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Alasdair Macleod: Sprott's right, WGC is wrong on gold demand data
2p ET Friday, November 22, 2013
Dear Friend of GATA and Gold:
The economist Alasdair Macleod, GoldMoney's research director, today analyzes the controversy over the World Gold Council's gold demand estimates and sides with Sprott Asset Management CEO Eric Sprott, concluding that the gold council vastly underestimates gold being imported into China.
Macleod calculates that imports by China and Hong Kong "exceed all other mine supply by at least 580 tonnes on an annualized basis."
Macleod concludes: "Without significant leasing by Western central banks, total Asian demand could not be satisfied at current prices, because there is no evidence of material selling by existing holders of above-ground stocks, with the exception of exchange-traded fund liquidation, which is minor compared with the amounts involved."
Facilitating gold price suppression explains the concealment by Western central banks of their gold swaps and leases, as confirmed by the secret March 1999 report from the staff of the International Monetary Fund:
http://www.gata.org/node/12016
But what explains the gold council's determined avoidance of this admission that central bank gold reserve data is false?
Macleod's commentary is headlined "Chinese Gold Demand and the World Gold Council's Estimates" and it's posted at his Internet site, Finance and Economics, here:
http://www.financeandeconomics.org/chinese-gold-demand-and-the-world-gol...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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