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Ronan Manly: London precious metals clearing's objective is ignorance
9:33a ET Monday, May 30, 2016
Dear Friend of GATA and Gold:
Gold researcher Ronan Manly today examines London Precious Metals Clearing Ltd., a conglomerate of the major gold-trading institutions in London, and concludes that its objective is to keep the world ignorant of the manipulation of the price of the monetary metal.
"Firstly," Manly writes, "LPMCL keeps the entire pyramid of London's unallocated precious metals trades spinning. By not reporting any trade information, the London Bullion Market Association and LPMCL keep the entire gold world in the dark about the extent of the London paper gold trading scheme.
"Secondly, LPMCL preserves opacity and prevents public reporting of precious metals trades, including central bank gold lending and gold swaps, and therefore keeps this major gold market trading activity out of focus, with the spotlight off the role of the Bank of England in the London gold market."
Those involved with it, Manly asserts, "are merely helping to protect an entrenched system of opacity in which central banks, sovereign institutions, monetary authorities, the Bank for International Settlements, large bullion banks, and other large operators can move within the gold market without being concerned that any of their transactions and interventions will ever be noticed and reflected in gold price discovery. This is not an efficient market. Far from it. This is a protected and hidden physical trading system upon which is overlaid a massive pyramid of fractional-reserve paper gold trading."
Manly's study is headlined "Spotlight on LPMCL: London Precious Metals Clearing Limited" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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