Bank of England Governor Andy Bailey Dismisses Importance Of Gold; Sprott Money's Andrew Sleigh Gives Insight Into The Global Gold And Silver Shortage

If Gold Is So Unimportant Andy, Why Is The Bank of England Operating A Gold And Silver Price Rigging Racket

In the weeks and months ahead, there is going to be considerable discussion about the cash markets for gold and silver becoming ‘disorderly’.

In reality what will be happening is order being restored to the cash/spot price discovery of physical gold and silver market after decades of rigged price setting in London utilizing London’s cash market promissory note metal pricing system.

The Bank of England (BoE) was given authority over the London Gold and Silver Market in 1986 through the ‘Big Bang’ Financial Services Act.

You can read about how, after this legislation was enacted, the BoE then oversaw creation of the London Bullion Market Association (LBMA) in 1987 with its voluntary rules, along with endorsement of trading of promissory notes in the gold and silver cash/spot market instead of trading specific allocated and segregated bars. See here: https://jensendavid.substack.com/p/the-bank-of-englands-role-in-the

By utilizing trading of cash/spot market promissory notes for immediate ownership of gold and silver bars in London to set the daily price of gold and silver in the world’s largest cash precious metals market, the BoE effectively converted these limited supply metals in the London market into virtual assets that could be created without limit.

The current BoE Governor Andy Bailey dismisses the importance of the current shortage of gold in London, as a relatively small percentage of the estimated 400 million (M) gold oz. of issued cash/spot notes are exercised for metal delivery, in the following short comment.

Bailey indicates that this London gold shortage is not a matter of import to the world financial markets or BoE policy because gold does not “play the role it used to play”.

Bailey does not explain why, if gold and silver are so unimportant, that the BoE has overseen the City of London market’s rigging of the price of these two important warning signals of monetary inflation since 1987 allowing the blowing of the largest global debt bubble in history as these metals were subdued with paper tools.

In reality, the world faces a nascent bond market crisis and much higher interest rates as the London metals racket collapses. No discussion of that either.

UK M.P. John Glen Asks BoE Governor Andy Bailey About London Gold Shortage And Growing US Stockpile In New York

Governors of the BoE since it took oversight control in 1986 of the world’s largest gold and silver cash market destroying price discovery of these metals in The City of London are:

1. Robin Leigh-Pemberton 1983–1993

2. Sir Edward George 1993–2003

3. Sir Mervyn King 2003–2013

4. Mark Carney 2013–2020

5. Andrew Bailey 2020–present

Sprott Money’s Andrew Sleigh Discusses The Growing Global Physical Gold And Silver Shortage

In the following excellent interview of Sprott Money’s Andrew Sleigh by Francis Hunt ‘The Market Sniper’ we hear that the Royal Canadian Mint (RCM) has stopped delivery of kilogram gold bars and 100 oz. silver bars to metals dealers. The RCM is giving no indication as to when the delivery of these larger products will resume.

We also hear that sovereign mints globally are giving notice that they are ‘low’ on gold.

If the reader would like to reach Andrew Sleigh he can be reached here:

Extension #230

https://www.sprottmoney.com/contact

After listening to the interview with Andrew I contacted him and was impressed with his knowledge.

Best regards,

David Jensen