Ronan Manly: French central bank and JP Morgan team up to boost gold lending


5:04p ET Sunday, December 9, 2018

Dear Friend of GATA and Gold:

Bullion Star gold analyst Ronan Manly today examines the Banque de France's (relatively) new partnership with JPMorganChase in gold swapping and lending -- that is, the gold market-rigging business -- noting connections with other central banks and the strict secrecy in which their gold business is conducted.

Manly writes: "A few months ago the World Gold Council reported that the central bank of Iraq had been active in the gold market, buying gold with the help of the Banque de France. Whether this newly purchased gold is stored in Paris was not mentioned, but it probably is. So overall there is a ready supply of gold bars, owned by both France and other central banks, with which to ramp up gold lending if the customer central banks so choose."

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Such expansion of the gold swapping and lending business implies that an increasing number of governments and central banks, possibly including even Russia's and China's, have reincarnated the London Gold Pool of the 1960s --

-- but on a much bigger scale, moving their gold around surreptitiously, applying it to the markets as necessary to control the monetary metal's price against their vast inflation of the world's money and credit supply. The objective is to prevent free markets from ever developing again.

People who cannot deny the market rigging by central banks sometimes wonder: What is the end game? But the Banque de France's partnership with JPMorganChase in the market-rigging business suggests that central banks think they already have achieved the end game, already have achieved what George Orwell predicted in "1984": "If you want a picture of the future, imagine a boot stamping on a human face -- forever."

Manly's analysis of the Banque de France-JPM partnership is headlined "French Central Bank and JP Morgan Team Up to Boost Gold Lending" and it's posted at Bullion Star here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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