Jun 12, 2007

Reg Howe: Gold derivatives -- Chinese torture

Gold price-fixing case litigator Reg Howe, proprietor of GoldenSextant.com and consultant to GATA, has reviewed the latest gold derivatives figures reported by the Bank for International Settlements and figures that the Western central banks are short at least two years of world gold production. Howe also figures that they're not eager to get it back.

Howe writes that the most likely explanation for current low gold lease rates "is that they are effectively rollover rates for essentially past-due gold loans that can be neither thrown into default nor repaid without serious risk of unacceptable consequences for the world financial system."

Howe's new commentary is titled "Gold Derivatives: Chinese Torture" and you can find it at the top of the Golden Sextant home page HERE

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