Thursday, November 20, 2008

GATA Questions Gold and Cash Reserves

The Gold Anti-Trust Action Committee (GATA) has run an advertisement in Roll Call that is an Open Letter to Senate and House Banking Committee Members.

Highlights of the article include:
  • GATA believes that the gold market is being “recklessly manipulated and now poses a serious risk to the international financial system”.
  • Annual gold demand, currently at record levels, exceeds mine and scrap gold supply by more than 1500 tons.
  • With demand outweighing supply, the price of gold should be rising steadily.
  • According to the Office of the Controller of the Currency, the notional value of the off-balance-sheet gold derivatives on the books of U.S. commercial banks exceeds $87 billion – which is greater than reserves by over 8000 tons.
  • Too much gold is being consumed at too cheap a price, which could threaten the economic crisis further.

Find more information at

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