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Bron Suchecki: How bullion banks work together to minimize their need for bullion
7:45a ET Monday, February 10, 2014
Dear Friend of GATA and Gold:
London bullion banks have developed a pretty convenient system for rotating gold liabilities among themselves to minimize the need to move actual gold around or even to have gold on hand as they conduct our business. Further, we can fairly assume that if the system ever runs into difficulties, central banks, as former Federal Reserve Chairman Alan Greenspan told Congress in 1998, still "stand ready to lend gold in increasing quantities should the price rise." The London bullion banks' system is described by the Perth Mint's Bron Suchecki in commentary today at his Internet site, Gold Chat, headlined "Fractional Reserve Bullion Banking and Gold Bank Runs -- Interbank Buddies Business":
http://goldchat.blogspot.com/2014/02/fractional-reserve-bullion-banking-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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