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April 9, 2010 / Hal (GT)

IMF and double counting gold | Gold Anti-Trust Action Committee

Just came across this and figured I post real quick. I’m not at all surprised.

In commentary posted today at the Ostrich Head blog, our friend Peter Keusgen has taken a closer look at the protocols of the International Monetary Fund and found a provision that appears to allow IMF members to loan gold that belongs to the IMF, or at least to allow IMF members to count gold as being in two places at once. Some years ago GATA called attention to the IMF’s dubious gold accounting, but Keusgen adds some interesting details.

As usual the idea is to make Western central bank gold reserves look far larger than they are so that they may be used to manipulate and intimidate the gold market without ever allowing the public and the market to verify any official assertions. Indeed, as your secretary/treasurer likes to remark, the location and disposition of Western central bank gold reserves are far more sensitive secrets — the deadly secrets of the hugely vulnerable fractional reserve gold banking system — than the plans for construction of nuclear weapons.

via Peter Keusgen: More IMF duplicity on gold | Gold Anti-Trust Action Committee.


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