Central Banks Ready to Drive Gold Price Lower?
Arizona gold nugget
A few years ago, Alan Greenspan testified twice before Congress saying ‘Central banks stand ready to lease gold in increasing quantities should the price rise.’ Central banks carry gold in the vault and gold out on loan as the same line item; in effect they report cash and accounts receivables as the same thing. As a result, central banks have only 1/2 to 1/3 of the physical gold as reported on their balance sheets. This means they hold not 30,000 tons but more like 8-15,000 tons of physical metal. All of this has been thoroughly documented by publicly available documents.
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It appears that even in a deflationary enviroment gold is able to hold way above the $600.00 mark. When our economy does rebound, gold has a good foundation in which to build off of on it’s way to higher highs.
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They shouldn’t do that. I know that as long as it’s accounted for it’s okay, but it’s like a credit card, you shouldn’t use it, but it’s tempting!
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