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The Books are Silent

In: The Gold Cartel

Author

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  • Dimitri Speck

Abstract

Transparency in public affairs is a crucial entitlement of modern societies. Accordingly, central banks regularly publish their balance sheets. The amount of gold on loan should, therefore, be reflected in their balance sheets. That would make it possible to check whether gold-lending and gold carry trades are a means of intervention. Moreover, one would know how large the amount of gold on loan actually is. But what is the reality, what exactly is published? With 8,000 tons, the USA is the largest holder of gold in the world. In the USA, the treasury department is the official holder of gold. However, neither the treasury nor the Federal Reserve publishes whether, and if so how much, gold has been lent out. In the UK the treasury is the official holder of gold as well. In the UK, no information as to the amount of gold on loan is available either. In two countries that are held to be exemplary democracies, there is utter silence on the question of gold lending.Let us look at those countries where the central banks hold the gold. One should expect in these cases that the balance sheet differentiates clearly between physically present goods and goods that have been lent out. Germany is the second-largest holder of gold, with nearly 3,400 tons.

Suggested Citation

  • Dimitri Speck, 2013. "The Books are Silent," Palgrave Macmillan Books, in: The Gold Cartel, chapter 0, pages 52-55, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-28643-7_14
    DOI: 10.1057/9781137286437_14
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