Questions about Sweden's gold reserve exists
Expert requires that the Central Bank may control whether the gold with their own eyes
The Central Bank revealed last week where the Swedish gold reserve is located.
Now experts demands that the gold should be audited physically.
– How can we be sure that the gold exists in the described scope if we've never seen the gold, CEO of Liberty Silver AB, Mikael From is asking.
That Sweden has a gold reserve managed by the Riksbank has long been known. But where the gold is stored has been a secret — until last week.
Then the Central Bank revealed for the first time where the gold was stored. Gold, which adds up to 125,7 tons which is equivalent to about 10,000 gold bullion, valued at 37 billion SEK and is kept at five different central banks around the world: the Bank of England, Bank of Canada, Federal Reserve Bank of New York, the Swiss National Bank, Sveriges riksbank.
"Can't be sure"
The Riksbank announcement of the location of the gold was welcomed, "says Mikael From, CEO of Liberty Silver, one of Sweden's largest dealer of investment gold."We are positive that the Riksbank has now been publishing where we have our gold reserves. We also appreciate their ambition that they now should inspect the gold reserves. What is not clear, however, is whether to implement a regular audit of the reserve during the inspection. This is highly desirable, "he said.
According to him, the Central Bank and the Swedish Government cannot be sure that the gold really exists, if it haven't been seen it with real eyes.
– Discussion is relevant since Germany in the beginning of this year, to get that part of its gold reserve, which is kept in the Federal Reserve Bank's Vault (United States: s central bank) delivered home to Germany. They then received the reply that it would take seven years to transport gold from the United States which is a quite unreasonable long for something that could be delivered in 4-5 flights.
When Germany asked to inspect the gold at the premises of the Federal Reserve Bank became the stop. According to the Fed, it would not be able to comply because of security reasons. Rumors put the momentum that the Fed would have sold or loaned pieces of gold as collateral for a loan. We therefore demand that the Bank gives notice about how it will be able to prove that the gold actually exist, says Mikael Form.
– It may very well be baseless rumors but all the more important for the Fed to prove that Sweden's and other States ' gold, are found in the vault. Is the gold there it should not be any problem to showcase it. How will the Riksbank react if the Fed says no? These issues I would like to have answers from the Riksbank.