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Bundesbank's gold bar list isn't all that it's made out to be
8:40p ET Wednesday, October 7, 2015
Dear Friend of GATA and Gold:
Lots of publicity today about the German Bundesbank's publication of a list of the bars in Germany's gold reserves in an effort to dispel suspicions that the metal is impaired in some way.
The definitive report is, not surprisingly, that of gold researcher and GATA consultant Koos Jansen, who details the history of the German gold controversy and notes that the Bundesbank's list omits crucial information and so really doesn't settle the issue at all:
https://www.bullionstar.com/blogs/koos-jansen/german-central-bank-publis...
... Dispatch continues below ...
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Bloomberg News and The Wall Street Journal, predictably enough, sound notes of central bank triumphalism, as if they have a dog in the fight themselves. At least Bloomberg's report quotes the leader of Germany's gold repatriation campaign, GATA's friend Peter Boehringer:
http://www.bloomberg.com/news/articles/2015-10-07/bundesbank-to-doubters...
The Wall Street Journal's brief entry is the most pathetic cheerleading, written by a reporter who seems to have learned to spell "gold" only this morning:
http://blogs.wsj.com/moneybeat/2015/10/07/germany-found-its-gold/
The Financial Times tries slightly to approach journalism. It lets Boehringer make the critical distinctions:
http://www.ft.com/intl/cms/s/0/f2c48dde-6cf6-11e5-8171-ba1968cf791a.html
"But Peter Boehringer, an activist who has been calling for all the country's gold to be repatriated, said the data released did not include the names of the producers of the gold bars and the numbers printed on the bars when they were made.
"'This is important as we are somewhat concerned that not all material that is numbered physically exists,' Boehringer said. 'Some bars might exist on different balance sheets of different central banks.'"
Reuters --
http://www.reuters.com/article/2015/10/07/germany-bundesbank-gold-idUSL8...
-- doesn't let Boehringer say anything in detail, but does let him make a criticism:
"'Trust in the Bundesbank has suffered,' said Peter Boehringer, author of a book entitled 'Bring Our Gold Home.' 'The Bundesbank must prove that the gold is there.'"
On the whole a good day. The news organizations not only were compelled to acknowledge suspicions about gold; they also spelled Boehringer's name right. Even your secretary/treasurer has trouble with that sometimes.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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