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Ronan Manly: Amid London gold turmoil, HSBC gets gold for GLD from the Bank of England
8:34p ET Wednesday, May 13, 2020
Dear Friend of GATA and Gold:
As the gold market began buckling in March and April under the pressure of increased demand and the worldwide virus epidemic, Bullion Star researcher Ronan Manly discloses today, the exchange-traded fund GLD, managed by bullion bank HSBC, began stocking itself with what appears to have been borrowed central bank gold vaulted at the Bank of England.
These transactions, Manly writes, are acknowledged deep in GLD's quarterly report to the U.S. Securities and Exchange Commission, filed May 8.
... Dispatch continues below ...
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Manly adds that these transactions probably created another double-counting of a substantial amount of gold in the world financial system -- gold claimed by central banks even as it was being claimed by GLD as well.
According to Manly, the GLD filing with the SEC implies:
"A) There isn't enough gold in the HSBC vault in London to fulfill SPDR Gold Trust basket creation requests from GLD Authorized Participants.
"B) That gold that is ultimately borrowed central bank gold at the Bank of England is being used as a source of GLD gold holdings.
"C) That there are physical gold float shortages in the London physical gold market as well as liquidity problems of London Bullion Market Association market makers in the London paper gold market."
Of course while these transactions were being undertaken, the LBMA was assuring the world that all was well with the gold market and any problems were just challenges of transportation logistics caused by the epidemic.
Mainstream financial news organizations obediently parroted the LBMA's assurances, as usual declining to ask any critical questions.
Manly asks: Do these gold shortages and double-countings in London continue? Is GLD still borrowing central bank gold from the Bank of England?
To find out, call the LBMA and the Bank of England if you want, but you'll probably do better just to watch for more footnotes in HSBC's SEC filings -- that is, if HSBC and GLD don't blow up in force majeure first.
Manly's report is headlined "Amid London Gold Turmoil, HSBC Taps Bank of England for GLD Gold Bars" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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