GATA has produced STUNNING disclosure by the LBMA CEO, Ruth Crowell:
Submitted by Fund Manager Dave Kranzler, Investment Research Dynamics:
Central bank involvement may prevent the London gold market from ever becoming really transparent, the chief executive of the London Bullion Market Association has told a Bank of England study group. – GATA.org link
The disclosure was posted on the LBMA’s website. In fact, here is the direct statement from Ms. Crowell, taken in context and directly from the text:
However, it is worth noting, that the role of the central banks in the bullion market may preclude ‘total’transparency – Fair And Effective Market Review
When I first read the GATA report, I was not surprised. But I am quite stunned by the LBMA CEO’s admissions after reading through the actual LBMA disclosure, posted on the Bank of England’s website (link above).
Ms. Crowell directly acknowledges that Central Banks use “tools” such as gold leasing, gold loans and gold swaps in order to “manage” gold market liquidity. This is nothing but Orwell-speak for “manipulate the gold market as an essential ingredient to manipulate all currencies and markets.”
In fact, it is highly probable that the Federal Reserve hired Enron’s former chief lobbyist, Linda Robinson, and has spent a small fortune in order to fight the move by Congress to audit the Fed specifically to avoid revealing the extent to which the Fed has used U.S. Treasury gold bars (i.e. Taxpayer gold) in order execute the manipulation of the gold market in conjunction with the Bank of England and the ECB.
In this regard, GATA got ahold of a confidential IMF report which specifically advised Central Banks to hide gold loans and swaps which are used for market manipulation: GATA link.
The truth is that the gold market may be the most manipulated market in history. Governments and Central Banks based on fiat paper currencies which can be freely printed have no choice but to manipulate the world’s oldest true currency. At some point the particular law of economics/nature known as “prisoner’s dilemma” will grip those who are manipulating the gold market. One of the guilty parties will “blink” and the scheme will fall apart.
I would actually suggest, based on China’s enormous accumulation of physical gold – documented and undocumented – over the last 20 years, that China has blinked and we are drawing near an end to the criminal-based western financial system.