So, how do central banks exactly intervene in the gold market? Well, you can ask central bankers this question and they won’t tell you – even those central bankers that do mention interventions in the gold market during superficial interviews. Recent example: Peter Mooslechner, executive director of Austria’s central bank.
By Lars Schall
Oops! — I did it again. Even though I told myself the last time: I won’t ever do this again.
I have a documented record of asking central banks questions about their policy toward gold. But as you can see in great detail here, central banks do not answer my questions:
So what’s the point of asking them gold-related questions again?
Yet a week ago I saw a dispatch from the Gold Anti-Trust Action Committee citing an interview with an Austrian central banker, Peter Mooslechner, who talked briefly about interventions in the gold and currency markets by central banks.
So I e-mailed the Austrian central bank’s press spokesman, Christian Gutlederer, to pose many of the questions that should be posed to all central bankers.
I wrote:
* * *
Sehr geehrter Herr Gutlederer,
I am a financial journalist from Germany writing to you for a current story.
Would it be possible to forward the following questions to Peter Mooslechner, executive director of your institution, or could you answer on his behalf? Of course I would prefer if Herr Mooslechner would answer.
Thank you for your attention.
Kind regards,
Lars Schall
Sehr geehrter Herr Mooslechner,
This week in an interview with Kitco News about the role of central bank gold reserves you said:
„I think for small countries it’s more or less this buffer role in the end. It’s quite different, I think, for central banks in Asia, for example, where they are increasing their reserves a lot and they are much more active in using also their reserves in trading in the market and intervening into the market.“
Can you elaborate on the trading of gold by central banks and their use of gold for market intervention?
Exactly which central banks are doing this trading and intervention, what are its purposes, objectives, and results, and in what markets is it conducted?
Is this trading and intervention public and announced or is it secret and surreptitious?
Is it undertaken directly by central banks or through intermediaries?
If it is undertaken through intermediaries, who are they?
Should markets and citizens generally have the right to know about this trading and intervention?
How do YOU know about it?
* * *
I have not received a reply from Mr. Gutlederer.
Of course that’s nothing really new, as you can see here.
But again, at least I have a record.
UPDATE October 28, 2015:
Today, I received the following reply from Mr. Gutlederer:
Dear Mr. Schall
Sorry we are not going to answer your questions. We never comment on our investment strategy and tradings.
Many thanks for your understanding.
Regards
Christian Gutlederer
Spokesman
Press Office
Oesterreichische Nationalbank
Wien 9, Otto-Wagner-Platz 3
Postfach 61, A-1011 Wien
Tel. : (+43-1) 404 20-6900
eMail: christian.gutlederer@oenb.at
I wrote back:
Dear Mr. Gutlederer,
I had not asked you or Mr. Mooslechner anything about the Austrian central bank’s investment strategy and trading. I had asked about Mr. Mooslechner’s comment on Asian central bank trading and market intervention.
Do you understand the difference?
Kind regards,
Lars Schall.
Mr. Gutleder replied:
Dear Mr. Schall
I clearly understood your question.
We are never commenting strategies of other central banks and to make it clear from the very beginning I added we are not commenting also on our strategies.
Rgds Christian Gutlederer
***
Now, the question is, of course, why did Mr. Mooslechner made that comment vis-à-vis this policy? Isn’t he briefed about it?
I clearly understood your question.
We are never commenting strategies of other central banks and to make it clear from the very beginning I added we are not commenting also on our strategies.
Rgds Christian Gutlederer
***
Now, the question is, of course, why did Mr. Mooslechner made that comment vis-à-vis this policy? Isn’t he briefed about it?
Keep up the great work and asking direct questions!
Thank you for your efforts on all our behalf. The markets throughout the world are being taken out of the hands of natural market forces and deposited in extremely dangerous political hands. It is a serious danger to all free market citizens.
[…] http://www.larsschall.com/2015/10/27/again-and-again-no-answers-from-cen … […]
Ollie Mcdonald
Gold market intervention and related questions.
[…] http://www.larsschall.com/2015/10/27/again-and-again-no-answers-from-central-banks-to-critical-quest… […]
Danke sehr. Die Antwort konsequent zu verweigern ist auch eine aussagekräftige Antwort. Die Zombies sollen sich nicht in die Angelegenheiten der Eliten einmischen.