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DIAMOND AND GOLD FOE SALE +270604581568
The price of gold and gold stocks is sky-rocketing with Central banks across the world coming in for severe criticism for the way they have sold official gold reserves, although in a disguised form. Maree Howard writes.
One of the biggest financial scandal stories, on the level of Enron, is about to break.
Central banks are said to have lent their gold for about 1% per annum - the cheapest borrowed money on earth. They have not reported these loans as sales meaning their official gold reserves remain constant. But the leased gold is gone.
It has been borrowed by large trading companies called bullion banks. They borrowed at 1%, sold the gold, took the money they earned by selling the gold and invested it at 5% or more.
It was sweet multi-billion dollar deal. But now they are in a squeeze.
They owe billions of dollars of gold bullion to Central banks but to get it back, they must buy gold bullion in the open market, which is now a rising market.
They are losing money, big time.
What has saved them so far is that the Central banks are not demanding repayment. Meanwhile the public doesn't know that the leased gold is gone. The Central banks do no publish these figures.
Then there are the "direct" sales of gold by the Central banks. The most recent sales were made by the Bank of England. It sold off at least half of its gold reserves over a 3-year period ending in March. The man responsible for the decision to sell the gold is Gordon Brown, the Chancellor of the Exchequer. He has now come under fire for having made horrendous investment decisions.
The British Independent newspaper published the story on May 26.
In part that paper says "Gordon Brown has "lost" 400 million pounds by ordering the sale of part of Britain's gold reserves by the Bank of England....."
"Figures obtained by the Independent on Sunday also show that his decision to order the Bank of England to part with some of its gold reserves and switch into Euro and yen was also not a good bet for the taxpayer. The value of gold has soared on world markets as investors have switched to gold."
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