Although it is not been verified I thought this calculation by Alasdair Macleod was quite striking.

Based on recent figures from the Bank of England, it appears as though the Bank of England has directed the leasing of about 1,300 tonnes of central bank gold from their vaults in a four month period from March through June.

Or at least that is the surmise, given the inventory level at the end of February and the stated inventory on the Bank of England website at the end of June. Macleod thinks that this was done in support of the gold price smackdown.

One has to wonder how that bullion will eventually be returned to its rightful owners, given that it apparently has been taken from the vault and delivered to the refineries en route to the East, or may even be sitting in some vault somewhere with a high stack of paper claims set against it.

Perhaps the claimants will be told to 'wait seven years' for it, or settle now for cash.