Today James Turk once again shocked King World News when he stated, “… in 1997 over (a stunning) 2,000 tons of gold moved out of Great Britain.” Turk added, “Now since Great Britain is not a gold miner, we know that gold had to come out of the Bank of England (where they store other countries gold), and it probably went into Zurich (Switzerland) for what’s called ‘leasing’ but I use the word ‘lending,’ or lending into the market.”
But first, here is what Turk had to say about his last interview titled, “The Entire German Gold Hoard Is Gone,” which has received an incredible amount of attention around the world: “Yes, it’s getting increasing attention, Eric, and rightly so. There has been a lot of deception about how much gold is really in central bank vaults.
The reason why there is this deception, if you look at a balance sheet of a central bank like the Bundesbank, Bank of Italy or the Bank of England, they basically say gold in the vault and gold out on loan, they show it as one line item. They call it, ‘gold and gold receivables.’
Anybody who understands generally accepted accounting principles knows that ‘cash’ is different from an ‘account receivable.’ Continue reading