Ronan Manly: LBMA just pushes paper to obstruct price discovery for physical gold


9:11p ET Tuesday, October 8, 2019

Dear Friend of GATA and Gold:

Bullion Star researcher Ronan Manly, the leading authority on the London Bullion Market Association, today summarizes his years of investigation of the organization to show how it represents only the issuers of imaginary and fractionally reserved gold, not producers of the metal. Further, Manly notes, the LBMA was essentially created by the Bank of England to sustain the paper gold market and obstruct price discovery of physical metal.

Manly writes: "If the LBMA really wants to support the physical precious metals markets, it must do the following:

"-- Call for and work for the removal of London over-the-counter fractionally backed unallocated trading.

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"-- Establish price fixings auctions that trade physical precious metals that are open to all direct participants in the precious metals industry.

"-- Support real price discovery in the precious metals markets, with trading of real physical precious metals.

"-- Call for the obligatory publication of central bank gold lending positions, bullion bank gold lending exposures, bullion bank outstanding unallocated gold positions, and bullion bank vault inventories.

"-- Allow access to the LBMA-I and AURUM databases for market feeds.

"-- Publish real trade reporting of actual trades in the wholesale precious metals markets, including central bank gold trades.

"-- Penalize and remove LBMA member firms that have been fined for and charged with precious metals price manipulation and that breach the LBMA Global Precious Metals Code."

Manly's analysis is headlined "LBMA Needs Reform to Serve the Physical Precious Metals Market" and it's posted at Bullion Star here:

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

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