Crédit Agricole is the largest bank in France after it's merger with Credit Lyonnais; larger than BNP Paribas and Société Générale. It is the largest banking group in France and in Europe and is the fourth largest bank in the world. With over 21 million customers, it is the foremost high street bank in France and reports assets of some EUR 1 Trillion.

Crédit Agricole is also highly respected as having one of the leading financial research houses in Europe. The ranking of their research departments in Europe in 2005 is No. 1 in France, No. 2 in the Netherlands, No. 3 in Belgium, No. 4 in Spain and Nordic countries, No. 5 in Germany. Cheuvreux is ranked No. 2 for Western European country research, with 6 rankings in the Top Five.

Cheuvreux is the equity brokerage house of Credit Agricole. They distributed a 56-page report during the week endorsing the findings of the Gold Anti-Trust Action Committee (GATA) that the price of gold has been surreptitiously suppressed by western central banks and that those banks do not have the gold they claim to have.

The report, written by Cheuvreux's mining sector analyst in London, Paul Mylchreest, is titled "Remonetisation of Gold: Start Hoarding." It foresees an "unprecedented" rise in the gold price and accuses central banks of "covert selling" in order to suppress the gold price and maintain faith in the US dollar.

Accordingly Cheuvreux has raised its mid-cycle gold price estimate to $900/oz from $750/oz, and sees the possibility of a spike to $2,000/oz, or higher.

This is one of the most important reports on the gold market in recent years and will have a material impact on the gold market in coming years as its implications are realised by investors and financial institutions throughout the world.

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