In Part 1 of this 5-part series, we discussed two agreements that Central Banks used to suppress the price of gold in the marketplace. Please read Part I before proceeding with this article.
So do the Central Banks still have gold?
A nice quote from the GATA article regarding availability of Canadian central bank gold:
When I published my essay "When Irish Eyes are Smiling: the story of Brian Mulroney and Canada's gold," the good folks at the Bank of Canada told me that there had been no physical gold in the bank vaults for years. To quote my essay directly:
"They advised me (early in 2002) that Canada does not really own this gold at all (at the time we were supposed to have about 40 tonnes). What was left of it had been leased out to various bullion banks years ago ...and yes, it (was) being accounted for as requested by International Monetary Fund accounting rules regarding leased gold. Canada's gold cupboard is bare ... not a 400-oz. good-delivery bar in sight."
What about the US gold stocks?
In a book written by Chris Weber and summarized on Lew Rockwell’s site, we noted that in the one audit of Fort Knox: (more)
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