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Another admission from the BIS that central banks rig the gold market

Section: Daily Dispatches

11:08a Saturday, September 16, 2023

Dear Friend of GATA and Gold:

While central bank trading is a primary determinant of the price of gold and other currencies, gold market analysis seldom makes any reference to the broker that provides much camouflage for central bank gold trading: the Bank for International Settlements.

... Dispatch continues below ...


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 2023 these mines are projected to produce between 26.2 to 27.8 million silver-equivalent ounces, consisting of 10.5 to 11.2 million ounces of silver and 190,000 to 201,000 ounces of gold, with an all-in sustaining cost of $19.37 to $20.15 per payable silver-equivalent ounce.

For information about the company, visit:

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.

Of course over many years GATA has amassed much documentation of BIS interventions in the gold market. Among our favorites are a BIS PowerPoint presentation, made at a BIS conference for prospective BIS members, actually advertising that the bank's services to members include gold market interventions --

-- and a speech by a leading BIS official declaring that to "influence" the price of certain assets, "especially gold and foreign exchange," is a big objective of central bank cooperation through the BIS: 

This week GATA's consultant about the BIS, Robert Lambourne, who -- apparently alone among financial analysts outside central banking -- calculates and reports the monthly changes in the bank's gold swap positions, called attention to another confirmation of the bank's major but largely surreptitious role in rigging the gold and currency markets. It is a pamphlet in which the bank profiles itself. The pamphlet is posted at the BIS' internet site here --

-- and GATA's internet site here:

On Page 3, under the heading "Banking Services," the BIS says:

"We offer financial services exclusively to central banks, monetary authorities, and international organisations, mainly to assist them in the management of their foreign exchange assets. As an institution owned and governed by central banks, we are well placed to understand the needs of reserve managers -- their primary focus on safety and liquidity, as well as the evolving need to diversify their exposures and obtain a competitive return.

"To meet those needs, we provide credit, gold and foreign exchange intermediation, and asset management services, while administering our own capital. An integrated risk management function ensures that financial and operational risks are properly measured and controlled."

But this measuring and controlling are done in secret, the better to deceive and cheat the markets that are being measured and controlled. This measuring and controlling, the BIS suggests, are actually for the benefit of those who are deceived and cheated, particularly those using gold to try to protect themselves against rampant inflation, which has become the main product of modern central banking.

How good central banks are, determining the value of all capital, labor, goods, and services in the world so that mere free markets needn't bother!

Gold market analysis that doesn't incorporate the work of the BIS is largely a waste of time -- that is, nearly all gold market analysis.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, November 1-4, 2023

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Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

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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 --

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at

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PDF icon BIS-Pamphlet-09-2023.pdf2.39 MB