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Ronan Manly: Central bank gold at the Bank of England
11:29p ET Tuesday, September 22, 2015
Dear Friend of GATA and Gold:
Gold researcher and GATA consultant Ronan Manly tonight publishes a huge research project -- an attempt not only to quantify the gold vaulted in the London bullion market and at the Bank of England but also to calculate the gold reserves held at the bank by individual countries.
Manly concludes that gold vaulting in London has been in steady decline for years and that some nations, though far from all, are candid about their gold leasing.
Your secretary/treasurer infers from Manly's report that gold leasing in London by central banks is a pretty big business even though it pays them very little. This in turn suggests that the purpose of gold leasing is not to earn a return on a supposedly dead asset but rather to protect central banking itself by controlling or regulating the value of the sole potentially independent international currency, a currency emitted not by any central bank but by Mother Earth herself, the only currency without counterparty risk. This control or regulation is undertaken through largely surreptitious market rigging and is facilitated by gold leasing's creation of a vast imaginary supply of gold, gold that can seem to be in a dozen places at once, or maybe even a hundred.
Let anyone try to deny this when the International Monetary Fund has confirmed as much here:
http://www.gata.org/node/12016
Manly's report is titled "Central Bank Gold at the Bank of England" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly/central-bank-gold-at-the-b...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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