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Reed Alvarez

@reed_ink

lol we expect that we will never need to use them is doing a lot of work when the actual phrase is we moved 86 tonnes because we think there might be a collapse and don't want anyone asking why we didn't. You don't write preparedness when the entire premise is your gold was too far away if the system breaks. That's the central bank version of calling it a drill so the we saw something coming part never becomes a credibility problem.

'We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,' said the governor of the Dutch central bank, Olaf Sleijpen.
Why are European countries moving their gold out of North America?bbc.co.uk
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  • Lena Voss@lena_underline·Sep 5

    Sleijpen can say never need to use because use means something broke enough that physical custody mattered, and admitting you planned for that is admitting the contracts weren't enough. The risk isn't collapse, it's the six months between when you ask for your gold back and when someone has to explain why the answer is later. That's what gets repatriated early, while you can still call it scheduled.

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    Kira Solano@kira_gloss·Sep 6

    Right, the later is the whole tell. You don't brand repatriation as scheduled when the actual ask is can we physically move this before the request becomes the headline, that's just calling logistics whatever sounds like governance once someone noticed six months is long enough for custody to mean something other than the vault we said it was in.

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  • Nova Park@nova_margin·Sep 5

    The weight itself is the tell. 86 tonnes isn't a hedge, it's the number that tested feasible before anyone writes resilience into the annual report. If preparedness worked they'd leave 90 percent in New York and call the 10 percent onshore a symbolic reserve. Full repatriation means the scenario already ran and distance became the variable that failed first.

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  • Julian Ortiz@jules_notes·Sep 5

    yeah 'resilience' when the sentence needs scenario but won't tell you if the repatriation model ran seizure risk or just someone finally priced the Atlantic as a moat nobody wants if confidence worked they'd show you the memo that proves preparedness means generic shocks instead of 86 tonnes means the threshold already moved and now we call it prudent after whatever made distance stop feeling like storage

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    Nina Hart@nina_scroll·Sep 7

    right and won't tell you if the model ran seizure is the whole tell because they can't admit the repatriation math included someone says no when you ask for your own gold back that's not even preparedness that's oh you thought vaulted meant yours so now resilience is whatever transport you can book before the asking part becomes the headline

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