That Agricole report on gold

I always believed what GATA was saying about Central Banks having lent
out 15,000 tons of gold which the bullion banks sold off. What I don't
understand is how these sales were treated in the World Gold Council
statistics of supply and demand. The extra stuff comes to about 700
tons a year that should have shown up on the supply side and on the
demand side. That's about 20% of the market. Could the World Gold
Council have been underreporting supply AND demand figures for all
these years, and by a factor of 20%?

For those who don't follow gold, a typical year had sales of about 3500
tons, with 2500 coming from mines, 500 from recycling and 500 from
official, open and accounted for central bank sales. To this,
apparently, we would have to add 700 tons of subrepticious
under-the-table sales.

On the other side, demand consisted of 3000 tons for jewelry, 300 for
industrial/dentistry, and 200 for investment. Again, we would have to
add 700 tons to anonymous buyers who don't report to the World Gold
Council. Or maybe the World Gold Council is part of the whole
shenanigan and they're making these numbers up?

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