I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.- Thomas Jefferson.

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Monday, October 25, 2010

Alasdair Macleod: Where can we find 20,000 tonnes of gold?

from GATA

Submitted by cpowell on Fri, 2010-10-22 17:58. Section: Daily Dispatches

1:53p ET Friday, October 22, 2010

Dear Friend of GATA and Gold:

In new commentary, the economist and former banker Alasdair Macleod examines the fractional-reserve nature of the London gold market and estimates that the major bullion banks have sold about 20,000 tonnes more gold than they have, the imaginary metal residing in "unallocated" accounts. As central banks undertake their currency war and investors are only starting to realize what the Bank for International Settlements knows -- that gold's true value is far above its nominal price -- Macleod asks: "Where can we find 20,000 tonnes of gold?" That's the headline on his commentary and you can find it at his Internet site, Finance and Economics, here:

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