Sprott Global: Do Western Central Banks Have Any Gold Left???

Eric Sprott & David Baker of Sprott Global recently published an article titled “Do Western Central Banks Have Any Gold Left???” In the article they take a look at the supply and demand of gold and reach the conclusion that central banks are likely “leasing their gold reserves to ‘bullion bank’ intermediaries who were then turning around and selling their gold to China, … The central banks’ gold is likely gone, and the bullion banks that sold it have no realistic chance of getting it back.”

The piece is not long and well worth reading in its entirety, but below are the highlights.

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Fed side stepping transaction and ownership issues by conducting its own gold audit?

As reported recently in several major newspapers and on Zero Hedge, the NY Fed is undergoing an audit of the gold stored in the vault of its Wall Street office. Reportedly about 23% of the world’s official gold reserves, including gold owned by foreign countries and the IMF, are stored in the central bank’s vault. One could assume from the Fed’s timing that this might be an effort to put to rest ‘conspiracy theories’ about the Fed’s missing gold. Although those concerned about the Fed’s ‘transactions’ in gold, see this as the Fed’s attempt to quiet concerns while avoiding the real issue.

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Rumour has it the CFTC may drop its silver market investigation

The Financial Times has just released an article claiming that several people familiar with the CFTC’ silver investigation are saying that the regulator has not found enough evidence to pursue a legal case and will soon drop the investigation.

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