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Let IMF know its new rules should come clean on gold
5:56p ET Thursday, March 22, 2007
Dear Friend of GATA and Gold:
Gold market analyst Rhona O'Connell, as establishment as they come, has written for MineWeb a long and complicated analysis of the International Monetary Fund's draft rules to clarify central bank gold holdings, particularly in regard to leased and swapped gold. O'Connell concludes that the IMF really may be legitimizing the issue, which, she writes, long has been pressed through "lobbying" undertaken by riffraff she doesn't deign to identify.
Under the IMF's proposed rules, O'Connell writes, the crucial data "may be hard to find, but it looks as if it will be there."
You can find O'Connell's analysis here:
http://www.mineweb.net/mineweb/view/mineweb/en/page31?oid=18532&sn=Detail
Or try this abbreviated link:
Blanchard & Co.'s vice president and research director, Neal R. Ryan, who single-handedly has been pressing the transparency issue with the IMF for months and to whom credit for the IMF's action largely belongs, remarks that if the proposed rules are adopted and followed, "Data that has never been previously available will now be published. This data will represent more supply into the market than annual mine supply, jewelry demand, hedge impact, investment demand, central bank sales, etc."
That is, the world may get a chance to see that there has been a lot more fooling around with the gold market by its biggest players than anyone has been letting on.
Ryan notes that the IMF has posted the proposed rules on the Internet and is seeking public comment on them here:
http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm
Or try this abbreviated link:
GATA's suggested comment to the IMF and its member central banks: Sell it all, you blankety-blanks, NOW!
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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