The central banks control more gold than any other entity in the world, so how can the World Gold Council ignore such an important factor in the market? But they do. So central bank gold supply into the market is concealed through the scrap side of the business.
Interestingly, Thomson Reuters confirms the World Gold Council’s scrap numbers. But Thomson Reuters will not share, and neither will the World Gold Council, their numbers with us. They won’t tell us where their sources are. They won’t document the numbers. They will just say, ‘take it or leave it.’ Well, I prefer to leave it. When someone says, ‘take it or leave it,’ and I’m paying for their service, I’ll leave it.
I just don’t trust people that won’t come clean. We said, ‘Prove to us that you didn’t just make them up,’ and they refused to do it. So I am very suspicious of those (scrap) numbers. And I now side entirely with our sources, and we have more than one, who have said for some time now that ‘They just make this stuff up.’
So this is how they attempt to camouflage what the ...