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Robert Lambourne: Amid London gold turmoil, monthly report from BIS is missing
By Robert Lambourne
Friday, January 31, 2025
The Bank for International Settlements in Basel, Switzerland, has not published its December 2024 statement of account during January 2025 as required by Article 49 of the bank's statutes. This is unusual.
Given this week's turmoil in the London gold market, with physical metal reportedly being rushed to the United States to beat the possible introduction of tariffs on gold, it seems quite a coincidence that th BIS report hasn't been published on time.
... Dispatch continues below ...
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As noted in GATA Secretary/Treasurer Chris Powell's dispatch last night --
https://www.gata.org/node/23600
-- there are reasons to question whether the reported sudden flow of gold to the U.S. is really due to concern about tariffs on gold imports.
Alternative explanations involving a possible controlled or uncontrolled ending of U.S. and U.K. gold price suppression policy are plausible. High debt levels in the world's two largest economies are reason enough to believe that gold price suppression will end soon with currency and debt devaluation.
Is the failure by the BIS to meet its own deadlines today another sign that events in the London gold market are being caused by more than concern about U.S.tariffs? Or is the failure of the bank to report on schedule something else?
Maybe things will be clearer soon. In the meantime you might want to hold on tight to your gold.
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Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA about the involvement of the Bank for International Settlements in the gold market and about U.S. government debt.
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