IMF may have no gold at all but Fed has gold secrets

1:20a ET Saturday, April 19, 2008

Dear Friend of GATA and Gold:

Please note from the previous dispatch -- your secretary/treasurer's opening remarks at GATA's Washington conference yesterday (http://www.gata.org/node/6241) -- a couple of important disclosures.

First, correspondence between GATA and the International Monetary Fund suggests that the IMF cannot or will not account for the gold it claims to be preparing to sell. That is, the IMF will not specify how much of its gold is held at each its four national depositories, nor disclose whether that gold is audited. Further, the IMF's correspondence with GATA implies that the IMF's gold is actually just a claim on the gold reserves of its member nations, not gold segregated in any way from those national reserves.

Second, the Federal Reserve, in response to GATA's freedom-of-information request for access to documents involving gold swaps, has confirmed that it has such documents, that some of those documents contain secrets about gold, and that the Fed plans to keep these secrets.

The Fed's response to GATA can be found here:

http://www.gata.org/files/FedResponseToGATA04-09-2008.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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