Tuesday, April 17, 2007

Leased gold from central banks gone forever

Fears over Treasury losing control of gold left in its vaults

I read about this 6 months ago
It was only a matter of time before it hit mainstream press
Central banks lease out their gold to bullion banks
This gold gets sold and manufactured into jewellery
The CB gold still appears on its balance sheet although it is gone forever
The problem is that in a banking crisis when gold is needed to shore up a currency, and the price of gold has tripled (or more), the bullion banks can no longer afford to buy the gold back
We haven't heard the last of this story

Posted by sold 2 rent 1 @ 05:59 AM (519 views)
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2 thoughts on “Leased gold from central banks gone forever

  • Ahh Gordon’s Miracle Economy – I can see it now – some big political docu-drama in 5 years time – ‘The Great Economic Swindle’.

    Yes – a nice 1-hour 3-part series examining all the stories and reasons why UK PLC ended up down the toilet and millions of home owners facing personal ruin and negative equity.

    Much like the whole Eron / Black scandal – the evidence was always there – but bad things happen because good people say and do nothing!

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