You are here
Central banks consider joining the LBMA. (So much for transparency.)
4p ET Thurday, April 30, 2015
Dear Friend of GATA and Gold:
Central banks have expressed interest in joining the London Bullion Market Association, which pretty much runs the London gold market, according to a report by the LBMA's chief executive officer in the May edition of its newsletter, The Alchemist.
Summarizing developments with the association's membership committee, LBMA Chief Executive Ruth Crowell writes: "The committee continues to review a growing number of membership applications, which demonstrates the growing relevancy and diversity of the association. Two new mining companies have joined the ranks of the association. The LBMA welcomes other producers to join and have a voice in the London market. Another demonstration of the diverse reach of the association is the recent interest expressed by some central banks."
... Dispatch continues below ...
We Are Amid the Biggest Financial Bubble in History;
When It Bursts, Bullion Owned in the Safest Way Will Protect Wealth
With GoldCore you can own allocated -- and most importantly -- segregated coins and bars in Switzerland, Singapore, and Hong Kong.
Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed.
Crucial guides to storage in Singapore and Switzerland can be read here:
GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.
Email the GoldCore team at firstname.lastname@example.org or call our trading desk:
UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010.
Visit us at: http://www.goldcore.com
Crowell's report was called to GATA's attention today by our consultant, gold researcher Ronan Manly. It appears on Page 24 of The Alchemist, which is posted in PDF format at GATA's Internet site here:
In a statement to the Bank of England's Fair and Effective Market Review Committee in January --
-- Crowell wrote that "the role of the central banks in the bullion market may preclude 'total' transparency, at least at public level," so presumably the more central banks are directly involved with the LBMA, the less transparent the London gold market will become.
Will the LBMA and the central banks that join it even announce the new memberships? Would such an announcement, confirming the surreptitious involvement in the gold market by central banks, be reported by mainstream financial news organizations? Would any gold market analyst, financial journalist, or gold mining company executive wonder, aloud or just to himself, what central banks are doing in the gold market and what objectives they are pursuing? Would any of them try actually putting a question about it to a central bank?
Or are central banks and their agent bullion banks supremely confident that all those people will obediently avert their gaze and that the rigging of the gold market will remain an open secret that simply cannot be discussed in polite company?
All GATA can do is keep compiling and clamoring about the documentation of central bank rigging of the gold market and other markets --
-- and note that the emperor wears no clothes.
If you're inclined to support GATA's work, please visit:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:
Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: