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Germany's gold vaulted abroad has been lost before, Turk notes
1:19p ET Tuesday, October 30, 2012
Dear Friend of GATA and Gold:
The recent controversy over the foreign vaulting of Germany's national gold reserves isn't the first time the security of those reserves has been in question. In an interview today with King World News, GoldMoney founder and GATA consultant James Turk notes that the Federal Reserve Bank of New York said it had temporarily misplaced Germany's gold reserves when the president of the Reichsbank, predecessor to the Bundesbank, came calling in the 1920s.
Of assurances by central banks that all their gold is in order, Turk says: "I've seen so much trickery, false reporting, and rules being broken that I would really have my doubts."
Since international trade balances are no longer settled in gold, Turk says, it no longer makes sense for central banks to store gold in any vaults but their own.
But such foreign vaulting would make sense for central banks colluding in surreptitious market intervention, which the Bundesbank has admitted to GATA consultant Rob Kirby and financial journalist Lars Schall to be a purpose of its foreign vaultings:
An excerpt from Turk's interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/30_T...
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Opinion Around the World Is Changing
in Favor of Gold -- Find Out Why
When Deutschebank calls gold "good money" and paper "bad money". ...
http://www.gata.org/node/11765
When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ...
http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan...
When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ...
http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan...
When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ...
http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold...
When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ...
World opinion is changing in favor of gold.
How can you learn why and what it will mean to you?
Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard."
Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him."
To buy a copy of "The True Gold Standard," please visit:
http://www.thegoldstandardnow.com/publications/the-true-gold-standard
