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The recent controversy over the foreign vaulting of
Germany's national gold reserves isn't the first time the security of those
reserves has been in question. In an interview today with King World News, GoldMoney founder and GATA consultant James Turk notes
that the Federal Reserve Bank of New York said it had temporarily misplaced
Germany's gold reserves when the president of the Reichsbank,
predecessor to the Bundesbank, came calling in the
1920s.
Of assurances by central banks that all their gold
is in order, Turk says: "I've seen so much trickery, false reporting,
and rules being broken that I would really have my doubts."
Since international trade balances are no longer
settled in gold, Turk says, it no longer makes sense for central banks to
store gold in any vaults but their own.
But such foreign vaulting would make sense
for central banks colluding in surreptitious market intervention, which the Bundesbank has admitted to GATA consultant Rob Kirby and
financial journalist Lars Schall to be a purpose of
its foreign vaultings:
http://www.gata.org/node/7713
http://www.gata.org/node/9363
An excerpt from Turk's interview is posted at the
King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/30_T...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Join GATA here:
Vancouver Resource Investment Conference
Sunday-Monday, January 20 and 21, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/vancouver-resource-investment-confer...
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