Ronan Manly: How the IMF got its Nagpur vault and gave up on Shanghai


9:05p ET Friday, February 13, 2015

Dear Friend of GATA and Gold:

In the second installment of his series about the gold vaults of the International Monetary Fund, gold researcher and GATA consultant Ronan Manly explains how Nagpur, India, got on the list and how Shanghai, China, came off it. Manly's report is headlined "The IMF's Gold Depositories -- Part 2: Nagpur and Shanghai, the Indian and Chinese Connections" and it's posted at Bullion Star here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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But unfortunately once again Casey failed explain how he knows what governments are thinking about gold -- did he question even one government official about it? -- and failed to address any particular piece of evidence of government involvement in the gold market. This may leave those of his firm's clients who are not also omniscient wondering about the contradiction between Casey's assurances and the long, vast, and contemporaneous public record of both open and surreptitous government intervention in the gold market.

For example:

-- If government doesn't care about the price of gold, why did the Banque de France's director of market operations, Alexandre Gautier, tell the London Bullion Market Association in September 2013 that the French central bank trades gold for its own account and the accounts of other central banks "nearly on a daily basis"?:

Are those central banks trading gold just for fun? Or was Gautier lying?

Was Gautier lying again when he told the LBMA in November last year that central banks now are "managing" their gold reserves "more actively"?:

And if central banks don't care about gold, why does Gautier refuse to discuss their gold trading as if it is terribly sensitive?:

-- Why does the European Central Bank secretly gather representatives of its member central banks every few years before emerging to proclaim that "gold remains an important element of global monetary reserves" and that its member central banks "will continue to coordinate their gold transactions so as to avoid market disturbances"? What is that secret "coordination" if not conspiracy?:

-- Why, in June 2005, did William R. White, the director of the monetary and economic department of the Bank for International Settlements, the central bank of the central banks, tell a BIS conference in Basel, Switzerland, that a primary purpose of international central bank cooperation is "the provision of international credits and joint efforts to influence asset prices -- especially gold and foreign exchange -- in circumstances where this might be thought useful"?:

Was White lying?

-- If governments don't care about gold, why does the BIS actually advertise to potential central bank members that its services include secret interventions in the gold market?:

-- Indeed, if governments don't care about gold, why does the BIS acknowledge that it functions largely as the broker for secret central bank transactions in gold? Are those transactions just for fun as well?:

-- If governments don't care about gold, why did the staff of the International Monetary Fund report secretly to its board in March 1999 that central banks refuse to disclose their gold swaps and leases because disclosure would impair their secret interventions in the currency markets?:

-- Why did Federal Reserve Chairman Alan Greenspan testify to Congress in 1998 that central banks lease gold to suppress its price?:

Many similar questions could be put to Casey:

Like Casey, GATA doesn't believe in "conspiracy theories" either. Casey is the only one talking about "theories" here. When documents and public admissions show governments and central banks meeting secretly to develop and implement a course of action toward gold, we believe in conspiracy fact, while the clients of Casey Research are left with nothing but Casey's omniscience.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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