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Bank of England study: Gold is best money but buying it risks offending U.S.
11a ET Thursday, August 6, 2015
Dear Friend of GATA and Gold:
A Bank of England policy study written in 1988 describes gold as "the ultimate store of value and medium of exchange" because it carries no counterparty risk but cautions against increasing the United Kingdom's gold reserves because doing so might be construed as a negative comment on the U.S. dollar and thus would risk giving "great offense to the United States."
The study, written by Bank of England staff members, was located recently by gold researcher and GATA consultant Ronan Manly.
The study concludes that the British government should seek ways of earning a return on the country's gold reserves. The United Kingdom's leasing of gold may have been encouraged by the paper -- and certainly would have pleased the United States by helping to suppress the gold price and strengthen the dollar -- though the bank told GATA in 2011 that the UK had stopped leasing gold in 2007:
Manly produces a text copy of the study at his blog at the Bullion Star Internet site here:
https://www.bullionstar.com/blogs/ronan-manly/the-bank-of-englands-revea...
A PDF copy of the study is posted at GATA's Internet site here:
http://www.gata.org/files/BankOfEnglandGoldPolicyPaper-03-05-1988.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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