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Ronan Manly: Huge decline in London-vaulted gold, little left for unallocated accounts
8:25p ET Monday, September 7, 2015
Dear Friend of GATA and Gold:
Analyzing reports from the Bank of England and the London Bullion Market Association, gold researcher and GATA consultant Ronan Manly reports today that London bullion banks have suffered a huge reduction of good-delivery gold bars vaulted with them in the last year and that there seems to be very little metal backing unallocated gold accounts in London.
Manly notes that most of the gold recently departed from London was shipped to refineries in Switzerland for conversion to Asian-standard bars and that gold borrowing continues in London and lately appears to have increased.
This, Manly writes, raises the question: "Why do the dealers need to borrow, and who are they borrowing from? And if the gold is being borrowed and sent to Swiss refineries and then shipped onward to India and China, then when will the gold lenders get their gold back?"
Manly's analysis is headlined "How Many Good-Delivery Gold Bars Are in All the London Vaults, Including the Bank of England Vaults?" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly/how-many-good-delivery-gol...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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