gold at us$3400 an ounce, page-11

Hi Bruce,

If we work back the figures for Canada:
1)
in its July bulletin, the World Gold Council stated that Canada's gold reserves position stood at 421,000;
2)
these figures were referable to Canada's position at either end April, or end May (depending upon when the information was submitted to the IMF's IFS service);
3)
your posting of 20:37 alluded to Canada's position beign closer to 200,000;
4)
your posting of 21:53 confirmed this as the case, at end August;
5)
in that same posting, it was noted that 135,700 ounces were sold during August;
6)
this meant that at end August, Canada's gold reserves stood at 200,000 ounces, whilst at end July, they had stood at 335,700, and at end May, at 421,000 ounces;
7)
this also suggests that Canada's reserves were reduced by ~85,000 ounces during the June /July period; and
8)
overall, this tends to confirm the accuracy of the IMF IFS series information published by the World Gold Council. So, all things being equal, the US position is likely to still be as it has been stated by the World Gold Council.