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April 14, 2004 : NM Rothschild withdraws from the London Gold Pool

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Publié le 14 avril 2011
837 mots - Temps de lecture : 2 - 3 minutes
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Rubrique : Histoire de l'or

 

 

 

 

 

The value of Gold has been subject to intense debate for centuries. Nathan Mayer Rothschild was once the richest man in Britain and probably in the world. In 1840, his company, - NM Rothschild was appointed as the bullion broker to the Bank of England and went on to operate the Royal Mint Refinery in 1852. When asked what the value of the barbaric metal was worth, Nathan used to reply, "I only know of two men who really understand the true value of gold - an obscure clerk in the basement vault of the Banque de Paris and one of the directors of the Bank of England. Unfortunately, they disagree."





NM Rothschild & Sons rose to prominence in areas that included lending, underwriting government bonds, discounting commercial bills, direct trading in commodities, foreign exchange trading and arbitrage, and dealing in gold bullion. It was the brilliance and cunning of Nathan, who paved the way for the firm to become the first international banking cartel.

In 1870, the Rothschilds formed the world's second largest oil producer, the Caspian and Black Sea Petroleum Company. The Rothschild's financed DeBeers Diamonds, becoming the biggest shareholder, and financed the railroad system of Europe and the Suez Canal for Britain. By 1905, the Rothschild interest in copper miner Rio Tinto amounted to 30-percent.

NM Rothschild was heavily involved in the gold market for nearly two decades. In 1919, Rothschild was appointed to chair the London meetings of the five principal market makers that performed the daily gold fixing, and executed trades on behalf of customers, and as a principal, trading gold directly with customers.

So it was of great interest to bullion traders, when on April 15th 2004, with the price of gold trading at $402 /ounce, NM Rothschild & Sons, which had fixed the price of gold twice a day for 85-years, suddenly announced its withdrawal from the London Gold Pool. By withdrawing from the Gold Pool, NM Rothschild was no longer obligated to sell its gold to anyone, including central banks. Were the Rothschilds anticipating some new dynamics that would send the yellow metal soaring to new heights?

Since then, the yellow metal has tripled in value to around $1,250 /oz. Central bankers overseeing emerging economies have become net buyers of gold, and mergers and acquisitions in the gold mining industry, have put more of the yellow metal's supply into fewer hands. Also tilting the balance into gold's favor is the biggest explosion of the global fiat money supply in history.

Central bankers have monetized trillions of dollars worth of government bonds and mortgage debt, in Euros, British pounds, Japanese yen, and US-dollars. In response, investors from all corners of the globe, including central banks in China, India, Russia, and Saudi Arabia, have been accumulating vast quantities of gold, as a hedge to protect their purchasing power of their national reserves or savings.


Extract from What’s behind the global flight to Gold



Gary Dorsch

Editor, Global Money Trends

www.sirchartsalot.com



This article is just the Tip of the Iceberg of what's available in the Global Money Trends newsletter. Subscribe to the Global Money Trends newsletter, for insightful analysis and future predictions about the (1) top stock markets around the world, (2) Commodities such as crude oil, Gold, copper and base metals, (3) Foreign currencies, such as the Australian and Canadian dollars, Brazil real, the Euro and Japanese yen, (4) Central bank interest rates and global bond markets, (5) Central bank Intervention techniques (6) and key Credit Default Swap markets.

GMT filters important news and information into (1) bullet-point, easy to understand reports, (2) featuring "Inter-Market Technical Analysis," with lots of charts displaying the dynamic inter-relationships between foreign currencies, commodities, interest rates, and the stock markets from a dozen key countries around the world, (3) charts of key economic statistics of foreign countries that move markets.

Subscribers can also listen to bi-weekly Audio Broadcasts, posted Monday and Wednesday evenings, with the latest news and analysis on global markets. To order a subscription to Global Money Trends, click on the hyperlink, http://www.sirchartsalot.com/newsletters.php or call toll free to order, Sunday thru Thursday, 8-am to 9-pm EST, and on Friday 8-am to 5-pm, at 888-808-7978. Outside the US call 561-391-8008.


Mr Dorsch worked on the trading floor of the Chicago Mercantile Exchange for nine years as the chief Financial Futures Analyst for three clearing firms, Oppenheimer Rouse Futures Inc, GH Miller and Company, and a commodity fund at the LNS Financial Group.

As a transactional broker for Charles Schwab's Global Investment Services department, Mr Dorsch handled thousands of customer trades in 45 stock exchanges around the world, including Australia, Canada, Japan, Hong Kong, the Euro zone, London, Toronto, South Africa, Mexico, and New Zealand, and Canadian oil trusts, ADR's and Exchange Traded Funds.

He wrote a weekly newsletter from 2000 thru September 2005 called, "Foreign Currency Trends" for Charles Schwab's Global Investment department, featuring inter-market technical analysis, to understand the dynamic inter-relationships between the foreign exchange, global bond and stock markets, and key industrial commodities.

  

 

 

 

 

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