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European finance ministers turn up the rhetoric to halt euro''s rise
World Gold Council's Bullion Fund
Double-Counts Gold Bars, GATA Says
GATA Press Release via Business Wire
December 6, 2004
More than 2 percent of the gold reported as the property
of the World Gold Council's new exchange-traded bullion
fund on the New York Stock Exchange (GLD) appears to
have been double-counted on account of duplicate serial
numbers on the fund's gold bars, the Gold Anti-Trust
Action Committee said today.
The duplication was discovered by GATA consultant
James Turk, editor of the Freemarket Gold & Money
Report and founder of the GoldMoney gold depository
and Internet-based gold payment system. Turk
examined the bar list reported to investors by the fund.
In today's statement, GATA argued that the duplication
of bar numbers deepens concerns about the adequacy of
the bullion fund's custodial and auditing arrangements.
"For years the suppression of the gold price and the
manipulation of the gold market have been facilitated by
the mystery that has been deliberately woven around the
leasing of gold and around gold custodianship generally,"
GATA said. "If the World Gold Council's bullion fund is
not to be suspected as another part of that manipulation,
the council must answer some questions urgently:
"-- Why does the bullion fund list ownership of duplicate
gold bars?
"-- Why have all the custodians and potential custodians
of the fund's gold not been identified?
"-- Why is the fund refusing to let its gold holdings
be fully and publicly audited?
"-- Is any of the fund's gold being leased, made
available for leasing, or encumbered in any way?
"-- Exactly what is the fund's relationship with the
Bank of England, a major lessor of gold?"
Turk's report on the duplication of serial numbers in
the bullion fund can be found on the Internet here:
http://news.goldseek.com/JamesTurk/1102312799.php
Contact:
Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
GATAComm@aol.com
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http://www.freemarketnews.com/
http://www.investmentrarities.com/
http://www.kuik.com/KH/KH.html
(Korelin Business Report -- audio)
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Eagle Ranch discussion site:
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Ted Butler silver commentary archive:
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