Julian Phillips: BIS swap shows gold is back as money

Section:

11:35p ET Thursday, July 8, 2010

Dear Friend of GATA and Gold:

To Gold Forecaster editor Julian Phillips, the massive gold swap undertaken (but not really announced) by the Bank for International Settlements signifies at least that gold is back as money at the highest levels of the world financial system. Of course GATA would argue that gold never surrendered that role but rather has suffered decades of camouflage by both central banking and the mainstream financial media. Phillips' new commentary is headlined "Gold Is Back as Money! The BIS 382-Tonne Gold Swap -- Good or Bad for Gold and Why?" and you can find it at GoldSeek here:

http://news.goldseek.com/GoldForecaster/1278723600.php

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



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