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Ronan Manly: The IMF's gold depositories -- Part 1, the legal background
12:13p ET Saturday, January 31, 2015
Dear Friend of GATA and Gold:
GATA consultant Ronan Manly today begins publishing his study of the gold depositories of the International Monetary Fund, noting that the IMF does not have its own depositories but rather uses the vaults of its member central banks in the United States, United Kingdom, France, and India.
Seven years ago your secretary/treasurer tried to get the IMF to explain whether the gold contributed to it by its members was still counted within its members' reserves -- that is, whether the gold was being counted twice -- whether the gold was allocated or unallocated in the vaults of the depository central banks, and whether the gold was ever swapped or leased. The IMF's responses were evasive:
The first part of Manly's study is headlined "The IMF's Gold Depositories -- Part 1, the Legal Background" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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