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Turk suspects panic dishoarding of Western gold to rescue insolvent banks
1:22p ET Tuesday, July 2, 2013
Dear Friend of GATA and Gold:
Unprecedented volumes of gold are moving around the world, probably about 500 tonnes each month, GoldMoney founder and GATA consultant James Turk tells King World News today, and he says it likely is a matter of panic dishoarding by Western central banks to rescue failing commercial banks.
"It works like this," Turk writes. "The banks borrow gold from the central bank, which they then sell for dollars or euros. The transaction is hidden from view because of central bank accounting, and the gold debt on the borrowing bank's balance sheet is hidden among its total liabilities. The added benefit is that its gold liability diminishes as the gold price falls, making the bank appear even more solvent. Of course the bad assets remain, so this scheme is just a fig leaf for the insolvent banks to buy time."
An excerpt from Turk's interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/7/2_Stu...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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