LBMA CEO Admits The Gold Market Is Rigged By Central Banks

GATA has produced a stunning disclosure by the LBMA CEO, Ruth Crowell:

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– 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’transparencyFair 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.


11 thoughts on “LBMA CEO Admits The Gold Market Is Rigged By Central Banks

  1. Could the real-time monetization of bullion take place without the intervention of banks ??? If you require floating gold prices, doesn’t someone have to create a floating price measure ? That’s where debt currency comes in.

    1. Have not heard of him. I think too many people think the SDR is the next reserve currency. I do not think it will be. I don’t think the eastern hemisphere non-IMF countries want a piece of paper not backed by gold that is controlled by the U.S. to be the next reserve currency.

    2. SDR is what the self-proclaimed gold bug Mr. Jim Rickards made popular. SDR is synonymous for more paper and more $US under a different name. Fuck SDR and fuck Rickards!

  2. also worthy to note that the CME 10-k reports that central banks are the largest customers of the CME.

    so the cme does adhere to reporting regulations, you just have to find it.

  3. Again,

    “Jim Sinclair’s Commentary

    Thanks to the short sellers, both legal and naked shorts, gold mineable held by gold producing companies has not been this cheap in the last century. That is the number of ounces of mineable gold held by a company divided into the value of the company’s capitalization. It defies all logic and proves the complete disconnect between the price of gold shares and gold.”

    That is, you could not buy gold this cheap in the LAST 100 YEARS!!! BUY MINERS!!!

    Unreal what an opportunity is out there, and coupled with Dave’s research to identify the companies to buy (I would guess 90% of “miners” are crap… dont make money except for their owners).

    Get on it, this wont last long and when it does move it will be explosive. I think we are in for a bubble in gold that will make tulips look tame…

    beep beep

  4. That is rich! The LBMA throwing rocks at the central banks! It’s all their fault! lmao

    Old gold fix = LBMA
    New gold fix = ICE
    Seven banks make up the new ICE gold fix. They are;
    2/Goldman Sachs
    3/ HSBC
    4/ Scotiabank
    5/ SocGen
    6/ UBS
    7/ JP Morgan

    These seven TBTF’s are among the worst financial crooks! Yet the LBMA is flinging dirt at the central banks! Granted, the central banks are not without guilt, but its not entirely their doing. These bullion banks are just as dirty and maybe more so, since they are colluding and profiting at the same time!

  5. The CME is giving away air mile points to Central Banks to participate. This was opened up last year. Nice to hear the criminals finally admit what we have known for years. A fiat currency system requires that Gold & Silver be de-monetized and the price controlled. Otherwise it shines the light on the unbacked fiat currency as being inherently worthless. Which it is. This allows the uber wealthy to steal everything from the masses. Thanks Dave for the article. I can now put my tin foil hat away.

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