A stunning admission has just rocked the gold market. Gunvor, which is one of the world’s big commodity trading firms, has ended its gold trading business less than a year after adding metal trading as a new activity. What’s so stunning is the reason given for the shocking about face. Here is the key quote for the move to close down the gold business: ‘Gunvor executives decided to abandon the precious metals trading business partly because of difficulties in finding steady supplies of gold where the origin could be well documented.’
It is of course hard to identify gold’s origin when central banks are surreptitiously involved in the gold market, and when central planners work hard at keeping their activity secret. Central planners always want to work behind closed doors. The reason they give for this desire for secrecy is just plain silly.
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