So central bank gold is being held in investment bank vaults
10:38a ET Wednesday, April 23, 2014
Dear Friend of GATA and Gold:
Today's Reuters report about changes at the gold and currency trading desks of investment banks, which was called to your attention in a dispatch a little while ago --
-- is notable for more than its acknowledgment that central banks are surreptitiously trading gold every day, an acknowledgement made last September by the Banque de France:
For in reporting that "banks that serve central banking customers with large bullion reserves to manage will have a greater need to offer gold trading and storage services," Reuters also has acknowledged that much central bank gold is now held outside central bank vaults.
That's what the reference to "storage services" is about.
Presumably the central bank gold being vaulted by investment banks is gold that central banks have leased or swapped into the market for market-rigging purposes.
Of course anyone who has been following GATA realizes that neither Reuters nor any other mainstream financial news organization will be permitted to pursue this issue, and that gold market "analysts" from CPM Group's Jeff Christian to the World Gold Council's Pierre Lassonde will conscientiously distract from it. So let's be grateful that Reuters has let this much slip and hope that the news service won't suffer too much official retaliation for it.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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