Von Midas James Joyse Table:
Now what does Custodial Gold mean to you?
This is what it meant to James Turk:
"This description provides clear evidence that the US Gold Reserve is in play.
Gold has been removed from US Treasury vaults and placed on deposit, presumably in the couple of bullion banks the Treasury has selected to assist with its gold price capping efforts.
Gold placed on deposit gets loaned out by these bullion banks, and then sold into the spot market to try capping the gold price.
The same thing happens with swaps, but the vague language in the note to the Treasury reports makes it uncertain whether they are in fact being used at the moment."
After GATA raised a stink about the name reclassification, etc., the Treasury reclassified all US Gold Reserves as ‘Deep Storage Gold’. Now what does Deep Storage mean to you?
Now here is where it gets even juicier. Two years ago the IMF asked all of its member banks to adequately report their true gold reserve status … meaning tell the truth about what gold is in the vaults and what gold is not there via swaps and gold leasing operations.
Last May the US Treasury went half way in that regard. James Turk reported on what they did:
"Note the additional description of gold provided in the new reporting format. It says the US Gold Reserve is 261.499 million ounces and importantly, that the gold is now reported "including gold deposits and, if appropriate, gold swapped."
"This description provides clear evidence that the US Gold Reserve is in play. Gold has been removed from US Treasury vaults and placed on deposit, presumably in the couple of bullion banks the Treasury has selected to assist with its gold price capping efforts."
Now why did the Treasury even bother to change the nomenclature of US gold reserves if it is all just sitting there like they claim?
The Fed and Treasury refuse to answer to the whys of any of this. Maybe Tim Wood will able to furnish some reasoned answers.
Meanwhile, the IMF has gone silent about its request to its member banks about accurately reporting their gold reserves.
Gold demand input from a Café member, which corroborates the info we are receiving in Gold Goodies…
"Just a note, a close source has told me Gold Vault at a major London bank has been shipping a lot of Gold to Turkey, with a comment from the person who said some of it might be headed for Iran?
But, he said the amount of Gold being shipped out is unusually high." ![]()