Good morning ladies and gentlemen. It is great privilege to have been asked back to address the Annual Meeting of the Gold and Silver Institutes. My subject this morning 'The Future Role of central Banks in Gold' is one of the enduring issues for the gold market. Yet, despite the enormous volume of discussion from many eminent commentators on the subject of gold and central banks over the years at Conferences such as this, it is disappointing that this still remains perhaps the most divisive of all issues for the gold market. In the context of the recent history of the gold market, central banks have featured consistently on the supply-side of the equation. At a time when there is so much debate in the gold market over demand-side issues and the longer-term outlook for jewellery consumption, I was intrigued to note in this new, shortened conference format, that the first three presentations on the program al deal, in one way or another, with aspects of gold supply.
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