Torgny Persson: Report from LBMA conference in Singapore

by Chris Powell

Dear Friend of GATA and Gold:

Reporting on the London Bullion Market Association conference just concluded in Singapore, Bullion Star’s Torgny Persson writes, among other things:

— There was no place in the official program for discussion of unallocated gold and gold lending in the London market. Given the importance of the subject, this struck Persson as odd. Of course the omission would not have surprised GATA. Why would the LBMA want the world to know that most of the gold sold by its members doesn’t exist?

— A representative of the commercial bank Bank of China said he thought the yuan eventually should have some gold backing.

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