New York Fed on Ukrainian gold reserves: Don't ask us

12:53p ET Tuesday, March 11, 2014

Dear Friend of GATA and Gold:

The Federal Reserve Bank of New York today responded to GATA's inquiry last night, prompted by reports such as this one from Ukraine --

http://www.gata.org/node/13754

-- as to whether it was taking custody of Ukraine's gold reserves.

A spokesman for the New York Fed said simply: "Any inquiry regarding gold accounts should be directed to the account holder. You may want to contact the National Bank of Ukraine to discuss this report."

GATA's similar inquiry of last night to the U.S. State Department has not yet prompted any reply.

Last night GATA called this issue to the attention of about 30 mainstream financial journalists and newsletter writers in the admittedly bizarre hope that they might pose the question as well.

But as your secretary/treasurer has noted for many years:

1) The first rule of mainstream financial journalism and particularly financial journalism about gold is never to put a specific critical question about the monetary metal to any of the primary participants in the gold market, central banks. That is, nearly all gold market reporting is, by design, irrelevant distraction at best, disinformation at worst.

2) The true location and disposition of national gold reserves are secrets far more sensitive than the location and disposition of nuclear weapons.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.