Do You Know Where Your Gold Is? Or,Counterparty and Systemic Risk: How They Converge
Dubai Precious Metals April 2014
Private and Confidential. Not for distribution
John Hathaway
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Bundesbank Gold Repatriation Request; other CB’s
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Disappearing Comex Gold
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Synthetic vs. Physical Gold
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Dark Pools of London
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Gold as a Source of BB Funding
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Eastern Migration of Physical
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Creeping Collateral Grab
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Your Liquid Wealth is Naked
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Systemic Risk; Thermostats and Reactors
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Wealth Insurance
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How to Own It
Summary
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January 2013 request to repatriate 300 tonnes from NY Fed and 374 tonnes from Bank of France by 2020
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Only 37 tonnes returned last year, of which only 5 tonnes from US
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300 tonnes could be shipped in two or three transatlantic flights
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Repatriation schedule is in constant flux
Possible reasons:
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Gold is no longer in the Fed vault
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It is there but not in its original bar form
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It is there but encumbered by complicated leasing agreements that would be disruptive if unwound
Bundesbank Repatriation Request
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