ECB Starts Reporting Unallocated Gold, but is it the Whole Story?

by Chris Powell

Our friend the Dutch economist Jaco Schipper reports an increase in transparency about gold in the monthly reserve asset reports of the European Central Bank.

Since last August, Schipper notes, the ECB’s monthly report has been distinguishing the allocated from the unallocated gold in the holdings of its member central banks, with less than 2 percent of the gold now being reported unallocated. That is, almost all the gold of the members of the European Central Bank is reported as being specifically identified as owned by those banks in whatever vaults are storing it, and little of their gold has consisted of mere credits with other institutions:

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