By C. Powell
Dear Friend of GATA and Gold:
The Wall Street Journal this evening updated and corrected its report about the gold swaps undertaken by the Bank for International Settlements, disclosing an e-mailed statement from the BIS stating that the swaps were with commercial banks, not central banks as the newspaper first reported.
The updated story suggests that some puzzlement continues about the swaps:
“The enormous amount of gold involved, nearly tripling what the BIS itself owns, left many market participants wondering about the nature of the deals. The BIS declined to identify the commercial banks involved. … It isn’t clear what prompted the banks to borrow from the BIS instead of their central banks.”
Continue reading Gold Swap Mystery Deepens as BIS Gets Correction From Wall Street Journal