LBMA claims record amount of gold in London’s vaults
Bullion Star gold researcher Ronan Manly today finds is not convinced by this week’s announcement from the London Bullion Market Association (LBMA) that a record amount of gold is being vaulted by members of the London Bullion Market Association and the Bank of England.
Most of that gold, Manly writes, is owned by governments and exchange-traded funds and thus ordinarily not available to support gold trading in London.
Manly calculates that London commercial vaults hold only about 1,173 tonnes of gold uncommitted to ETFs even as 5,000 tonnes of gold are reported traded in London every day.
So, Manly writes, “There is very little physical gold in London backing a gigantic inverted pyramid of smoke and mirrors. So instead of cheerleading the fact that there was a record 8,228 tonnes of gold held in London at the end of September, should not we be sounding alarm bells that in terms of the giant casino that is the London gold market, there is practically no gold to back up the giant leveraged unallocated and synthetic gold charade?”
Manly’s analysis is headlined “LBMA Claims Record A
Credits: Ronan Manly, Bullion Star
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