Tick Tock

Since the day Hugo Chavez demanded his gold back from the Bank of England, I have been describing what is happening in the gold market as a very dangerous game of musical chairs between Central Bankers....
Ny Fed gold November

The last man (or woman) to demand physical ownership of his (or her) gold will potentially be left with a troublesome cash settlement problem to deal with.

The latest update from the Federal Reserve vault suggests that game of musical chairs is getting a little more interesting... (chart courtesy of ZeroHedge)