Dear Friend of GATA and Gold:

Bullion Vault research director Adrian Ash this week called attention to what may be the most relevant remark coming out of the London Bullion Market Association's conference in Lima, Peru.

It's the assertion by the market operations director of the Banque de France, Alexandre Gautier, that central banks now are managing their gold reserves "more actively," a remark conveyed to Ash by a colleague attending the conference. Ash wrote about it Tuesday in his daily commentary at Bullion Vault:

https://www.bullionvault.com/gold-news/gold-price-111120141

Gautier told the LBMA conference in Rome in September 2013 that the Banque de France is trading gold for its own account "nearly on a daily basis" and is "active in the gold market for central banks and official institutions":

http://www.gata.org/node/13373

According to Gautier's presentation in Lima, which, as Ash notes, was posted at the LBMA's Internet site and is copied to GATA's Internet site here --

http://www.gata.org/files/Gautier-LBMA-Lima-11-10-2014.pdf

-- this more active management of central bank gold reserves mainly involves gold swaps. Gautier added that "auditability" is "becoming a crucial issue" for central bank gold reserves, so hooray for gold's friends and their clamor in Germany and Switzerland.

Of course as the March 1999 report of the staff of the International Monetary Fund disclosed, surreptitious gold swaps and leasing are primary mechanisms of secret intervention in the gold and currency markets by central banks:

http://www.gata.org/node/12016

http://www.gata.org/files/IMFGoldDataMemo--3-10-1999.pdf

So if, as Gautier told the LBMA conference this week, central banks are getting more active in managing their gold reserves through swaps, they almost certainly have been intensifying their efforts at gold price suppression, which would explain the price's steady decline in recent months.

A warning to mainstream financial journalists: Though the official documentation is plainly laid out for all to see --

http://www.gata.org/taxonomy/term/23

-- don't ask central banks critical questions about their secret activity in the gold market and their increasingly comprehensive manipulation of all markets --

http://www.gata.org/node/14385

http://www.gata.org/node/14411

-- unless you want to be transferred to the East Overshoe bureau. Actual journalism involving financial issues is a punishable offense.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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 -- Published: Thursday, 13 November 2014 | E-Mail  | Print  | Source: GoldSeek.com

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