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In Daily Reckoning interview, Sprott notes central banks' deceptive accounting of gold
8:45p ET Sunday, March 31, 2013
Dear Friend of GATA and Gold:
Interviewed by Alex Cowie of The Daily Reckoning's Australian edition last week during the Mines and Money conference in Hong Kong, Sprott Asset Management Chairman Eric Sprott stressed the deceptiveness of central bank gold accounting, particularly the failure to distinguish gold in the vault from gold that has been swapped or leased into the market. This misleading accounting, Sprott says, is masking high demand for real metal around the world.
Sprott adds: "When Venezuela devalued by 40 percent, if the citizens had owned gold they would have lost nothing. When Iceland devalued, if the residents had owned gold they wouldn't have lost 60 percent of their money. I don't know how many more countries it takes to have these events happen to until the world finally clicks in to realising it's better to own gold than it is to have a bank deposit."
The interview is posted at The Daily Reckoning here:
http://www.dailyreckoning.com.au/on-gold-billionaire-investor-eric-sprot...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
GoldMoney Reduces Storage and Exchange Fees
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