The Phaserl


Of Course Turkish Gold Reserves are Overstated — Nearly Everybody’s Are

by Chris Powell, GATA:

Dear Friend of GATA and Gold:

Responding to gold researcher Koos Jansen’s report yesterday about what is effectively the official remonetization of gold in Turkey, in which citizens’ gold is deposited with commercial banks and then used by the banks to satisfy the reserve requirements of the Turkish central bank, moving temporarily to the central bank’s books —

— the Perth Mint’s Bron Suchecki notes today that this falsifies the central bank’s gold position, which is in turn misleadingly reported by the World Gold Council. Suchecki’s commentary is headlined “WGC Overstating Turkish Gold Reserves” and is posted at his Internet site, Gold Chat, here:…

Suchecki’s point is well taken, for it means that a lot of gold in Turkey is double-counted.

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