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Ronan Manly: Musical chairs for central bankers on LBMA board

Section: Daily Dispatches

12:37p ET Thursday, June 25, 2020

Dear Friend of GATA and Gold:

Noting the appointment of another former central banker, Isabelle Strauss-Kahn of the Banque de France, to the board of the London Bullion Market Association, Bullion Star researcher Ronan Manly reminds us today that there is little difference between the association and central banking, which long has aimed to control and suppress the gold price.

... Dispatch continues below ...


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Manly writes: "In a classic case of musical chairs, Strauss-Kahn's appointment comes from a vacancy that has arisen due to the departure from another 'independent' LBMA non-executive director, former Federal Reserve Bank of New York official Simon Potter." ...

Of Strauss-Kahn's appointment, Manly continues: "Ruth Crowell, LBMA chief executive said: 'We look forward to working with Isabelle, whose extensive experience in the financial services industry -- specifically with central banks -- will strengthen the LBMA's global reach and independence of the board.'

Manly adds: "With central banks being some of the main players in the gold market through their secretive gold leading, swaps, and leases, not to mention their behind-the-scenes accumulation, distribution, and repatriation of the yellow metal, the degree of 'independence' that influential former central bankers can have when on the board of the LBMA is debatable, to put it mildly. 'Independent of what?' may be the best question, and why the secrecy?"

Manly's report is headlined "Central Banker Musical Chairs at the LBMA -- Fed Exits, Banque de France Joins" and it's posted at Bullion Star here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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