Rickards: Repatriation will slow gold leasing; U.S. may revalue gold if debt ceiling isn't raised


8:36p ET Tuesday, August 29, 2017

Dear Friend of GATA and Gold:

Fund manager and author Jim Rickards writes today that repatriation of German gold from the New York Fed to the Bundesbank's vault in Frankfurt will greatly reduce the gold available for market manipulation through leasing, because there is no well-developed system of leasing in Frankfurt nor adequate law to provide for it.

Rickards adds that the repatriation was hastened so that German Chancellor Angela Merkel, embroiled in an election campaign, could appease a small nationalist party that advocates gold repatriation if she needs to form a coalition government. Presumably that party is Alternative for Germany, which has nominated GATA's friend Peter Boehringer, founder of the Repatriate Our Gold campaign, for Germany's parliament, the Bundestag.

Rickards also writes today that Treasury Secretary Steven Mnuchin's surprise visit to Fort Knox last week may have been preparation for plans to revalue the U.S. gold reserve to market prices in case Congress fails to raise the U.S. debt ceiling. A higher book value for the reserve, Rickards writes, would enable the Treasury Department to issue new gold certificates to the Federal Reserve in exchange for billions of dollars in cash.

All this is at best informed speculation but it's an important reminder that, as GATA long has maintained, gold is the secret knowledge of the financial universe and that governments feel compelled to conceal that knowledge from the public and the markets at all costs.

Rickard's commentary is headlined "Weird Things Are Happening with Gold" and it's posted at the Daily Reckoning here:


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


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