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Ronan Manly: Bundesbank keeps withholding critical gold information
10:40a ET Wednesday, January 27, 2016
Dear Friend of GATA and Gold:
Gold researcher Ronan Manly reviews the German Bundesbank's announcement of its gold repatriation in 2015 and identifies many omissions.
The announcement, Manly writes, "does not mention whether any of the gold withdrawn from the Federal Reserve Bank of New York was melted down and recast into good-delivery bars. Some readers will recall that the Bundesbank's updates for 2013 and 2014 did refer to such remelting/recasting events."
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Manly adds: "The repatriation information in all the press releases and updates from the Bundesbank since 2013 has excluded most of the critical information about the actual gold bars being moved. So, for example, in this latest update concerning the 2015 transport operations, there is no complete bar list (weight list) of the bars repatriated, no explanation of the quality of gold transferred and whether bars of various purities were involved, no comment on whether any bars had to be melted and recast, no indication of which refineries, if any, were used, and no explanation of why it takes a projected seven years to bring back 300 tonnes of gold that could be flown from New York to Frankfurt in a week using a few C-130 U.S. transport carriers. ...
"The crucial questions to ask in my view are where the repatriated gold that has so far been supplied to the Bundesbank from New York and Paris has been sourced from, what were the refiner brands and years of manufacture for the bars, what was the quality (fineness) of the gold, and are these bars the same bars that the Bundesbank purchased when it accumulated its large stock of gold bars during the 1950s and especially the 1960s?"
Manly's analysis is headlined "Update on Bundesbank Gold Repatriation 2015" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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