On January 5th I sent an email to the head of market operations at the Banque de France, Mr Gautier. You can read the questions I asked him about the activity of the French Central Bank in the gold market here.

On January 12th I received the following answer from Mr Gautier :


"Good evening, Sir,

Thank you for your email. I understand you have in your possession the two presentations/speeches to which you refer. I cannot expand beyond their contents because Banque de France does not make public the management of its foreign exchange reserves. Furthermore, we very seldom give interviews.

Let me take this occasion to offer you my best wishes for 2015,



Alexandre Gautier

Banque de France"


First I would like to thank Mr Gautier for his answer, since I wasn't expecting any.

Now, this is a direct and official confirmation that the French central bank does not want to make public the management of its foreign exchange reserves, and thus remain secretive about its operations in the gold market. 

Not surprising to me after more than six years studying the gold market but, still, this raises one question : why a bank that is supposed to be public (Nationalised by the french government 1936-1945) doesn't want to make public any of its activities in the gold market ?

Sure, the French Central Bank has been independent from the state since 1993 but it's still a public bank, to my knowledge. I might be too small a player to receive detailed answers from the Bank, but if the French Central Bank is public, and if gold is not a strategic reserve (barbarous relic), then the French people should be able to receive answers about the activities of their central bank in the gold market and, by extension, about the French gold reserves.

Where are France's gold reserves held at this moment, and when was the last audit performed ?


I will keep on asking questions.


Fabrice Drouin Ristori

Founder/CEO Goldbroker.com

Twitter : @fabricedrouin

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