Alasdair Macleod: Untangling gold at the Bank of England
8:30a ET Wednesday, July 31, 2013
Dear Friend of GATA and Gold:
GoldMoney research director Alasdair Macleod today reviews in detail the recent gold accounting provided by the Bank of England to explain his conclusion that the bank, a major custodian of the gold of central banks around the world, appears to have sold about 1,300 tonnes in recent months to smash the metal's price down.
As your secretary/treasurer reported yesterday --
-- the Bank of England refuses to explain or comment on what appears to be a discrepancy between the February and current figures it has reported to the public about its custodial gold.
... Dispatch continues below ...
How to profit with silver --
and which stocks to buy now
Future Money Trends is offering a special 16-page silver report with our forecast for 2013 that includes profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million.
Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.
To learn about this report, please visit:
Macleod concludes: "There is unlikely to be enough available to supply the market at current prices and bail out the bullion banks in London, so they must still be in trouble. The supply of gold for lease seems to have diminished, because the gold forward rate has gone persistently negative indicating a shortage.
"It appears that the leasing scheme, whereby central bank gold is supplied into the market, has finally backfired. Prices have risen over the period being considered and leased gold has disappeared into Asia at an accelerating rate never to return. While the bullion banks operating in the U.S. futures market have got themselves broadly covered, the bullion banks in London appear to have passed up on the opportunity to gain protection from rising bullion prices.
"The final and fatal mistake was to misjudge the massive demand unleashed as the result of price suppression. This was a schoolboy error with far-reaching consequences we have yet to fully understand."
Macleod's commentary is headlined "Untangling Gold at the Bank of England" and it's posted at GoldMoney's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our 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:
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit: