This year, two of America's oldest allies quietly took their gold out of the United States. France went first and emptied its New York holdings entirely. The Netherlands went second, moving 86 tonnes. Both governments gave the same answer: it's not you, it's me. Paris said the bars were old. Amsterdam said it wanted to be ready for a crisis. Both made a point of adding that the move was not political. Governments do not describe a technical upgrade as "not political" unless somebody has asked the question. Roughly 215 tonnes left American custody this year, and only 27 of them ever went anywhere. The rest changed hands without a single vault door opening. That detail is the whole story, and it explains why no finance minister on earth will say the real reason out loud.

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Citations: https://rentry.co/jms-gold-leaving-america-sources

0:00 Two Allies Take Their Gold Home
2:04 What a Country's Reserves Actually Are
3:40 A Treasury Is an IOU
5:28 The Promise Nixon Broke
7:44 Gold Overtakes Treasuries
9:57 Owning It and Having It
10:35 Why the Gold Is in New York
12:29 The Day Russia's Money Was Switched Off
14:23 What France and the Netherlands Really Did
16:08 Germany Ran the Test
17:27 2013 Versus Today
20:04 Why Nobody Says It Out Loud
21:43 Read the Movements, Not the Statements
22:28 The Snapshot Mistake
24:13 The Honest Limit: London
25:01 It Changes on the Margin

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