logo
Published on Gold Anti-Trust Action Committee (http://gata.org)

Craig Hemke at Sprott Money: Did BIS swap gold out of GLD for recent price smash?

By cpowell
Created 2019-03-11 21:19

5:21p ET Monday, March 11, 2019

Dear Friend of GATA and Gold:

Drawing on the work of Robert Lambourne, GATA's consultant on the Bank for International Settlements, the TF Metals Report's Craig Hemke notes at Sprott Money today that the recent monthly gold swapping reported by the Bank for International Settlements corresponds almost precisely with the simultaneous draining of gold inventory from the exchange-traded fund GLD.

Lambourne reported last week that about 56 tonnes of gold swaps were placed by the BIS in February --

http://www.gata.org/node/18923 [1]

-- and Hemke notes today that 57 tonnes of gold were removed from GLD over roughly the same period even as the gold price was rising.

... Dispatch continues below ...



ADVERTISEMENT

Storage and Withdrawal of Gold with Bullion Star in Singapore

Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault StorageĀ® online around the clock. Storage rates are competitive.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/ [2]



Of course GATA's analysts long have expressed suspicion that GLD and the silver exchange-traded fund SLV, both effectively controlled by bullion banks HSBC and JPMorganChase, intimate agents of central banks, were created specifically to gather the gold of retail and institutional investors so it could be turned against their objective of higher prices.

Hemke asks: "Is this possible BIS-GLD connection just another example of bank collusion or is it simply a coincidence of numbers?"

Most likely that will have to remain a question, since the BIS refuses to account for its surreptitious trading in the gold market on behalf of its central bank members:

http://gata.org/node/17793 [3]

Of course central banks themselves are as unaccountable as they can be on this point. Indeed, the March 1999 secret report of the staff of the International Monetary Fund confirmed that central banks conceal their gold swaps and leases to facilitate their surreptitious interventions in the gold and currency markets:

http://www.gata.org/node/12016 [4]

Hemke concludes, as GATA long has concluded, that investors in the monetary metals should stay away from these particular ETFs, since they probably don't have their investors' interest at heart.

Hemke's analysis is headlined "The BIS and the GLD" and it's posted at Sprott Money here:

https://www.sprottmoney.com/Blog/the-bis-and-the-gld-craig-hemke-11-0320... [5]

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org [6]

* * *

Join GATA here:

Mining Investment Asia
Marina Bay Sands Conference and Exhibition Center
Singapore
Tuesday-Thursday, March 26-28

https://www.mininginvestmentasia.com/ [7]

Mines and Money Asia
Hong Kong Conference and Exhibition Center
Wan Chai, Hong Kong
Tuesday-Thursday, April 2-4

https://asia.minesandmoney.com/ [8]

* * *

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:

http://www.gata.org [9]

To contribute to GATA, please visit:

http://www.gata.org/node/16 [10]


Source URL:
http://gata.org/node/18936