Deliverator. I don't necessarily disagree with what you are saying because I have to assume that Greenspan was being factual at least in regards to American policy when it comes to the leasing of gold. But then I also can't disagree with rookie's observation that central banks are reluctant to part with their gold because it's the most valuable thing they own. I'm saying that the borrowers must have signed some sort of agreement to return the gold. It is difficult to conceptualize a situation in which it's okay with the Fed if the bars are never returned. That kind of reckless action could be labeled as treason.