Central bank bigwigs offered course on how to manage all their gold
The World Gold Council is offering a three-day course this spring limited to executives at central banks and finance ministries on looking after their gold reserves.
According to the course description, participants will learn supply and demand, economic conditions and how asset prices impact gold in various currencies. Getting a handle on bullion may be useful, notes the brochure, since central banks now control one-fifth of the world's gold, currently running at US$1.7 trillion.
Cost is now $2,900 since early registration has passed. The course is being run jointly by the University of California, Berkeley and the World Gold Council.
The Gold Anti-Trust Action folk would like the course opened up to a larger audience.
"So will the World Gold Council explain to the gold mining companies and gold investors it purports to represent exactly what are the objectives of central banks trading in gold and the gold futures, options, and derivatives traded for them by their agent, the Bank for International Settlements?" asks GATA.
"Is the objective to maximize the value of gold at the expense of government currencies and government bonds or maximize the value of government currencies and government bonds at the expense of gold?"