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Alasdair Macleod: Untangling gold at the Bank of England
8:30a ET Wednesday, July 31, 2013
Dear Friend of GATA and Gold:
GoldMoney research director Alasdair Macleod today reviews in detail the recent gold accounting provided by the Bank of England to explain his conclusion that the bank, a major custodian of the gold of central banks around the world, appears to have sold about 1,300 tonnes in recent months to smash the metal's price down.
As your secretary/treasurer reported yesterday --
http://www.gata.org/node/12859
-- the Bank of England refuses to explain or comment on what appears to be a discrepancy between the February and current figures it has reported to the public about its custodial gold.
... Dispatch continues below ...
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Macleod concludes: "There is unlikely to be enough available to supply the market at current prices and bail out the bullion banks in London, so they must still be in trouble. The supply of gold for lease seems to have diminished, because the gold forward rate has gone persistently negative indicating a shortage.
"It appears that the leasing scheme, whereby central bank gold is supplied into the market, has finally backfired. Prices have risen over the period being considered and leased gold has disappeared into Asia at an accelerating rate never to return. While the bullion banks operating in the U.S. futures market have got themselves broadly covered, the bullion banks in London appear to have passed up on the opportunity to gain protection from rising bullion prices.
"The final and fatal mistake was to misjudge the massive demand unleashed as the result of price suppression. This was a schoolboy error with far-reaching consequences we have yet to fully understand."
Macleod's commentary is headlined "Untangling Gold at the Bank of England" and it's posted at GoldMoney's Internet site here:
http://www.goldmoney.com/en-gb/news-and-analysis/news-and-analysis-archi...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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