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Taking inspiration from Germany, Switzerland, and
the United States, a movement to repatriate national gold reserves from
vaulting with the market riggers at the Bank of England in London has arisen
in Poland.
The movement, Oddajcie Nasze Zloto ("Give Our
Gold Back"), was brought to GATA's attention this week by its vice
chairman, Piotr Wojda (piotr.wojda@mennicawroclawska.pl), who writes that it was started by two economists "worried
about the safety of more than 100 tons of Polish gold held in the vaults of
Bank of England for the last 70 years."
Wojda
adds that the movement "has been widely supported by organizations such
as the Ludwig von Mises Institute (www.mises.pl), Business Center Club (www.bcc.org.pl), Mennica Wrocławska
(The Mint of Wrocław, www.mennicawroclawska.pl), and many others. After several newspaper publications and TV shows
we finally managed to persuade Polish politicians to listen to what we have
to say."
Wojda continues: "Representatives of the movement met with members of
the Polish Parliament on August 29 to discuss doubts regarding the safety of
Polish gold held abroad. During our presentation we used several examples of
similar movements in Germany, Switzerland, and the United States. We also
briefly presented achievements of the Gold Anti-Trust Action Committee and
they impressed our members of Parliament.
"The members of Parliament agreed that Polish
gold reserves deserve an independent audit and they have already decided to
inquire of the president of the Polish Central Bank, Professor Marek Belka, to establish facts
such as:
"-- What is the official amount of Polish gold
reserves held at the Bank of England?
"-- What are the amount and quality of bars
held in the vaults (serial numbers, purity, are they 'good delivery' bars)?
"-- Whether there have been independent audits
within the last 70 years and their results.
"-- Is the gold being leased to any financial
institutions? If so, what are the terms and conditions of this leasing?
"-- What is the procedure for buying and
selling gold and how is this decision taken?
"-- Why has the Polish central bank not decided
to acquire more gold when the price dropped significantly although Polish
gold reserves amount to only 4 percent of the bank's total currency reserves?
"It seems that we Poles are getting closer to
achieving financial safety by finally withdrawing from British vaults what
belonged to our country for almost a century."
GATA supporters really should check out the Polish
"Give Our Gold Back" campaign's Internet site to see the
illustration chosen to illustrate the campaign, a Polish translation of the
illustration that represents GATA's work, the painting by Alain Despert found at the top of GATA's Internet site and
every GATA Dispatch. The Polish "Give Our Gold Back" campaign's
Internet site is here:
http://oddajcienaszezloto.pl/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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