|
Central bankers will be taught how to trade gold at
a three-day seminar on "gold reserves management" to be held in
March at the University of California at Berkeley and co-sponsored by the
World Gold Council.
Apparently modern "gold reserves
management" involves a lot more than making sure that the metal is safe
in a vault, even if whether and how a central bank should account to the
public for its gold trading do not seem to be subjects for discussion at the
seminar.
But at least one of the seminar's lecturers may know something about how a
central bank can keep the public ignorant of its market interventions: Kenneth
Sullivan, senior financial sector expert with the International Monetary
Fund, the organization whose secret March 1999 staff report found that
Western central banks conceal their gold loans and swaps to facilitate
surreptitious market intervention:
http://www.gata.org/node/12016
Sullivan, the seminar's announcement says, is the
IMF's representative on the International Financial Reporting Standards
Advisory Council and chairs central bank accounting study groups addressing
issues of transparency in central bank financial reporting. That must be a
frustrating job for anyone really pursuing transparency.
The seminar itself doesn't seem to be pursuing
transparency. Its invitation is limited to "senior central bankers --
governors, deputy and assistant governors, heads of reserve management,
economists, and portfolio managers," and "finance ministry
officials and treasury managers."
So will the World Gold Council explain to the gold
mining companies and gold investors it purports to represent exactly what are
the objectives of central banks trading in gold and the gold futures,
options, and derivatives traded for them by their agent, the Bank for
International Settlements? Is the objective to maximize the value of gold at
the expense of government currencies and government bonds or maximize the
value of government currencies and government bonds at the expense of gold?
And if, with the seminar, the World Gold Council
isn't actually facilitating central bank manipulation of the gold market, why
keep the public out?
The seminar's announcement is posted at GATA's
Internet site here:
http://www.gata.org/files/UCBerkeley-WGCSeminar-2013.pdf
And at the World Gold Council's Internet site here:
http://www.gold.org/events/berkeley
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Join GATA here:
California Resource Investment Conference
Saturday-Sunday, February 23-24, 2013
Hyatt Regency Indian Wells Resort and Spa
Palm Desert, California
http://www.cambridgehouse.com/event/california-resource-investment-confe...
* * *
Support GATA by purchasing DVDs of our London
conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster of GATA's full-page ad in The
Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization
based in the United States and tax-exempt under the U.S. Internal Revenue
Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
To contribute to GATA, please visit:
http://www.gata.org/node/16
|
