France’s Gold As Collateral For Financial Operations : Another Fake News ?

Published by Philippe Herlin | Feb 7, 2019 | Articles 2699

As I expected, I didn’t get any reply from the authorities regarding the end of the sanctuarization of Banque de France’s gold. The minister of the Economy referred me to Banque de France, to no avail. Nevertheless, the two articles I’ve written about this issue have garnered a lot of attention, the first one having been read by over 23,000 viewers – that’s without tallying links to other sites –and the second article, which brings forth new evidence,, was viewed by more than 4,000. 

This news hasn’t appeared in the media, with the exception of two publications: Politique Magazine interviewed a former executive of Banque de France who spoke of the gravity of the matter:

“When you lease or swap gold, you are actually gambling with it; it’s like taking a mortgage on it. It is clear that when you do that, you lose full ownership of it.”

The second one is Sputnik France, which called Banque de France and got this reply that I will quote in its integrity:

“Thank you for your interest in Banque de France. As for your question, we will not comment any further in regards of the Échos article that you perused.”

So Banque de France makes an important decision about the nation’s gold, of which it is the custodian, and doesn’t even publish any kind of explanation, referring journalists to an article in the Echos! We weren’t aware that this daily economics publication was equivalent to the Journal officiel...

The media outlets didn’t go with this news, probably fearing some fake news or another conspiracy theory, while examining the sources in my articles would have reassured them immediately. But did they bother?

So I would like to reassure the journalists with another scandal I wrote about in 2013, a scandal that only produced a few rare articles: the risk of looting personal bank accounts in line with the Bank Recovery and Resolution Directive (BRRD), which I summarized in this 2015 article.

More fake news? Not at all, and here’s the absolute, definitive proof: I was interviewed on this issue by Revue Banque last December (full text), the reference magazine for the banking sector. Its main share holder is the Fédération bancaire française (FBF), which is the professional organisation of the French banks... okay? Now you have the imprimatur, go ahead!

As for Banque de France’s gold, don’t delay, dear journalists; examine the sources quoted in my two articles – they are serious. And ask questions of Banque de France, one never knows... Deputies and senators could also ask the government orally, if it’s not too much to ask.

To be sure, one must not judge fake news by the surprise effect, but by its sources – are they solid or not? And frankly, with regards to Banque de France’s gold, it should be examined profoundly, since this is of national interest.


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Philippe Herlin  Finance Researcher / Member of the Goldbroker.com Editorial Team

   

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