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The first panacea for a mismanaged nation is inflation of the currency; the
second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.
— Ernest Hemingway

2025 Ronan Manly @BullionBrief
The gold clearing banks of London Precious Metals Clearing Ltd (LPMCL) have exhausted the metal they had available for delivery in their own vaults… so they are trying to borrow as much gold as possible via the gold lending market at the Bank of England. But this looks exhausted too.

These clearing banks (JP Morgan, HSBC, UBS and ICBC Standard) need to keep gold in their vaults for their own loco london liquidity. But it looks like they don’t have any more gold to do this.

Counterparty risk has therefore risen between all the LBMA bullion banks which trade unallocated “gold credit” between each other. The clearers, the market makers and all the other LBMA bullion banks and brokers and traders. About 50+ entities.

basically they trade paper “claims” on gold (or the electronic equivalent). These claims are now trading at a discount to reflect the fact that they can’t be converted at will into physical due to a lack of availability of sufficient loco London physical gold.

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GOLD IS SO NASTY https://www.cfr.org/blog/illegal-gold-finances-latin-americas-dictators-cartels-united-states-must-lead-fight-against

The setting, or “fix”, of the gold price in London dates back to 1919, originally involving NM Rothschild & Sons, Mocatta & Goldsmid, Samuel Montagu & Co, Pixley & Abell and Sharps & Wilkins. Silver price setting started in 1897. Currently, gold fixing happens twice a day by teleconference with five banks: Bank of Nova Scotia-ScotiaMocatta , Barclays Bank Plc , Deutsche Bank AG , HSBC Bank USA , NA and Société Générale . The fixings are used to determine prices globally.
Chairmanship of the Gold Fixing rotates annually among the member banks.

2013 How London’s gold and silver prices are “Fixed”

2014 London gold-fix banks accused of manipulation in U.S. lawsuit

Paraphrasing Buffett (who hates gold):
“When the tide goes out you find out who has gold and who has paper gold.”

“These claims are now trading at a discount to reflect the fact that they can’t be converted at will into physical due to a lack of availability of sufficient loco London physical gold.” This is significant…. house of cards….

In March 2023, the London Metal Exchange (LME) discovered that bags of stones were delivered to a warehouse in Rotterdam instead of nickel briquettes. The incident involved bags owned by JPMorgan Chase and stored in a warehouse owned by Access World.

• These clearing banks (JP Morgan, HSBC, UBS and ICBC Standard) need to keep gold in their vaults for their own local london liquidity. But it looks like they don’t have any more gold to do this.
• Counterparty risk has therefore risen between all the LBMA bullion banks which trade unallocated “gold credit” between each other. The clearers, the market makers and all the other LBMA bullion banks and brokers and traders. About 50+ entities.
• basically they trade paper “claims” on gold (or the electronic equivalent). These claims are now trading at a discount to reflect the fact that they can’t be converted at will into physical due to a lack of availability of sufficient loco London physical gold.

Selling gold credit for gold they don’t have. Can we just call this fraud?

Paper Gold explained: THOSE ARE IOU’s

POSTMASTER: PLEASE POST IN A CONSPICUOUS PLACE—JAMES A. FARLEY, UNDER EXECUTIVE ORDER OF THE PRESIDENT
issued April S, 1933
all persons are required to deliver ON OR BEFORE MAY 1, 1933 all GOLD COIN, GOLD BULLION, AND GOLD CERTIFICATES now owned by them toa Federal Reserve Bank, branch or agency, or to any member bank of the Federal Reserve System,
Executive Order

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