You are here
Paul Brownstein: LBMA, Bank of England gold delivery delays constitute default
12:26p ET Monday, February 3, 2025
Dear Friend of GATA and Gold:
Market analyst Paul Brownstein's "Charts and Parts" letter today calls things by their right name. That is, the London Bullion Market Association and Bank of England have essentially defaulted with gold.
Brownstein writes: "The Bank of England -- custodian for the LBMA's biggest players -- is now delaying gold withdrawals for four to eight weeks. If they can't deliver, what does that say about the system?" He says it's "a de-facto default."
... Dispatch continues below ...
... ADVERTISEMENT ...
First Majestic Mines Silver and Gold
in Mexico and Operates Bullion Store
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates the San Dimas silver and gold mine, the Santa Elena silver and gold mine, and the La Encantada silver mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada.
In 2024 these mines are projected to produce between 21.1 to 23.5 million silver-equivalent ounces, consisting of 8.6 to 9.6 million ounces of silver and 150,000 to 167,000 ounces of gold, with an all-in sustaining cost of $19.32 to $20.68 per payable silver-equivalent ounce.
For information about the company, visit:
https://www.firstmajestic.com/
In a practice unique to First Majestic, the company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at some of lowest premiums available.
In Q1 2024 First Majestic will also commence bullion production from its 100%-owned and operated minting facility, First Mint LLC, to manufacture its own exceptional silver bullion products catering to the growing demand for physical silver.
The money system is broken, he contends, and "the risks are real, they are big, and the ripple effects are profound."
Brownstein's analysis is headlined "LBMA De-Facto Default" and it's posted at Charts and Parts here:
https://chartsandparts.substack.com/p/lbma-de-facto-default
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
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:
Donations of $250 will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
