“The Bundesbank’s move is important: not for what it says about Germany’s faith in French or American vaults; nor for the cost of shifting 674 tonnes of gold; but because it is a major victory for transparency in the gold market.  Central banks are notoriously secretive about their gold-trading activities.  Most report, on a monthly basis, their gold reserves to the International Monetary Fund. But these data fall a long way short of full transparency. They tell us nothing about derivative positions in the gold market — for example, gold loans, agreements for future sales, or options transactions.”

http://www.gata.org/node/12180

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