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At Last, an Honest Central Bank: “Gold Is the Perfect Piggy Bank”

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We normally don’t include central bank blogs in our weekly media links. They tend to be boring and technical (just like central banks). But this article caught our eye.

It’s from the website of De Nederlandsche Bank (DNB), the central bank of the Netherlands. DNB owns 600 tons of pure gold bullion. About 31% of this gold is stored in Amsterdam, with the rest in vaults located in New York, Canada and the U.K.

Recently, DNB has been taking steps to move more of the gold back to Amsterdam. Central banks don’t usually have a kind world for gold, but DNB is different. They say that “gold always retains its value, crisis or no crisis.” They also say, “Gold is the perfect piggy bank — it’s the anchor of trust for the financial system,” and “Gold… creates a sense of security.”

Of course, I agree with all of those statements (and similar statements you’ll find in the article).

Interestingly, Mario Draghi, head of the European Central Bank, made similar statements a few years ago with reference to his time as head of the Italian central bank. He proudly explained that he never sold an ounce of gold while he ran the Bank of Italy.

Of course, we know that the central banks of Russia and China are buying all the gold they can lay hands on. Maybe central bankers are not quite as critical of gold as we have come to believe. Maybe the only anti-gold central bankers are found right here in the U.S. — at the Federal Reserve.

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