During the 1980s, Western bullion banks engaged in a gold carry trade—leasing gold from central banks at ~1% and investing the proceeds in US Treasuries yielding ~10%—but analyst Frank Veneroso documented that approximately one-third to one-half of the gold leased out never returned, having been absorbed into the market, likely purchased by the PBOC.
factualpending
Speaker
Alister MacleodEvidence Quote
“The analysis from uh um an analyst who really look looked at this in detail Frank Veneroso was that this gold didn't come back. I think it disappeared into the market and was you know bought by the People's Bank of China [19:28]”
Created: 7/13/2026, 8:49:27 PM
My Notes
Loading notes...