The LBMA is a ploy of the Central Bank Community

This article is about the way the Central Bank Community manipulates the price of gold and the role of the LBMA within. We describe some of the signs that the Central Bank Community manipulate the price of gold and that they are using the LBMA to reach their goal. Is the manipulation of the gold price a classic case of Diffusion of responsibility because so many organizations are involved and avoid taking responsibility?

 

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Gold and the CIA go back a long time

Question

Is the CIA involved with the world gold market?

 

The involvement of the CIA with the world gold market emerges clearly out of recent declassified documents. The first document we describe is the most important one. This document makes the connection between losing influence in world affairs and the price of gold. The information of the CIA about the world gold market seems to be mostly on a strategic level, like

  • lose influence world affairs and gold
  • controlled sell and buy official gold
  • controlled sell South Africa production
  • analyze violations Washington Agreement
  • approach to report virtually unchanged gold reserve by sell of official gold
  • analyze gold price movements and manipulation thereof
  • positioning London as focal point of the world gold market
  • research regarding (future) gold production and financial position of a country

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Behind the Spot Price of Gold

Many people think that the price of gold for buyers and sellers is determined through the LMBA Gold Price Auction (formerly LBMA Gold Fix). This is not correct.

The LMBA Gold Price Auction does not set the price of gold and thus all other gold-related products for the whole day. In fact, the LMBA Gold Price is simply the price agreed to at that point in time (10:30am and 3:00pm); within minutes, the price of gold will fluctuate again based upon the so-called London Spot Price.

The London Spot Price is the basis for many transactions in gold. Actually it is a quotation made by dealers based on US dollars per fine ounce gold.

The London Spot Price is actually the quotation price of gold between Citi, Goldman Sachs, HSBC, JPM, UBS, Bank of Nova Scotia,  ICBC, Merrill Lynch, Morgan Stanley, Societe Generale and Standard Chartered Bank based upon their activity in the hardly regulated OTC market.

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The BIS-network dupes the gold mining industry

In our paper from July 20, 2015 we concluded that JPM in cooperation with the BIS controls the dollar gold price by using their very dominant position in gold derivatives in the US Banking System. JPM held during 1999 – 2014 an average of 3.262 paper metric tons gold (derivatives) available for interventions on the development of the dollar gold price with the BIS as counterparty. Furthermore we concluded that the paper volume sets the dollar gold price and that there is almost no influence on the dollar gold price from the physical supply and demand. Overall the conclusion is that there is no free market for gold.

In our paper from October 7, 2015 we explained that JPM and the BIS are operating agents for the BIS network to maintain the confidence in the dollar and therefore manipulate the dollar gold price. We spoke about the artificial price drop in 2013 and the possible following dishoarding by private holders.

In this paper we will analyze the financial position of three leading mining companies considering the manipulated dollar gold price. We analyzed the annual statements of Barrick, Newmont and Goldcorp with their key business in gold mining (other products are by-products) and a combined market-share 2015 of 15,3% on gold mining worldwide. We concluded that there is in retrospect a combined average dollar gold price 2013 – 2015 needed of $ 1.890 per ounce to get break even (= the point of balance making neither a profit nor a loss). The realized combined average dollar gold price 2013 – 2015 is $ 1.274 per ounce. On any sold ounce gold the combined three mining companies loose more than dollar $ 600 per ounce, or 48%. It goes without saying that they struggle to stay in business.

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Outspoken speech of BIS official William R White (2005): The fifth objective of Central Bank cooperation is to influence the price of gold

William R White, Head of Monetary and Economic Department at the BIS, held an opening speech at the fourth BIS Annual Conference, on 27 – 29 June 2005 – while celebrating the 75 years existing of the BIS (1930 – 2005).

 

Mr White mentioned the five intermediate objectives of Central Bank cooperation. The fifth objective was the joint effort of Central Banks to influence the price of gold and foreign exchange.

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Striking testimony Greenspan 1998: Cornering and manipulation gold market is possible

Alan Greenspan made a striking testimony on July 24, 1998 regarding the regulation of OTC derivatives before the Committee on Banking and Financial Services. Striking viewed out of the present knowledge of the gold market.

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The BIS network keeps a “lid on the dollar gold price”

This paper is a follow-up on “Is de dollar gold price controlled by JPM in cooperation with the BIS?” dated July 20, 2015. We explain that JPM and the BIS are operating agents for the BIS network to maintain the confidence in the dollar and therefore manipulate the dollar gold price. Furthermore we found a strong correlation between the gold price and the international reserves. In fact there is a variable gold standard on the so called free market. We continue with the artificial price drop in 2013 and the possible following dishoarding by private holders. At last we describe some public striking issues regarding the BIS network.

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Is the dollar gold price controlled by JPM in cooperation with the BIS?

In this paper we conclude that JPM in cooperation with the BIS controls the dollar gold price by using their very dominant position in gold derivatives in the US Banking System. JPM held during 1999 – 2014 an average of 3,262 paper metric tons gold (derivatives) available for interventions on the development of the dollar gold price with the BIS as counterparty. Furthermore we conclude that the paper volume sets the dollar gold price and that there is almost no influence on the dollar gold price from the physical supply and demand. At last we ask ourselves of JPM and the BIS are operating agents for a higher goal and conclude that there is no free market for gold.

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