You are here
Central banks 'managing' -- that is, rigging -- gold 'more actively,' LBMA is told
11:48a ET Thursday, November 13, 2014
Dear Friend of GATA and Gold:
Bullion Vault research director Adrian Ash this week called attention to what may be the most relevant remark coming out of the London Bullion Market Association's conference in Lima, Peru.
It's the assertion by the market operations director of the Banque de France, Alexandre Gautier, that central banks now are managing their gold reserves "more actively," a remark conveyed to Ash by a colleague attending the conference. Ash wrote about it Tuesday in his daily commentary at Bullion Vault:
https://www.bullionvault.com/gold-news/gold-price-111120141
Gautier told the LBMA conference in Rome in September 2013 that the Banque de France is trading gold for its own account "nearly on a daily basis" and is "active in the gold market for central banks and official institutions":
http://www.gata.org/node/13373
According to the slides for Gautier's presentation in Lima, which, as Ash notes, were posted at the LBMA's Internet site and are copied to GATA's Internet site here --
http://www.gata.org/files/Gautier-LBMA-Lima-11-10-2014.pdf
-- this more active management of central bank gold reserves mainly involves gold swaps.
Perhaps as a note of caution to his co-conspirators, Gautier added in his presentation that "auditability" is "becoming a crucial issue" for central bank gold reserves. So hooray for gold's friends and their clamor in Germany and Switzerland.
... Dispatch continues below ...
Buy precious metals free of value-added tax throughout Europe
Europe Silver Bullion is a fast-growing dealer sourcing its products from renowned mints, refiners, and distributors. Because of a legal loophole that will close soon, you can acquire the world's most popular bullion coins free of value-added tax throughout the European Union. You can collect your order in person at our headquarters in Tallinn, Estonia, or have it delivered in any of the 28 EU countries.
Europe Silver Bullion is owned and operated by North American and European experts in selling, storing, and transporting precious metals. We have an extensive product inventory of silver, gold, platinum, and palladium, and our network spans the world.
Visit us at www.europesilverbullion.com.
Of course as the March 1999 report of the staff of the International Monetary Fund disclosed, surreptitious gold swaps and leasing are primary mechanisms of secret intervention in the gold and currency markets by central banks:
http://www.gata.org/node/12016
http://www.gata.org/files/IMFGoldDataMemo--3-10-1999.pdf
So if, as Gautier told the LBMA conference this week, central banks are getting more active in managing their gold reserves through swaps, they almost certainly have been intensifying their efforts at gold price suppression, which would explain the price's steady decline in recent months.
A warning to mainstream financial journalists: Though the official documentation is plainly laid out for all to see --
http://www.gata.org/taxonomy/term/23
http://www.gata.org/taxonomy/term/21
-- and Gautier's employer, the Banque de France, has, as do all other central banks, a street address, telephone number, and e-mail address --
https://www.banque-france.fr/en/banque-de-france/how-to-contact-us.html
-- don't ask central banks critical questions about their secret activity in the gold market and their increasingly comprehensive intervention in all major markets --
http://www.gata.org/node/14385
http://www.gata.org/node/14411
-- unless you are prepared to be told to drop dead and want to be transferred to the East Overshoe bureau. Actual journalism involving central banks is a punishable offense.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Join GATA here:
Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014
http://www.minesandmoney.com/london/
Vancouver Resource Investment Conference
Vancouver Convention Centre West
1055 Canada Place, Vancouver, British Columbia, Cananda
Sunday-Monday, January 18-19,2015
http://cambridgehouse.com/event/33/vancouver-resource-investment-confere...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
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:
http://gata.org/node/wallstreetjournal
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:
