The following article, as disturbing and confusing as it is in it's own right, is NOT open for public discourse on Reuters.
This is a classic example of the Main Stream Media (MSM) directing the flow of information in a way they want you to know it, not the way it is. This is similar to the Bloomberg hit piece about Germany NOT wanting it's gold back when that was never stated by Germany. That was Bloomberg's stance alone...
And apparently in this case, Reuters doesn't want anyone talking about it:
UPDATE 2-India central bank seeks to swap gold to improve reserves quality
By Suvashree Dey Choudhury and Siddesh Mayenkar
MUMBAI, July 2 (Reuters) - India's central bank said on
Wednesday it has sought quotes from banks to swap gold in its
own vaults for international-standard gold, aiming to improve
the management of its reserves.
The Reserve Bank of India said the operation would
"standardise the gold available with RBI in India with respect
to international standards" and the gold acquired would be
delivered to its overseas custodian, the Bank of England.
By holding gold reserves in London, the RBI would gain
flexibility to mobilise them if needed to defend the currency.
It shipped some of its gold holdings to Britain in 1991 as part
of a series of emergency measures to tackle a financial crisis.
Later in the article:
Market participants said the central bank was likely to
offload its old gold onto the local market in India.
Full article here
Try leaving a comment on that article. Comments closed. Why? I went back to many older articles and the comments sections are alive and well. Two weeks ago? No problem. This particular article came out YESTERDAY!
I emailed their PR person Heather Carpenter but her out of office reply stated she will be out until 5/19. Of 2015???
Now why in the world would the RBI give ONE single ounce to the Bank of England when they know that gold will be promptly leased out to the bullion banks?
And why are they going to sell gold into the local market but buy more gold on the open market and "store" it in London.
This whole story smacks of desperation and strangeness.
India is demonstrating that they are either complete FOOLS when it comes to gold (which no one would believe) or they are getting in bed with their Western counterparts to keep the suppression of the gold prices alive. WELCOME MODI! YOU TOO WILL HAVE YOUR MORALS COMPROMISED! NAMASTE! Or whatever. Politics and the financial market will bend the moral will of even the mightiest Oak.
This is a strange position for them to be in given their superficial(?) alignment with the SCO, China, Russia and other BRICS nations that are collectively creating an investment bank that will compete with the World Bank for the development of emerging economies. A bank that is also encouraging the participants to transact in local currencies and specifically exclude the dollar from being used as an intermediary settlement mechanism.
Another thought about this situation comes to mind. The development of the SDR. Is India formally "buying" into the new SDR system? Is the gold they are giving to London buying them a chair or two at the table of the new monetary system?
It will be interesting to see how much of their gold they turn over to the City boyz so that it can be misappropriated. Are they doing this to appease the Western banks in the short term while they are strategically planning to align with the Asian currency block that is forming?
This move should be sternly looked at by the people of India. There is so much going on behind the scenes it boggles the mind. Prepare accordingly.
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