Responding to gold researcher Koos Jansen's report yesterday about what is
effectively the official remonetization of gold in Turkey, in which citizens'
gold is deposited with commercial banks and then used by the banks to satisfy
the reserve requirements of the Turkish central bank, moving temporarily to
the central bank's books --
http://www.gata.org/node/14940
-- the Perth Mint's Bron Suchecki notes today that this falsifies the
central bank's gold position, which is in turn misleadingly reported by the
World Gold Council. Suchecki's commentary is headlined "WGC Overstating
Turkish Gold Reserves" and is posted at his Internet site, Gold Chat,
here:
http://goldchat.blogspot.com/2015/01/wgc-over...-gold-reserv...
Suchecki's point is well taken, for it means that a lot of gold in Turkey
is double-counted.
But then multiple counting of gold reserves long has been Western central
bank policy and, by extension, World Gold Council policy too, since
the council reports central bank gold holdings so uncritically.
For as the secret March 1999 report of the staff of the International
Monetary Fund discloses, central banks conceal their gold swaps and leases
precisely to deceive the gold and currency markets about their secret
interventions, to trick the markets into thinking that official gold reserves
are far larger than they really are, to prevent the markets from knowing how
much gold has actually left central bank vaults and been injected into the
market for price suppression through swaps and leases:
http://www.gata.org/node/12016
As your secretary/treasurer has observed for years, official gold reserves
are the ultimate weapons of government, and the true location and disposition
of central bank gold reserves are secrets far more sensitive than the
location and disposition of nuclear weapons -- that most official data on
gold reserves is completely bogus, concocted for a deception in which the
World Gold Council is fully complicit.
The deception highlighted so valuably by Suchecki today is only a small
part of the fraud.
