The Federal Reserve Does Not Own Gold Authored by Ryan McMaken via The Mises Institute, Historically – as during the days of the classical gold standard – central banks maintained stocks of gold to facilitate the conversion of gold-backed national currencies. Those days are long gone, but in modern times, many central banks continue to own gold, and many central banks buy gold as part of their open-market operations. For example, in his article last week—”Central banks purchase gold to offset their own money destruction“—Daniel Lacalle writes: The rising purchases of gold by central banks are an essential factor justifying… — Continue at ZeroHedge News : Read More
