◆ ·999 FINE· ◆   Wealth Protection Intelligence
The GoldenMy Dispatch
◆ 999 FINE  UNDER LIBERTY STREET
The informed act first. Everyone else reacts.

Two central banks have cut the gold they keep under Lower Manhattan by about 200 tonnes.

The vault is the New York Fed’s. The gold in it belongs to other people. Some of them are rearranging it. Most of what they cut never crossed the ocean. How that works says a good deal about the custodian behind the dollars in your savings.

◆ Watch the vault with the desk

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0 ft 30 ft 80 ft 33 Liberty Street Street level Sea level, 30 ft down The only way in: a 90-ton steel cylinder 122 compartments, one owner each Manhattan bedrock
Section through the New York Fed. Depths and contents as the Fed describes its own vault.
Weekday mornings, before COMEX opens · A five-minute read · Written by a 35-year desk
The vault33 Liberty Street

The Federal Reserve Bank of New York keeps its vault on Manhattan bedrock, 80 feet under Liberty Street. The only way in is a 90-ton steel cylinder. It holds more official gold than anywhere else on earth, as far as anyone knows.

None of it belongs to the Fed. The owners are foreign governments, central banks, a few international bodies and the U.S. government. The Fed charges them no rent. It charges a fee only when a bar moves.

About half the pile has left in fifty years, mostly without a headline. Germany took 300 tonnes home to Frankfurt between 2013 and 2016. The Dutch took 122.5 tonnes to Amsterdam in 2014. Those were physical moves, bar by bar.

THE ASSAY · one vault, fifty years apart
1973
Over 12,000 tonnes
The peak, two years after Washington stopped redeeming dollars in gold.
2024
6,331 tonnes
About 507,000 bars, by the Fed’s latest published count.
What moved this time2025 and 2026

Shipping them home means shipping the problem.

The two recent cuts were done another way.

France kept 129 tonnes in New York. Its central bank says those bars fell short of the market standard. France has been moving its gold to that standard since 2005. So it sold them where they sat and bought top-grade bars in Europe. The sale booked a gain of 11 billion euros.

Here is why a central bank sells instead of shipping. The New York Fed hands back the exact bars you deposited. Nothing is pooled. If your bars fall short of today’s standard, the bars you get back fall short too.

Bars shipped acrossSold in New York, bought again in Europe
New York Fed vault European vaults The Atlantic 2013-16 Germany Frankfurt 300 tonnes 2014 Netherlands Amsterdam 122.5 tonnes 2025-26 France Europe 129 tonnes 129 t sold bought 2026 Netherlands London about 78 tonnes 59 t sold bought the rest shipped, via Zeist New York The Atlantic Europe 2013-16 · Germany to Frankfurt, 300 tonnes 2014 · Netherlands to Amsterdam, 122.5 tonnes 2025-26 · France to Europe, 129 tonnes 129 t sold bought 2026 · Netherlands to London, about 78 tonnes 59 t sold bought the rest shipped, via Zeist
Four moves out of one vault. Line weight is tonnage. Deutsche Bundesbank, De Nederlandsche Bank, Banque de France, World Gold Council.

On September 2 the Dutch central bank reported its own version. About 59 tonnes were sold in New York and bought back in London. More than 27 tonnes made the trip the old way. Its New York share fell from 31.3 percent of its gold to 18.5 percent.

It gave its reason in one sentence: “In view of increasing geopolitical unrest, DNB is strengthening its crisis preparedness.” A central bank weighs a sentence like that before it prints it.

Why it reaches your savingsThe paper in the same custody

The gold is the part you can photograph. The Fed also keeps paper for the same customers: U.S. Treasury bills and bonds.

Those are the same kind of bills a money-market fund buys with an American saver’s cash. You do not need to own an ounce. That custody line is one of the quiet supports under the dollars in your account.

One year is a data point. The desk will tell you when it becomes a pattern.

◆ THE REGISTRY
Treasury securities the Federal Reserve holds in custody for foreign official accounts: $2.58 trillion in the week to October 7. A year earlier the same line was $209 billion higher. Federal Reserve, H.4.1 release, October 8, 2026, Table 1A
The other sideSaid straight

None of this is a run on the dollar. France’s own account is about bar quality. Its gold total did not change. The Dutch still keep almost a fifth of their gold in New York.

The custody figure also moves for dull reasons. A central bank sells bonds to support its own currency, or moves them to another custodian. Germany’s transfer a decade ago came and went. The dollar carried on.

Still, official gold usually sits for decades without anyone touching it. When owners start moving it, and say why in writing, the desk opens a file.

What the desk is trackingThree things forming
The Sovereign BidTracking

The Bundesbank’s last move out of New York ended in 2016 and left 1,236 tonnes there, by its own count. That is about six times the French and Dutch cuts combined.

The Physical LedgerDeveloping

The World Gold Council surveyed 76 central banks in 2026. Nine percent plan to spread their gold across more foreign vaults. The year before, it was 2 percent.

The Money RegimeDeveloping

The custody line in the Registry above prints every Thursday. The desk reads it the next morning, before COMEX opens.

Who writes itThe desk
◆ M. Thorne, Gold Markets Strategist

I spent thirty-five years around bars that changed owners. Most traveled a few yards, from one compartment to the next, with witnesses watching. A bar that crosses an ocean is a decision. A bar sold where it sits and bought again elsewhere is a different decision. Reading which one a central bank made, and why, is most of this job.

Thirty-five years on the metal · no stock to sell you

The next move will show up in a footnote before it shows up in a headline.

Where you keep your own savings stays your call. The desk tracks where the biggest holders on earth keep theirs. And when they change their minds.

Free, weekday mornings, before COMEX opens. Unsubscribe in one click.

◆ ·999 FINE· ◆
The informed act first.
The GoldenMy Dispatch · Wealth Protection Intelligence