0 votes

God Save the Queen. Queen Tours Her Gold Vault @ Bank of England, Dec 2012

Just coincidence? Queen is trotted through Bank of England's gold vault Thursday, December 13, 2012

Dear Friend of GATA and Gold:

Maybe it's just a coincidence but maybe instead it's a propaganda campaign launched by the British government and the Bank of England to assuage growing international concern about the oversubscription, lending, and swapping of Western central bank reserves.

First, a few days ago, the Bank of England invited videojournalist Brady Haran and University of Nottingham chemistry Professor Martyn Poliakoff to tour its gold vault for a fascinating lecture in which the professor discussed gold's remarkable qualities. (Of course gold's most remarkable quality, politely overlooked by the professor, may be its capacity to replicate itself to infinity in the hands of a central bank -- just like ordinary money.) The Guardian's report of the tour, along with a link to the video made about it, is here:

Gold bullion at the Bank of England 6 minute newsreel.

What does £197 billion ($315 billion) in gold bullion look like? Chemistry Professor Martyn Poliakoff and videojournalist Brady Haran visitied a gold bullion-filled vault at the Bank of England and give us all a look.

How much of this is one's own gold? Queen inspects bullion deep below Bank Of England that holds stocks [Gold bars] worth £197 billion. 4 photographs as the Queen walk about her Gold vault @ the Bank of England.

PUBLISHED: 13 December 2012

In a highly controversial foray into government policy, the monarch appeared to criticise the regime created by the Labour government when Gordon Brown was Chancellor. Touring the Bank of England today, the Queen claimed some in the City had become 'lax' and were not focused on the potential problems which triggered the credit crunch when banks were over-run by debt.

Daily Mail's account is accompanied by the most photographs and is headlined with what may have been meant as a bit of a joke but what actually is the crucial question of the hour, never officially asked: "How Much of This Is One's Own Gold?"

How much indeed? For as recently as last year the Bank of England insisted on secrecy for its gold market activities, including leasing, which the bank said it discontinued in 2007; swapping, on which the bank did not comment; and transactions involving other central banks whose gold is vaulted or said or thought to be vaulted at the Bank of England:


Now if only the queen could get an invitation to tour Fort Knox.

[Afterthought: Reportedly the oldest bar of gold in the Bank of England vault is registered 1916. No mention of how empty the vault was in 1916; just a reference of all that remains from that year.]