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At the New York Fed, gold can leave discreetly by the back door
11:46a ET Thursday, January 29, 2015
Dear Friend of GATA and Gold:
With his meticulously documented report yesterday about the close connection between the auxiliary gold vault of the Federal Reserve Bank of New York and the vault area of the adjacent JPMorganChase & Co. building, GATA consultant Ronan Manly was pretty cautious:
http://www.gata.org/node/15033
Manly noted the claim made by the CME Group, operator of the New York Commodity Exchange, that documents about the vault in possession of the U.S. Commodity Futures Trading Commission should be exempt from federal disclosure law, and he speculated that the only statutory provisions for such exemption might be for national defense and foreign policy issues.
Manly was probably understating the situation. That is, it seems fair to conclude that the New York Fed has set up its gold vaults this way so that gold leaving its custody for sensitive market intervention or embarrassing repatriation can depart by the back door rather than by the front door, can depart disguised as the business of a commercial bank rather than be exposed as official business.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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