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The news on Friday that the Netherlands has repatriated 120 tonnes of gold from the New York Fed over the last two or three months puts the Swiss referendum into a new perspective. The dutch did not need a referendum but there again the Swiss referendum terms go a lot further especially in the context of keeping gold at a 20% level of future fx reserves.

However two questions emerge for me. Firstly, is it fair to say that the Netherlands, like so many foreign sovereign vaulters have lost faith in the Fed and simply don't trust the USA any more ?
Secondly, how angry will Germany and its citizens be about the Netherlands getting all its gold back from New York given that Venezuela also got all its NY gold back, but Germany seems to have received only 60 tonnes or less of its own 350 tonnes of gold back over two of the seven years installment plan it was forced into by the USA ?

If you have gold vaulted in NY you seem to get it all , or very little and not the same bars as Germany found.
This weekend the Swiss will be looking ta the Netherlands and in the light of Germany's abuse by the USA will likely have more Yes voters on the 30th.