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Jan Nieuwenhuijs: It's unlikely China vaults gold at the New York Fed
11:40a ET Tuesday, June 9, 2020
Dear Friend of GATA and Gold:
Does China store gold at the Federal Reserve Bank of New York?
Voima Gold researcher Jan Nieuwenhuijs today addresses the question and concludes that such storage is highly unlikely.
But Nieuwenhuijs reprints the brief memoir of a former Bank of China official who handled gold and foreign exchange transactions for the Chinese government in the 1980s and in 1983 accompanied government gold flown from Beijing for vaulting at the Bank of England in London.
... Dispatch continues below ...
Great Bear Drills 30.51 Grams/Tonne Gold
Over 12.40 meters at LP Fault in Ontario
VANCOUVER, British Columbia, Canada -- Great Bear Resources Ltd. (TSX-V: GBR; OTCQX: GTBAF) today reported results from its ongoing, fully funded $21 million exploration program at its 100-percent owned flagship Dixie Project in the Red Lake district of Ontario.
Chris Taylor, president and CEO, said: "The LP Fault continues to demonstrate excellent continuity of near-surface high-grade gold, and has just yielded the highest-grade, widest-drill interval to date. Deeper drilling toward the northwest margin of our planned grid program has also extended high-grade gold mineralization in this area.
"Having completed our upsized private placement, we have over $50 million in cash and sufficient capital to continue aggressive drilling into 2022. Updated exploration plans reflective of our ability to undertake an expanded fully-funded drill program will be provided in the near future." ...
... For the remainder of the announcement:
https://greatbearresources.ca/news/great-bear-drills-30.51-g-t-gold-over...
The memoir may be most interesting for suggesting that China's government back then was interested in earning money by leasing its gold from the Bank of England.
Nieuwenhuijs' report is headlined "Does the People's Bank of China Store Gold at the Fed in New York?" and it's posted at Voima Gold here:
https://www.voimagold.com/insight/does-the-pboc-store-gold-at-the-fed-in...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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