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Credibility Trap de Luxe - Are You Not Entertained?

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Published : January 13th, 2022
529 words - Reading time : 1 - 2 minutes
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Category : GoldWire
"The central bank gold lending market, centered in London, is probably the most secretive financial market in the world, with very little known about its transactions and market structure.  The gold lending market’s opacity is further supported by regulators who protect the secrecy of the central banks, and mainstream financial news agencies whose editorial policies seem to forbid any market investigations, in-depth or otherwise.

It is in the gold lending market that the central banks of the world lend out their gold holdings to commercial bullion banks, where the physical gold is sold and shipped out, and where the central banks then claim to hold interest-earning ‘gold deposits’ with the bullion banks.  These gold-deposits (which are merely a claim on a bullion bank) then mostly roll over short-term, passed around indefinitely between the clubby LBMA cartel of bullion banks, in a totally opaque behind the scenes network. 

The physical gold bars lent out are long gone to Switzerland and the Far East, and the central banks then deceptively claim that they still hold the gold on their balance sheets when in fact all they have is a liability to the bullion banks.   In the middle of this market sits the Bank of England, offering gold custody and storage to other central banks (in the vaults under the Bank of England headquarters in London) and offering gold accounts to the bullion banks concerned." 

Ronan Manly, French central bank and JP Morgan team up to boost Gold Lending 

“If you shut up truth and bury it under the ground, it will but grow, and gather to itself such explosive power that the day it bursts through it will blow up everything in its way.” 

Émile Zola

"We looked into the abyss if the gold price rose further.  A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.   Therefore at any price, at any cost, the central banks had to quell the gold price, manage it.   It was very difficult to get the gold price under control but we have now succeeded.  The US Fed was very active in getting the gold price down.   So was the U.K." 

Sir Edward George, Governor Bank of England in conversation with Nicholas J. Morrell, of Lonmin Plc, 1999

"What is offensive is that they lie, and worship their own lying." 

Fyodor Dostoevsky, Crime and Punishment

The Dollar took a dive today, and lost its grip on the 94 handle.

Gold and silver rallied.

Stocks managed to edge higher in another volatile day.

The VIX dropped.

The mispricing of risk is profound.

Few people love the truth and are willing to serve it.  It has no place in their hearts.

They serve false gods, con men, and themselves, and live in fantasies of superior knowledge and power.

They may become a narcissist, or the banal follower of narcissists.

In any case they have no love in them, no way to love or be loved.

Pride and passionate distractions fill their silence and fragile emptiness.

And it seems that there is little we can do for them except to pray. 

Have a pleasant evening.



 


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