remarked that they thought it "bizarre" that reporters were questioning repatriation. The Fin Minister in a letter to Fed. Reserve Bank of NY, Dudley, commented on the 70 years of mutual trust between central banks.

The 64 million dollar question: what has changed in the last three months to cause the German Bundesbank to ask for it's gold back? Maybe they are quite aware that the USA has written many obligations on the gold stored at the FRBNY and cannot possibly return the gold with multiple owners.

http://harveyorgan.blogspot.com.au/

A fuller report is available at http://www.zerohedge.com/news/2013-01-14/it-begins-bundesbank-commence-repatriating-gold-new-york-fed