IMF admits double counting on gold

The IMF has released a paper that discusses the practice of double counting of gold reserves by central banks.

The paper, entitled "Treatment of Gold Swaps and Gold Deposits (Loans)" explains at length how governments have been borrowing and lending gold while still reporting full ownership in a scheme to create the perception that there is much more gold supply than really exists, the Free-Market News Network reported.

The paper makes the first official recognition by the IMF that central bank