-- Posted Wednesday, 13 February 2013 | | Disqus
Dear Friend of GATA and Gold:
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:
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:
And at the World Gold Council's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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-- Posted Wednesday, 13 February 2013 | Digg This Article | Source: GoldSeek.com