Jan Skoyles: How many claims of ownership on gold held by U.S.?

Section:

11:46a ET Tuesday, August 22, 2017

Dear Friend of GATA and Gold:

GoldCore's Jan Skoyles notes today that there's more than one important question about the gold purportedly held by the U.S. government at Fort Knox. That is, it's not just whether there is metal in the depository but also whether there are multiple claims to ownership of any and all gold purportedly held by the government.

Skoyles writes: "As GATA found out between 2008 and 2009, the Fed keeps a secret of its gold-swap arrangements with foreign banks.

"Unsurprisingly, gold-swap arrangements potentially lead to the problem that no one is sure whose gold is whose anymore. It can be a high-end, expensive game of pass-the-parcel.

"It's worth remembering that the gold held by the U.S. government is not just owned by America, for the government holds gold for many countries, including Germany.

"There is an argument to be made over whether Germany or anyone else storing gold with a central bank abroad owns allocated gold or is merely a 'creditor' on a metal statement, given gold-swap arrangements."

Skoyles' analysis is headlined "Mnuchin: I Assume Fort Knox Gold Is Still There" and it's posted at GoldCore here:

http://www.goldcore.com/us/gold-blog/mnuchin-assume-fort-knox-gold-still...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



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