It’s Going To Take 7 Years For The Fed To Return Some of Germany’s Gold

…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…

http://www.zerohedge.com/news/2013-01-16/it-will-take-fed-seven-years-deliver-300-tons-german-gold#comment-3159944=

Why wait 7 years, if the Fed REALLY has the gold?

Speak Your Mind