Comment: We* shall sit in a circle. We* must count our gold. (Royal We*)

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We* shall sit in a circle. We* must count our gold. (Royal We*)

[London Crown. Bank of England accounts for National Sovereign Gold.]

National Gold Depositors: [All shout at once.] Call on me! Account for mine! It's mine! [Arms wagging. All ignored.]

The Crown: We* must establish whether the 5,738 tonnes of gold held by the Bank of England is reasonable. We* include gold custody figures reported by the Bank of England in its last Annual Report, IMF-reported holdings of individual countries and the Federal Reserve Board’s International Summary Statistics (Page 3 for earmarked gold).

The [Royal] unknowns are broadly three:

  1. We* can find no evidence of gold sight accounts in New York... We* assume that all US and earmarked gold actually exists and none is held in London.
  2. Custody at the Bank of England includes bullion held for both central and bullion banks, and there is no breakdown given. Central bank holdings will therefore be less than the 5,738 tonnes stated.
  3. We* can only... guess... how much central bank bullion is held either in countries of ownership or at other central bank depositories.

... [As for] central bank reserves held in London We* should note disclosures to date.

  • Mexico says she has nearly 95% of her gold in London and only 1% in New York.
  • Austria has 80% of her gold in London.
  • But Holland, echoing Germany (13%) says she has only 18% in the UK.

Thank you for sharing. We* look forward to our continuing lworld trust.
==================== Glossary =====================

We* = undefined
you = subject
me = subject
she = counter party (third person corporation)

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul