Monday, October 12, 2009

THIS IS BIG!

A MUST READ for those who own gold yet feel the market is manipulated - Central Banking: A Blight On Humanity

6 Comments:

At 10/13/2009 9:42 PM, Anonymous Anonymous said...

Not that I am doubting the story but... I am not at all impressed by "someone on the inside said" with no names or verifiable facts connected to it. I am completely convinced the market is manipulated and that this and much worse is being done right now. However, give me some meat.

 
At 10/13/2009 11:11 PM, Anonymous Anonymous said...

Get ready to pop your corks! Twelve trillion just around the bend.

Justin_n_IL

 
At 10/14/2009 5:24 AM, Blogger Randy said...

Anon 9:42,

No verifiable facts here either, but looks like the London Metals Exchange (LME) CEO is working on a new model for over-the-counter gold forward contracts -- to cut counterparty risks, credit costs, and prepare for a new era of stricter regulation. LME CEO confirms meeting with high-profile London bullion market members


LME CEO confirms meeting with high-profile London bullion market members, sees grounds for further talks
By Melanie Burton - Correspondent, press@fastmarkets.com (+44 (0)20 7929 6339)


London, 09 October 2009 - The LME has met with several high-profile members of the London bullion market recently and believes there are grounds for further talks, LME CEO Martin Abbott confirmed on Friday.

"I can confirm a recent meeting," Abbott told FastMarkets by phone. "As a result of the meeting, we believe that there are grounds for us to continue discussions with bullion market participants. There is no timeline."

The meeting is believed to have taken place on September 24, with at least five high-profile members of the bullion market meeting members of the exchange.

Representatives of large bullion bank, including HSBC, Goldman Sachs International, JP Morgan, ScotiaMocatta, and Deutsche Bank were in attendance, FastMarkets understands. Of these, all but ScotiaMocatta are LME members.

Although the subject of the meetings has not been disclosed, the London bullion market has, since the start of the year, been considering a new model for their over-the-counter gold forward contracts to cut counterparty risks, credit costs, and prepare for a new era of stricter regulation.

Competitor CME Group introduced on September 20 its OTC forward clearing offering to the London market, while clearing house LCH.Clearnet has vowed to have a service ready by April next year.

Discussions may also have touched on other services the LME could offer such as help with developing data collection and monetisation.

The LME said in July it was holding exploratory talks with members of the freight industry. It called for the development of a London Baltic Freight Exchange, which has so far met with a mixed reception.

 
At 10/14/2009 4:07 PM, Anonymous Lars in Florida said...

Randy, great post.

Speaking of central banking, have you read END THE FED?

 
At 10/14/2009 6:49 PM, Anonymous Anonymous said...

Take a breather and watch this guy.This guy is blessed with balance and maneuverability!

Justin_n_IL

 
At 10/14/2009 7:08 PM, Anonymous Anonymous said...

Better versionThat guy

Justin_n_IL

 

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