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https://www.bullionstar.com/bl…bullion-banks-paper-gold/
This week an intriguing and eye-opening article by the well-known Peter Hambro was published by British economics and politics news site Reaction.
The article, which is titled “
” is intriguing and eye-opening for a number of reasons, chiefly because it pulls no punches in highlighting the price manipulation of the gold price and naming the types of entities responsible, while explaining some of the mechanisms used in the fractional-reserve London paper gold game.
Mocatta & Goldsmid
But the article is also notable in terms of who the author is. For those who don’t know him, Peter Hambro is a very well-respected name in the gold space, having co-founded and been chairman of FTSE-listed Anglo-Russian gold mining company Peter Hambro Mining (now known as
).
He was also, from 1983 to 1990, deputy managing director of legendary
London bullion broker Mocatta & Goldsmid. Additionally, Peter
Hambro’s father,
, was also at one time a director of Samuel Montagu, another of the legendary London bullion broker cartel firms.
On top of that, Peter Hambro is also great great grandson of Baron Carl Joachim Hambro, the founder of the famous English investment bank Hambros. In fact, Mocatta & Goldsmid even merged with Hambros bank in 1957. In the 1980s, Mocatta & Goldsmid was also the largest gold and silver counterparty to the Soviet Union.
So when Peter Hambro writes about gold price manipulation, it is not just anyone writing about gold price manipulation, this is a man from one of the British banking dynasties who has been privy during his entire career to the inner workings of the workings of the London bullion banking establishment, and who has the operational knowledge of running a London Stock Exchange listed gold mining company that extracts real physical gold, gold that has no counterparty risk and is no one else’s liability.
For those who aren’t familiar with the news and podcast site Reaction, Reaction is a serious London based publication run by
which specialises in analysis and commentary on current affairs, politics, culture and economics.
The trigger for Peter Hambro’s article is a recent chart from the US Office of the Comptroller of the Currency (OCC), which due to a data reclassification starting in Q1 2022, now shows the massive extent to which bullion banks such as JP Morgan have amassed precious metals derivatives contracts to hold down the gold price (an excellent summary of this chart is
).
[Blockierte Grafik: https://static.bullionstar.com/blogs/uploads/2022/07/Notional-Amounts-of-Precious-Metals-Derivatives-at-U.S.-Commercial-Banks-through-March-31-2022.jpg]Notional amounts of precious metals derivatives at US Commercial Banks through 31 March, 2022
Unallocated Gold – The Lid on the Tinder Box
Hambro describes this manipulation of the gold price using derivatives as a ‘tinder-box’, which ‘disinformation [has] for many years kept the lid on”. But who, you might ask, is directing this disinformation and this gold price manipulation?
According to Hambro’s bombshell, its the
in Switzerland, i.e. the central banks’ central bank. Hambro drops the bombshell that:
”since 2018 the Financial Stability Desks at the world’s central banks have followed the Bank for International Settlements’ (BIS) instruction to hide the perception of inflation by rigging the gold market.”
But since the central banks ‘need cover’ and ‘cannot be seen’ to be rigging the gold price, Hambro continues:
“The only way to achieve the cover is by smashing the price of physical gold by the alchemical production of ‘paper gold’.”
If this has now got your attention, read on, since Hambro elaborates:
“With the help of the futures markets and the connivance of the Alchemists, the bullion traders – yes, that includes me, I was Deputy Managing Director of Mocatta & Goldsmid – managed to create an unshakeable perception that ounces of gold credited to an account with a bank or bullion dealer were the same as the real thing. “And much easier, old chap! You don’t have to store or insure it”.
The gold credit which Hambro is referring to here is the LBMA’s infamous ‘unallocated gold’, with ‘the futures markets’ being the COMEX. You might at this stage even think that Hambro has been reading the BullionStar website, since we have for years, been explaining the very same thing. For example, see
and
.
The correct answer, which the article fails to even mention, is that gold price discovery is based on the limitless creation and trading of synthetic paper derivatives (LBMA unallocated and COMEX) in a system controlled by LBMA bullion banks and sanctioned by the central banks.
— BullionStar (@BullionStar)
[/quote]“Gold Price” ‘discovery’ is generated and controlled by the bullion banks trading unlimited quantities of unallocated gold (gold credit – synthetic derivatives) and COMEX gold futures contracts. The pricing problem = the entire structural nature of this price discovery illusion.
— BullionStar (@BullionStar)
[/quote]That the Bank for International and its governors are directing the world’s central banks to rig the gold price shouldn’t be a surprise, since that’s the BIS has a long history of doing. From the London Gold Pool of the 1960s to the new gold pool in the early 1980s, the BIS loves to rig the gold price. Why? Because gold to central bankers is like the sun to vampires. See BullionStar articles “
" and “
”
Pulling the Strings – The Bank of England
In his article, Hambro goes on to explain the 1980s evolution of the London paper gold market and its many derivatives which are the smoke and mirrors mechanisms through which the London “gold market’ market pursues it’s fractional-reserve paper gold scheme to this very day:
“Once investors swallowed this stupefying pill it was easy to sell them gold that simply didn’t exist. Of course there were wary investors who found it hard to believe that the likes of Mocatta, Montagu, Rothschild and Sharps Pixley were undoubted counterparties and wanted to be assured that the gold would be there when they called for it.
Easy, we said. Don’t bother to pay for it, just give us an initial cash margin and agree to a variation margin and our paper promise is as good as gold. This was the simple derivative.
If you thought the price would go down, you could sell us gold you didn’t have and margin the trade in the same way. Then along came a raft of options and other products and the derivative market – for that is what this chimera was called – started to spiral like a tornado.”
A ‘Chimera’ being a mythical monstrous hybrid creature composed of different parts. This exponential growth in unallocated gold and gold derivatives first occurred during the period in the 1980s when Peter Hambro was a director at Mocatta and Goldsmid and the London gold market consisted of a cartel of
, namely N.M. Rothschild, Mocatta & Goldsmid, Samuel Montagu, Sharps & Pixley and of course the infamous Johnson Matthey Bankers. And it was Johnson Matthey Bankers which nearly collapsed in 1984 and had to be rescued by the Bank of England so as to prevent the implosion of the rest of the London bullion club.
And as Hambro describes, the Bank of England was then, as of now, always ready to prop up the London paper gold ponzi with some physical gold when needed in the form of central bank gold lending:
“To make the bogus gold look even safer, the Bank of England was quietly willing to lend the London Gold Market Members physical gold, in the event that things got a bit tricky and our vaults were empty. When one of the Members went bust [Johnson Matthey Bankers], the others clubbed together and with the Bank of England holding the ropes, the customers were bailed out."
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