marché de l'or /stocks d'or des banques centrales / double comptabilité
| marché de l'or /stocks d'or des banques centrales / double comptabilité |
par marie Jeu 14 Déc 2006 - 16:27
manipulation du marché de l'or / rapport Blanchard
après le rapport Chevreux,voici le rapport Blanchard concernant les
activités de prêts et autres swaps d'or non comptabilisés par les banques centrales.
ce phénoméne de prêts d'or non déclarés et non comptabilisés par les banques centrales est au coeur de la manipulation du marché de l'or
..ce pourquoi il est primordial de lire le rapport Blanchard qui donne une lumiére supplémentaire sur cet important sujet .
GATA: Secrecy of Gold Lending
Condemned in New Study
International Press Release
via Business Wire
Thursday December 14, 2006, 8:30a ET http://biz.yahoo.com/bw/061214/20061214005415.html?.v=1
MANCHESTER, Conn. -- (BUSINESS WIRE) -- Lending of gold by central banks depresses the price and the only possible reasons for the secrecy around it are manipulation of the gold market and the enrichment, through inside information, of the financial houses to which central banks lend their gold, a study by New Orleans coin and bullion dealer Blanchard & Co. has found.
The study, written by Blanchard's vice president and director of economic research, Neal R. Ryan, published today, calls on the International Monetary Fund to require central banks to make complete and frequent disclosure of their gold lending and thereby equalize information in the gold market.
In its own studies this year, the IMF already had acknowledged the inadequacy of central bank gold accounting, and Ryan says he has forwarded his study's recommendations to the IMF and has been told he will receive a response soon.Among the Blanchard study's findings:-- No accurate statistics about loaned central bank gold are published by individual countries or the IMF. Instead gold loans are estimated by outside sources and these estimates vary.-- Gold loaned into the market can significantly affect the price.-- Central banks actively manage their gold loans even as they deprive the market of information about them.-- Bullion banks, the borrowers of central bank gold, have a huge advantage over the investing public in the gold market, inside information acquired in their dealings with the central banks.-- The IMF could start a transparent gold market by requiring accounting changes for central bank gold.
"Why," the Blanchard study asks, "aren't gold loans made public? Good question. There is no reason (save the argument made by some that central banks are using gold loans to manipulate the gold price) Blanchard's research has been able to unearth that explains why gold lending information is not made public, except for the unconscionable advantage it gives to bullion banks."
"For the market to be transparent for all, central bank loaned gold levels need to be reported to ALL market participants on a quarterly if not monthly basis. Loan information is AVAILABLE to be published; it is simply not REQUIRED to be published. The IMF has the ability to make this requirement and change the gold market for the better for all participants.
"Blanchard and Co. believes that this simple change to our market will allow all market participants to begin to realize not only greater gains in their gold investments but the ability to make smarter decisions on when and how to invest. Gold has made incredible gains in the past few years in a market that is still not completely transparent. This change has the ability to increase those gains immeasurably."Level the playing field for all market participants, bring an end to proprietary information within the market for an exclusive few, and allow the bullion market to function in a fair and equitable manner,
ridding itself of conspiracy theories that diminish its relevance and stability. By ending opaque transactions and accounting procedures, the gold market then becomes accessible to all participants
and ends the 'clubhouse' attitude that governs the London (Bullion Market) Exchange.
"The gold market has made great advances in the past few years not only in terms of price increases but also in the availability of gold to purchase for all market participants and the transparency of information. It is time to continue those advances and make the last few steps to having a truly open and free marketplace."
The Blanchard study reports that the World Gold Council, which claims to be the representative of gold producers and investors, has no position on whether central bank gold loan data should be published. As for the two major gold market analysis firms, Gold Fields Mineral Services and Virtual Metals, the study says the former declined to express an opinion and the latter failed to respond to Blanchard's inquiries.
The Gold Anti-Trust Action Committee Inc. hailed the Blanchard study while expressing skepticism of the IMF's sincerity.
"As wonderful and scholarly as the Blanchard study is and as much as it seems to have engaged the IMF," GATA Secretary/Treasurer Chris Powell said, "GATA and gold's other partisans may not be able to keep from laughing at any suggestion that central banks would ever cooperate in bringing transparency to the gold market and that any gold lending data made public by central banks would be truthful."For having come to intervene in the currency, bond, precious metals, commodity, and even equity markets on an hourly basis, governments today would sooner publish the plans for the construction of nuclear weapons than disclose the actual disposition of their gold reserves. As much as it SHOULD be done, transparency for gold loans probably could NOT be done without risking the unraveling all the other surreptitious market manipulations by the central banks."
Powell continued:"And the World Gold Council, GFMS, and Virtual Metals are some advocates for the gold industry,
eh? Once again they have nothing to say about the biggest issues in their business. It took GATA and now Blanchard to raise and press the gold lending and transparency issues. Gold's official 'advocates' are actually just the agents of the central banks, in business precisely to try to ensure that nothing serious is ever done on gold's behalf.
"But there's no harm in pressing the gold lending and transparency issues with official agencies and news organizations, only good. Indeed, this is crucial. There is always the chance, however remote, that the IMF will try to come clean and drag the central banks along with it. After all, there are growing indications that the rest of the world is tiring of working and producing real goods for the sake of the parasitism of the United States, achieved through the rigging of the currency, bond, and metals markets to support the U.S. dollar. And if the IMF and central banks don't come clean, the world still will have been shown that there really are no financial markets anymore, just manipulations by governments. Eventually such markets will lose their participants and investors will go elsewhere."
The Blanchard study, "Gold Market Lending," can be found in PDF format at Blanchard's Internet site here:http://www.blanchardonline.com/pdfs/Gold_Market_Lending.pdf
Dernière édition par marie le Ven 7 Oct 2011 - 15:48, édité 3 fois
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| Re: marché de l'or /stocks d'or des banques centrales / double comptabilité |
par marie Dim 17 Déc 2006 - 19:06
The gold is gone:
Good Afternoon Bill (from LAGOS),
I took a bit of time out just now to read the Blanchard report on GOLD MARKET LENDING. It is a very well written document motivating the absolute necessity of introducing a regulatory reporting and disclosure framework for all aspects of the gold market. The report steers clear of controversial statements and making claims like those of GATA; instead the report seeks to motivate its arguments by relying on quasi official statistics (like those of GFMS) which state that probably less than 3,000 tonnes of central bank gold is currently on loan. The report argues that even these "establishment sourced'' figures indicate a massive distortion to the mechanics of a free and fair gold market.
On page 7 of the report is quoted the Bundesbank Bank President, who as recently as October of this year stated ,inter alia, ''We have been asked to negotiate with other central banks about potential swap deals involving gold" Note: not bullion banks but CENTRAL BANKS.(This quote was extensively reported in GATA) If the GFSM figures are correct, then the traditional 2005 analysis of vault gold holdings of the world's central banks (the conventional 32,000 tonnes etc) is also more or less correct. Wrong Wrong Wrong! Why would the Bundesbank be approached to swap gold if there is so much of the stuff sloshing around the world's vaults. The Germans are one of the few nations that respects its gold because there is still a strong national memory of the recent meltdown of the sovereign fiat currency. Axel Weber (the Bundesbank President) was possibly sending out covert distress signals to try and stop this madness of excessive gold swaps. Jeffrey Skilling started his 24 year jail term this week. Maybe Mr. Weber's remarks were a cry for help for someone to stop this runaway train of deceit, corruption and lunacy, because he ,for one would like to jump off. Central Bankers never ever comment publicly on the opaque world of their gold dealings. NEVER, EVER
THE GOLD IS CLEARLY GONE. We in GATA believe we know which was the principal Central Bank requesting German Gold. So the problem with the Blanchard report is that it is too understated. The report talks about a gold market distorted by fairly moderate amounts of gold loans and swaps. The reality is that just about all central banks with a predisposition to swap gold have done exactly that-they are all ''maxed out" as the Americans put it. One of the surest bets is that the report will be ignored because the issue is too far gone. The Blanchard report does, however, add to the growing library of impressive research (as witness the Cheuvreux Report) which supports the GATA contention of many years-THE GOLD IS GONE
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| réserves d'or des banques centrales : double comptabilité |
par marie Mar 23 Jan 2007 - 14:58
héhé ... le FMI réagit ..et annonce qu'il publiera désormais l'information sur les prêts d'or des banques centrales !! vers la fin de la double comptabilité des stocks d'or des banques centrales?
ça c'est une EXCELLENTE NOUVELLE !
TO: Account Executives
DATE: January 22, 2007
Below is a press release we are putting out this morning. This is the follow up to our recent research piece on the IMF upcoming decision to publish central bank gold loan information. The IMF has made the decision and will begin implementing this procedure of new disclosure over the coming year.
Blanchard lauds IMF Central Bank gold lending accounting change as industry landmark
Precious metals economic research entity has championed this issue as key to adding even more transparency, price growth to gold market
NEW ORLEANS (January 22, 2007) - After months of inquiries and a hotly debated, in-depth position paper by its economic research unit, Blanchard and Company has learned that the International Monetary Fund has adopted a landmark accounting change to the way Central Banks account for their gold loans, giving this sector of the commodities market more transparency than it has ever had, the precious metals market leader announced today.
"This is a huge step forward for the precious metals market and a major victory for the gold market investor," said Blanchard Chairman and CEO Donald W. Doyle, Jr. "Not since the Washington Agreement on gold in 1999 and the legalization of gold ownership for Chinese citizens in 2004 has there been such an important event in the advancement of the gold market."
Blanchard and Company has long stated that the IMF’s accounting guidelines have allowed Central Banks and bullion banks to inaccurately account for their gold loans, and the newly adopted accounting change means that Central Banks will no longer include the amount of gold they have loaned and sold into the market as part of their reserve total assets, Doyle said.
"Transparency has always been a central issue in the gold market for investors and analysts alike, but this decision by the IMF will greatly redress that issue as these accounting changes are implemented," Doyle said. "It also only adds more credence to our analysis that the precious metals markets are now poised to make long-term, steady price growth."
On December 14, 2006, Blanchard published "Gold Market Lending" on its website at
, and the industry buzzed for days. The paper, written by Blanchard’s Director of Economic Research, Neal Ryan, provides exhaustive research analysis of how Central Bank transactions could affect the gold market if loan information was made in an accurate and timely fashion. While some misconstrued the information as research on market manipulation, the paper is instead specific to one issue - IMF gold accounting procedures for Central Banks as being the most important component of gold market transparency.
"This is a wonderful development for the gold market because of the additional transparency that is created by the changes in IMF accounting regulations," Ryan said. "This is an issue that changes the entire landscape of the gold market for the betterment of all participants involved, because there is now data available that had never previously been published. A transparent market is a healthy market, and the gold market just got a lot healthier."
Ryan says it will take the IMF some time to institute the new accounting procedures, but the outlook for the gold market is a rosy one moving forward.
Blanchard and Company, Inc. is the largest and most respected retailer of American rare coins and precious metals in the United States, serving more than 350,000 people with expert consultation and assistance in the acquisition of American numismatic rarities and gold, silver and platinum bullion. The Blanchard Economic Research Unit is a key source of precious metals market analysis and continues to be an important resource for financial and consumer media throughout the United States. Blanchard and its predecessor companies have called the New Orleans area home for more than 30 years. For more information about the company, visit BlanchardGold.com or call the company toll free at 1-800-880-4653.
Without a doubt, should the central banks reveal the amount of gold they have loaned out, this will rock the gold market like nothing else in its history. IMO the price could double in a very short period of time, as market participants begin to understand THE GOLD IS GONE. Now, we wait and see if this comes to pass. What I don’t get is why the process should take any time at all. Why should it take more than a week for central banks to report on WHAT IS? There is nothing to research here??
For more on the subject of central bank lending and the Blanchard Economic Research’s efforts:
et aussi http://www.blanchardonline.com/beru/lending_research_report_add1_toc.php
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| rapport du FMI de mars 1999 confirme cette double comptabilité |
par marie Mer 12 Déc 2012 - 17:08
le Gata a mis la main sur un rapport confidentiel du FMI, confirmant double comptabilité des réserves d'or des banques centrales,
et exposant que les swaps et préts d'or des banques centrales sont des informations confidentielles ,
qui doivent le rester, afin de pouvoir réguler les cours de l'or
- Citation :
Secret IMF report: Hide gold loans and swaps for market manipulation
Submitted by cpowell on Tue, 2012-12-11 04:53. Section: Documentation
11:58p ET Monday, December 10, 2012
Dear Friend of GATA and Gold:
Western central banks conceal their gold loans and swaps because information about them is "highly market-sensitive" and accountability about them would hinder secret currency market interventions by central banks, according to a confidential report by the International Monetary Fund obtained this week by GATA.
The report, provided to GATA by its researcher R.M., was written in March 1999 as the IMF staff proposed to strengthen financial reporting standards for central banks. The report shows that the objections by gold-lending central banks were decisive in weakening the standards. While the first draft of the new reporting rules would have required disclosing central bank gold loans and swaps, the revised rules, later adopted, allowed central banks to hide their gold loans and swaps within their gold reserves and even not to disclose the amount of their monetary gold at all, just the value assigned to it.
That is, the explicit but secret policy of Western central banking toward gold is to deceive and manipulate markets, as GATA long has complained.
The confidential IMF report says that to strengthen its financial reporting standards for central banks -- its Special Data Dissemination Standard reserves template -- IMF staff members consulted top officials of the organization as well as the Bank for International Settlements, the European Central Bank, the Bank of England, the German Bundesbank, the Bank of France, and other European central banks.
"Central bank officials," the confidential report says, "indicated that they considered information on gold loans and swaps to be highly market-sensitive, in view of the limited number of participants in such transactions. Thus, they considered that the Special Data Dissemination Standard reserves template should not require the separate disclosure of such information but should instead treat all monetary gold assets, including gold on loan or subject to swap agreements, as a single data item. They also confirmed a view, taken by a number of countries (both inside and outside the G-10) at the December board meeting that the disclosure of the composition of reserves by individual currencies would be market-sensitive but that they would have no objection to disclosure of such information by groups of currencies. ..." (Page 6, Paragraph 15.)
"Conversations with a few executive directors confirmed the reluctance of their authorities at present to disclose information on their international reserve positions on a highly frequent and timely basis, as a matter of policy. The motivations underlying this position were: (a) a desire to preserve the confidentiality of foreign exchange market intervention for a period, in order to enhance its effectiveness; b) a reluctance by some monetary authorities to reveal information on their official transactions in exchange markets on a more frequent and timely basis than the disclosure of transactions by major international investors; and c) a concern by some countries that weekly reserves data could be inherently more volatile than monthly data, which could be misleading and potentially destabilizing to exchange markets. This position had stimulated, during the December board meeting, a lively discussion of the costs and benefits of increased transparency under various circumstances and the information requirements for well-functioning international financial markets." (Page 8, Paragraph 20.)
Specifying changes to be made in the reporting standards proposed by the IMF staff, the confidential report says: "On the assets side of the template, the major changes are: a) the elimination of any requirement to disclose the amount of gold loans, and of the explicit requirement to disclose the volume of monetary gold. The revised template would require only that the total value of monetary gold (including gold loans) be disclosed." (Page 8, Paragraph 23.)
The confidential IMF report confirms and elaborates on the Bank of England's admission to GATA a year ago that the bank's gold swap and leasing information is "market sensitive" and its disclosure "would allow enquirers to find out what gold transactions have been taking place." Such knowledge of what the bank was doing in the gold market, a spokesman for the bank said, would harm the interests of both the British government and the bank's "private customers," to whom the bank "owes a duty of confidentiality":
While disclosure of the confidential IMF report is unlikely to prompt any acknowledgment from the most determined purveyors of misinformation in gold market analysis and the mainstream financial news media -- nothing is likely to get them to be truthful -- it will enable individual investors and citizens to confront their central bank and elected officials and ask more authoritatively for an accounting and explanation of the purposes of secret central bank gold loans and swaps, transactions in which even the U.S. Federal Reserve is participating, according to a statement extracted by GATA from a member of the Fed's Board of Governors in 2009:
The confidential IMF report on the authorization of secrecy for gold loans and swaps is posted in PDF format at GATA's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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