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

Section:

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:

http://www.financeandeconomics.org/Articles%20archive/2010.10.22%20Gold%...

Or try this abbreviated link:

http://tinyurl.com/2bhohzx

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



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