Dear Friend of GATA and Gold:
In the essay appended here, the Mexican journalist Guillermo Barba reports that the Bank of Mexico refuses to disclose where it is keeping the 93 tonnes of gold it claimed to have purchased this year, apparently doesn't even know the form of the gold it claims to have purchased, and thus for its new gold reserves may be only an unsecured creditor of banks that are members of the London Bullion Market Association, home of fractional-reserve gold banking and primary mechanism of the gold price suppression scheme.
Barba thus has demonstrated how easy it is for basic journalism to expose the gold price suppression scheme -- just by putting simple and obvious questions to central banks and publicizing their refusal or inability to answer. With his essay Barba has done more journalism on this issue than The New York Times, The Wall Street Journal, the Financial Times, and all the world's mainstream news agencies combined. If only one of those news organizations would emulate him. But perhaps at least some Mexican news organizations will pursue his work now.
GATA's thanks go once again to the president of the Mexican Civic Association for Silver, Hugo Salinas Price, who spoke at GATA's Gold Rush 2011 conference in London this month and who translated Barba's essay into English.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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And Where Is Banco de Mexico's Gold?
By Guillermo Barba
Friday, September 23, 2011
The title of this article should have an obvious reply, but that is not the case.
Thanks to two requests for information made to the Banco de Mexico (Banxico), Mexico's central bank, based on the Federal Law for Transparency, we can say that it is probable that the gold in Mexico's international reserves is not in the country.
The requests were made by someone who never imagined how complicated it would be to obtain an answer to the question: How many bars of gold make up the recent acquisition of 93 tonnes of gold made by Banxico in the first quarter of 2011?
The bank's first denial of information was not long in coming: "We inform you that the information that you request is classified as reserved."