How central banks and bullion banks work together to create imaginary gold

Ronan Manly: How central banks and bullion banks work together to create imaginary gold

Submitted by cpowell on Tue, 2016-10-25 12:16. Section: Daily Dispatches 8:16a ET Tuesday, October 25, 2016

Dear Friend of GATA and Gold:

Examining records of the small gold reserves held by El Salvador's central bank, gold researcher Ronan Manly today demonstrates how central banks, the International Monetary Fund, the Bank for International Settlements, and bullion banks work together to arrange for official gold reserves to multiply themselves on paper, residing on the books of many purported owners at the same time, creating a fractional-reserve bullion banking system. Manly's report is headlined "Bullion Banks Pass the Parcel on El Salvador's Gold Reserves" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly/bullion-banks-pass-parcel-...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.