3:04p ET Saturday, January 31, 2015

Dear Friend of GATA and Gold:

Gold market analyst Bron Suchecki of the Perth Mint today notes the seeming discrepancies around the recent repatriations of German and Dutch gold reserves from the Federal Reserve Bank of New York and concludes that the discrepancies may be best explained by unannounced gold swaps.

Indeed, in 2009 a member of the Board of Governors of the U.S. Federal Reserve confirmed to GATA that the Fed has secret gold swap arrangements with foreign banks:

http://www.gata.org/node/7819

Why should central bank gold transactions be so secretive and mysterious? Is it to prevent Doug Casey from realizing that central banks are a little more relevant to the markets than he thinks? Is it to avoid hurting the feelings of CPM Group's Jeff Christian, who portrays himself as a consultant to most central banks and affects that he knows everything they do with gold? Or might it be because disclosure of gold transactions by central banks would impair their surreptitious market interventions and manipulations, as the secret March 1999 report of the staff of the International Monetary Fund concluded?:

http://www.gata.org/node/12016

Suchecki's detective work is headlined "Repatriation Update" and is posted at his Internet site, Gold Chat, here:

http://goldchat.blogspot.com/2015/01/repatriation-update.html

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