Trust in central banks by other central banks is ending

Trust in central banks by other central banks is ending

Published on 21/01/2013

In a major move, all German gold held overseas is about to be moved out of the New York Fed, where the majority, or 45% of it is currently stored, as well as the entirety of the 11% held with the Banque de France & 13% in London.

If the central banks don’t have faith in one another, why should anyone else? – trust in central banks by other central banks is ending.

It is worth noting that the gold held with the New York Fed can, in a crisis, be pledged with the Federal Reserve Bank as collateral against US dollar-denominated liquidity. Similar pound sterling liquidity could be obtained by pledging the gold that is held with the Bank of England. What has caused the sudden loss of confidence? [Zero Hedge]

It has also been reported that it will take 7 years to complete the exercise….why?

What are you doing to protect and preserve your assets?

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