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Vince Lanci: It's not tariffs -- it's that everybody, even the U.S., wants its gold back
7:26p ET Friday, January 31, 2024
Dear Friend of GATA and Gold:
Fund manager and market analyst Vince Lanci of Echo Bay Partners in Stamford, Connecticut, today examines the turmoil in the London gold market and concludes that it arises from far more than the fear of tariffs.
He construes the turmoil as signifying that many people around the world have figured out the fractional-reserve basis of Western gold price suppression policy and want to repatriate their gold -- including people in the United States.
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In commentary posted at the Scottsdale Mint internet site, Lanci writes:
"London's role as the world's gold hub is fading. The London Bullion Market Association has operated on the assumption that gold can always be leased. That model is breaking down. Basel III, de-globalization, and central bank accumulation are reshaping the market. Nations are preparing to use their gold and silver in trade once again. ...
"The rapid outflow of gold has raised alarms. Critics of the LBMA, long suspicious of double claims and commingled metal, are seeing their concerns validated.
"We're not saying London doesn't have the gold. But the freely available supply looks much smaller than assumed."
Could GATA have been right all along? Don't let the Financial Times know. It might hurt their feelings, especially since GATA has been giving its documentation to the FT for many years and has even managed to get meetings with an editor and a reporter for the paper, though without sparking any interest after gaining a little recognition from the paper in 2011:
https://www.gata.org/node/10591
If the gold derivatives system is breaking up, how will the paper explain what it refused to examine seriously?
Lanci's commentary is headlined "The Secret Reason the U.S. Wants Its Gold Back: It's Not Tariffs" and it's posted at the Scottsdale Mint here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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