12:55p ET Tuesday, October 28, 2025
Dear Friend of GATA and Gold:
Today's Bloomberg News story about the South Korean central bank's consideration of adding to its gold reserves --
-- missed a major irony.
The report quoted the director of the Reserve Investment Division at the bank's Reserve Management Group, Heung-Soon Jung.
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"His remarks," the report said, "offer a rare insight into the attitude of central banks to bullion reserves. While their purchases have become an ever more important driver of prices in recent years, central bankers rarely speak in public about the gold market."
Of course that's not the half of it. The more important aspect of the issue is that mainstream financial journalists, including Bloomberg's, rarely if ever inquire about what central banks and their governments are doing in the gold market beyond their occasional announcements of acquisitions.
For example, what, if anything, have they been doing in the last week, during which there were big and sudden smashdowns in gold prices. Were any of them selling, and, if so, what exactly were they selling -- real metal or various derivatives? Have any of them been undertaking gold swaps or other gold-related transactions with the Bank for International Settlements and Bank of England, gold brokers for major central banks?
Or was the huge selling mainly the doing of retail investors and hedge funds? If so, what might have been their motive for selling so much so quickly as to drive the price down fast?
As advertising for the old National Inquirer used to say, inquiring minds want to know. If only there were a few at Bloomberg and other mainstream financial news organizations.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org [3]
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