What has the Bank of England done with 1,300 tonnes of gold?
GoldMoney's Alasdair Macleod says that the Bank of England recently become a prolific supplier of gold – leasing out 1,300 tonnes of the yellow metal in just four months.
In an interview with the Keiser Report on the Russia Today network, the GoldMoney research director told financial pundit Max Keiser what he thinks happened to 100,000 gold bars.
While perusing the BofE's new website application, which allows you to take a virtual tour of the Kingdom's gold vaults, Macleod learned that in June the bank was holding 400,000, 400-ounce gold bars.
As a veteran precious metals adviser, Macleod noticed a discrepancy between this figure and the Bank's year-end accounting from February which reported 505,000 bars in storage.
"Roughly a 100,000 bars seems to have disappeared from the 28th of February when the annual report was dated and some time in June," Macleod told Keiser. "So where has this gold gone?"
The former investment manager believes the BofE has been flooding the gold market in an attempt to suppress prices.
Macloed says the BofE's actions are "clearly a coordinated attempt" to keep prices low during a time of high demand for physical gold – resulting from the Cypriot financial crisis and big appetites for the metal in China and India.
An influx of 1,300 tonnes are sufficient to keep prices down, he said.
See the full interview here. Macleod discusses the BofE at 18:26.