by Chris Powell, GATA:
Dear Friend of GATA and Gold:
Britain’s Financial Conduct Authority has begun observing the London gold fixing process, Bloomberg News reports today in a story appended here, and Bloomberg even acknowledges, if only in the briefest way, that the London gold fix price is “used” by central banks. Unfortunately Bloomberg does not yet seem to have inquired into just how and why central banks use the London fix.
Could it be that central bank gold doesn’t just sit sleepily in central bank vaults gathering dust, as central banks, investment houses, and mainstream financial news organizations would have the world believe, but rather that it enters world markets every day in pursuit of some secret government policy objective?
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