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Dave Kranzler: Who cares where central banks say they keep their gold?
5:13p ET Saturday, October 3, 2015
Dear Friend of GATA and Gold:
Dave Kranzler of Investment Research Dynamics today scoffs at gold researcher and GATA consultant Ronan Manly's recent reports about the national gold reserves said to be stored at the Bank of England and about the central banks that won't disclose where their gold is stored:
http://www.gata.org/node/15764
http://www.gata.org/node/15793
Kranzler writes: "Compiling a list of central banks that are willing or unwilling to disclose the location of their gold vaults is a pointless endeavor unless each central bank is willing to undergo a completely independent audit of every bar of gold and the associated record-keeping activities connected with each bar. We have a better chance of finding life on Pluto than getting any central bank willing to submit to a legitimate audit open to public inspection."
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Indeed, as your secretary/treasurer often has observed, the true location and disposition of central bank gold reserves are secrets far more sensitive than the location and disposition of nuclear weapons. But the reluctance of central banks to be transparent even about the supposed location of their gold reserves is a good clue that they are doing something with those reserves that they don't want the markets to know about.
What they are doing was suggested by the secret March 1999 staff report of the International Monetary Fund, which found that central banks insist on concealing their gold swaps and leases to facilitate their surreptitious interventions in the currency markets:
http://www.gata.org/node/12016
Kranzler's commentary is headlined "Who Cares if the Central Banks Disclose Where Their Gold Is Held?" and it's posted at the Investment Research Dynamics Internet site here:
http://investmentresearchdynamics.com/who-cares-if-the-central-banks-dis...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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