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Alasdair Macleod: Time for change in the London bullion market
2:17p ET Tuesday, July 8, 2014
Dear Friend of GATA and Gold:
The London gold market is "a cartel between bullion banks and the Bank of England" and operates in secret, and the rest of the financial world is starting to pass it by, GoldMoney research director Alasdair Macleod writes today.
By contrast, China, Macleod writes, "has a fully functioning gold bullion market that provides turnover and delivery statistics, as well as trade by the 10 largest participants by both volume and bar sizes. China also has tied up mine output in Asia, Australia, and Africa, which now bypasses London completely. Dubai also has ambitions to become a major physical market, being in the center of Middle Eastern bullion stockpiles and with strong links to the Indian market. Even Singapore sees itself servicing Southeast Asia and becoming a global center."
Without major reform, including much greater transparency, Macleod writes, the London gold market won't be able to compete. His commentary is headlined "Time for Change in the London Bullion Market" and it's posted at GoldMoney here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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