More writing on the wall for metals longer term. In case you are new to the whole metals scene and the reality that Gold/Silver are fleeing to the East from the West, think Leaving America for Asia. Here is yet another fact that the New York Fed is losing it's support around the world by gov'ts that have been storing their countries gold in our New York Fed Vault since essentially WWW 2.
As we continue to be indebted in the US and less support is held for Americas finances, another nation voted no confidence in the New York Fed providing storage for their gold reserves last week. Turkey is joining Germany, Austria, Venezuela and the Netherlands by moving gold bars home. The amount of physical gold stored by the New York Fed has dropped to the lowest amounts on record.
When Germany demanded their gold, 743 tons, it took us years to "Find IT". Seems if it was in the vault wouldn't be a hard thing to put on a ship and send home right? Well they did get it back 3 years ahead of schedule but it still took more then 3 years to "FIND IT". Of course the German gov't said after the fact that all seems to be accounted for and they saw no irregularities in the time it took. If you owed me 32 billion I would want it faster than 3 years......since it was supposed to be locked up in a vault.
Call me crazy but it is amazing that gold prices went nowhere but down during this time frame as the US scrambled to manipulate the prices down so they could buy in the open market.....huh, oh I meant to say "FIND IT" in the vault.
Seems Turkey has come to their senses. Wonder how long it will take the NY Fed to "FIND" there gold, seems that vault is very big and must have no lights for anyone to see what's in there.