“The request represented less than 5% of all the gold that the Fed officially holds in its New York vaults. (Interestingly, an earlier request by Germany to inspect its assets was denied by the Fed). Despite the relatively small request (relative to the total holdings), repatriation is expected by 2020.  Perhaps for fear that she may be ‘persuaded’ to accept being ‘cash-settled’ with U.S. dollars in lieu of gold, Germany dared not complain.  The letter issued on April 1, 2013 by Dutch State-owned ABN-AMRO bank to holders of paper claims to gold and silver held in its vaults advised that any physical metal custodied at the bank would in the future be ‘cash-settled’.”

http://www.europac.net/commentaries/whats_vault

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