Reply #1: Market WrapUp [View All]

[ozymandius]

"When", Not "If" - Not Even Close
BY ROB KIRBY

Two weeks ago in this space in an article titled, “When”, Not “If”, I attempted to highlight the disparity between annual global gold production versus amounts of physical ounces of gold transferred on the London Bullion Market Association (LBMA). At this time I would like to acknowledge the contribution of reader Allan C. who pointed out two oversights in my analysis which led to my dramatically understating my position:

First, global annual gold production, I stated,

2,500 metric tonnes produced = 88,184,904.9 ounces

It was pointed out that while this is technically true, these would be ovoirdupois ounces <28.35 grams each>. Gold is customarily measured and priced in Troy Ounces which contain 31.103 grams.

.....

More Theatre of the Absurd

The English have always been known for their stage craft. If the revelations above have not already put your head-in-a-spin, then this cathartic act of Shakes-fraudian bamboozlement on the part of the Old Lady of Threadneedle Street (Bank of England) ought to blow you away,

Reform plan raises fears of Bank secrecy

The Bank of England will be able to print extra money without having legally to declare it under new plans which will heighten fears that the Government will secretly pump extra cash into the economy.

The Government is set to throw out the 165-year old law that obliges the Bank to publish a weekly account of its balance sheet – a move that will allow it theoretically to embark covertly on so-called quantitative easing. The Banking Bill, which is currently passing through Parliament, abolishes a key section of the law laid down by Robert Peel's Government in 1844 which originally granted the Bank the sole right to print UK money.

http://www.financialsense.com/Market/wrapup.htm