marché de l'or / décryptagedouble comptabilité
de leurs réserves d'or
par les Banques centrales , un outil pour réguler , capper le cours de l'or
.. lire attentivement cet article du financial express qui expose cette "créativité comptable " et ses implications , dans le détail
Double-Counting of Gold by Central Banks
May Have Aided the Price Suppression
By Sangita Shah
Financial Express, Mumbai
Tuesday, June 6, 2006
The International Monetary Fund (IMF) apparently directed member central banks to double-count their gold when it had been leased or swapped or otherwise had left a central bank's vault or possession.
Such a provision for the central banks may have led to the gold price suppression that lasted between 1989-2001, after which the price started moving up.
Gold hit a 26-year high of $732 an ounce on May 12. Gold has dropped 11% since then. Gold has not yet been able to cross the high of $830 mark it hit in 1988.
The central bank of the United States in particular has been seen as the primary mover in suppressing the gold price by lending the gold for trading without accounting for it. However, there have been no concrete proofs in this regard.
The paper "Treatment of Gold Swaps and Gold Deposits (Loans)" written by Hidetoshi Takeda of the IMF's Statistics Department and published in April acknowledges at length the potential for double-counting central bank gold under current IMF rules and suggests rules to prevent it.
The research paper commissioned by the IMF appears to confirm the U.S.-based Gold Anti-Trust Action (GATA) Committee's longstanding complaint that the IMF has had been active on this front.
Responding to the research paper, GATA consultant Andrew Hepburn, who discovered the double-counting of leased and swapped gold at several IMF-member central banks, remarked that even in arranging to correct the gold deposit books of its members, the IMF still would allow them to be less than forthright.
Mr. Hepburn noted IMF guidelines maintaining that "to qualify as reserve assets, gold deposits must be available upon demand to the monetary authorities." But, Mr. Hepburn added, central banks have lent so much gold to suppress its price and make it less competitive as a currency that their gold loans now far exceed annual gold mine production, and so the loaned gold cannot practically be repaid "upon demand." Recovering the central banks' loaned gold without exploding the gold market would take years.
In any case, the IMF's acknowledgement of the double-counting of loaned or swapped central bank gold is more evidence of central bank intervention in the gold market, Chris Powell, secretary/treasurer of GATA, said in his dispatch. http://www.financialexpress.com/fe_full_story.php?content_id=129715