Fed Admits “Gold Swap Arrangements”

Ron Paul has been pressing the Federal Reserve concerning its outrageous practice of interfering in the gold market through “gold swap arrangements” with foreign banks.

Not only is this an outrage to investors, but the entangling alliances brought about through these arrangement aren't currently under any oversight; one of the reasons the Federal Reserve has been battling Ron Paul so hard on not being audited.

Federal Reserve Board member Kevin M. Warsh recently replied to a request from a lawyer of GATA under the U.S. Freedom of Information Act. concerning these gold swaps, saying, "In connection with your appeal, I have confirmed that the information withheld under Exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks that was obtained within the meaning of Exemption 4. This includes information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System and is not the type of information that is customarily disclosed to the public. This information was properly withheld from you."

We need to get information from the Federal Reserve on these gold swaps, and also find out what else they are hiding.