Bloomberg details how commodity fraud works but of course omits gold

Section: Daily Dispatches

"Overpledging" goes far beyond copper trading.

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Why Metals Keep Going Missing in Commodity Trading

From Bloomberg News
Tuesday, August 16, 2022

A group of Chinese traders discovered in August that a copper merchant in northern China wasn't holding the half a billion dollars' worth of ore that was meant to be their collateral. This followed an episode in June involving missing aluminum. 

Craig Hemke at Sprott Money: The convicted criminals of JPMorgan

Section: Daily Dispatches

9:25p ET Tuesday, August 16, 2022

Dear Friend of GATA and Gold:

Writing tonight at Sprott Money, Craig Hemke of the TF Metals Report notes the inability of the U.S. Commodity Futures Trading Commission to discover the manipulation of the gold and silver markets for which the U.S. Justice Department just achieved conviction of two former traders at bullion bank JPMorganChase.

Russian government plans to 'break the LBMA monopoly' on gold

Section: Daily Dispatches

Treasury Proposes to Create Alternative to the London Precious Metals Standard

From Vzglyad
Institute for Socio-Economic and Political Studies, Moscow
Thursday, July 28, 2022

Via Google Translator

A new international standard for the precious metals market, the Moscow World Standard (MWS), should be created to become an alternative to the standard of the London Bullion Market Association (LBMA), the Russian Finance Ministry said.

The New Orleans conference is back in a big way, so join GATA there

Section: Daily Dispatches

By Brien Lundin
Editor, Gold Newsletter
CEO, New Orleans Investment Conference
Wednesday, July 20, 2022

As a serious investor, you’re well aware of the unique challenges presented by today’s markets.

-- Central banks -- led by the Federal Reserve -- intent to fight off rising inflation with rate hikes.

--  The markets responding with massive selloffs, sending a clear message to the Fed to lay off.

... Dispatch continues below ...

Nine in 10 Bank of England staffers get bonuses as inflation soars

Section: Daily Dispatches

By Laura Onita
The Telegraph, London
Sunday, August 14, 2022

Nine in 10 employees at the Bank of England were handed bonuses last year even as inflation soared beyond its 2% target.

A total of 4,263 workers, accounting for about 90% of its workforce, received a bonus last year, disclosures show. The highest payouts were between L15,000 and L20,000, with 34 members of staff getting rewards in this range.

... Dispatch continues below ...


How the U.S. toppled the world's most powerful gold trader

Section: Daily Dispatches

Except that the world's most powerful gold traders are really the U.S Treasury Department, the Federal Reserve, and the Bank for International Settlements, for which JPMorgan Chase long has been executing trades.

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How the U.S. Toppled the World's Most Powerful Gold Trader

Eddie Spence, Joe Deaux, and Tom Schoenberg
Bloomberg News
via Yahoo News, Sunnyvale, California
Sunday, August 14, 2022