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Reg Howe: Gold derivatives are moving up again
9:15p ET Friday, May 30, 2008
Dear Friend of GATA and Gold:
GATA consultant Reginald H. Howe, plaintiff in the groundbreaking gold price-fixing lawsuit (also known as Howe vs. All the Money in the World), has examined the latest gold derivatives report of the Bank for International Settlements. He finds that gold derivatives rose sharply for the six months ended in December even as miners were reducing their hedges and central banks were reducing their gold lending.
So, Howe asks, "What accounts for the rising tonnages of gold forwards and swaps?"
That question, he continues, might best be directed to the U.S. Federal Reserve, which, in response to GATA's freedom-of-information request, recently acknowledged maintaining secrets about the country's gold reserves, particularly in regard to gold swaps.
You can find Howe's analysis, "Gold Derivatives: Moving Up Again," at the Golden Sextant site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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