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US Gold Reserves Bottom Out As Europe's Banks Seek Financial Independence
U.S. Gold Reserves Bottom Out As Europe's Banks Seek Financial Independence
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European Central banks keep demanding the return of their gold bullion from the vaults of the Federal Reserve Bank of New York, reducing the gold stockpile kept under the streets of Manhattan to its lowest level in decades; economist Lew Rockwell is convinced that the move is an indication that Europe is desperately striving for independence.
Gold always glitters, and once upon a time, the reputation of the United States as a safe place to store nationally-owned gold reserves offshore did as well.
However, many economists, such as Economist Lew Rockwel, are now convinced that this may not be the case, and insist that US supplies are rapidly becoming depleted.
It all started in 2012, when Germany attempted to request that the US repatriate its gold. It was followed by The Netherlands, France, Belgium and, finally, Austria.
Since then, the central banks of these countries have taken about 250 tons of the precious metal, decreasing the stash kept in the vaults of the NY Fed to 5,950 tons, its lowest level in two decades.
The last repatriation occurred back in 2007-2008, when foreign central banks took out about 400 tons of the metal.
Lew Rockwel, who is also the founder and chairman of the Ludwig von Mises Institute, says the move indicates a growing desire of the aforementioned states to get more independence from the US.
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