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Ronan Manly: LBMA, Comex work together to keep gold price down amid shortage
10:33a ET Monday, February 3, 2025
Dear Friend of GATA and Gold:
Bullion Star's Ronan Manly writes today about the gold shortage in London and wonders why the London Bullion Market Association and the New York Commodities Exchange say they are working together to alleviate it if their objective isn't to suppress prices.
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"The LBMA also told MarketWatch with a straight face that 'London gold market stocks and liquidity remain strong,' but at the same time it said that it was 'monitoring and liaising closely with the CME Group and with U.S. authorities.' Reuters also corroborated that the LBMA is discussing the Comex-London gold premium with the CME and U.S. authorities.
"But why is the LBMA liaising with the CME and U.S. authorities at all, and intervening in a supposedly free-market price setting process?
"Is it because the LBMA and Comex are the two leading venues for 'paper gold price discovery' and they don't want the gold price to break out to real price discovery?
"And that physical gold is a strategic monetary metal that the non-Western countries are now preparing to bring back to the center of a new monetary system?"
Manly's analysis is headlined "Gold at All-Time Highs amid Physical Gold Shortages" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly/gold-at-all-time-highs-amid-physical-gold-shortages/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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