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Bank of England study: Gold is best money but buying it risks offending U.S.

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Thursday, 6 August 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

A Bank of England policy study written in 1988 describes gold as "the ultimate store of value and medium of exchange" because it carries no counterparty risk but cautions against increasing the United Kingdom's gold reserves because doing so might be construed as a negative comment on the U.S. dollar and thus would risk giving "great offense to the United States."

The study, written by Bank of England staff members, was located recently by gold researcher and GATA consultant Ronan Manly.

The study concludes that the British government should seek ways of earning a return on the country's gold reserves. The United Kingdom's leasing of gold may have been encouraged by the paper -- and certainly would have pleased the United States by helping to suppress the gold price and strengthen the dollar -- though the bank told GATA in 2011 that the UK had stopped leasing gold in 2007:

http://gata.org/node/10778

Manly produces a text copy of the study at his blog at the Bullion Star Internet site here:

https://www.bullionstar.com/blogs/ronan-manly/the-bank-of-englands-revea...

A PDF copy of the study is posted at GATA's Internet site here:

http://www.gata.org/files/BankOfEnglandGoldPolicyPaper-03-05-1988.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's 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


| Digg This Article
 -- Published: Thursday, 6 August 2015 | E-Mail  | Print  | Source: GoldSeek.com

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