阿德里安道格拉斯：如果您的黃金是存在一間倫敦貴金屬市場協會的銀行，你可能只是一個無擔保的債權人
Adrian Douglas: If your gold is at an LBMA bank, you may be just an unsecured creditor
By Adrian Douglas
Monday, March 1, 2010
Recently I have written several articles that have discussed how much "paper gold" has been sold, principally through the unallocated accounts of the London Bullion Market Association, though there are other vehicles that achieve the same end, such as pool accounts, unbacked exchange-traded funds, futures, and derivatives, etc., but the LBMA dwarfs them all.
我最近寫了一些文章，討論多少“紙黃金”經已賣出，主要地透過倫敦貴金屬市場協會的不配售户口；儘管有其它工具達到同樣的目的，如集體口，沒支持的交換交易基金，期貨和衍生工具等，但倫敦貴金市屬場協會比它們顯得矮小。
See:
http://www.gata.org/node/7911
And:
http://www.gata.org/node/7908
I estimate that as much as 50,000 tonnes of gold have been sold that do not exist. That is equivalent of all the gold reserves in the world that are yet to be mined -- or, put another way, 25 years of gold production.
我估計多達 5.0萬噸已出售的黃金不存在，這相當於世界上尚未開採的所有黃金儲備在 - 或者換一種說法，25年的黃金產量。
That is the granddaddy of all short positions.
那是所有短倉的爺爺。
The fractional reserve operation of the LBMA is likely to be the next Madoff scandal, except multiplied by 100 -- a $5 trillion fraud as opposed to a $50 billion fraud.
倫敦貴金屬市場協會的分數準備金運作，是可能成為下一個 Madoff 醜聞，除非乘以100 - 一個5兆億美元的欺詐妨礙一個500億美元的欺詐。
Like all financial scandals before it, this one will be exposed just as surely as night follows day. Gold is unique among all commodities. It is the only commodity that is not bought to be consumed. Rather, it is purchased as a store of wealth. Because it is not consumed, the buyer does not need to take possession of his gold but can be persuaded to trust the seller to store his gold on his behalf.
似在它之前所有的金融醜聞，這一個會被暴露正如夜接日般肯定。黃金在所有商品中是獨一無二的，它是唯一的商品買來不是消耗用的；反而它是作為財富的儲存。因為它不被消耗，買家不需去掌管他的金，但能被說服去信任賣家，由他代表他去儲存黃金。
This unique wrinkle allows bullion bankers to sell gold that does not exist. This allows them to make huge profits, since they have very little cost, as they don't have the inconvenience of actually having to purchase the gold before they sell it.
這獨特的 妙計讓貴金屬銀行家出售不存在的黃金，這使他們獲得豐厚的利潤，因為他們只有很低的成本，因為在他們賣出去前，他們沒有實際的不便要購買黃金。
The consequence of this illegal activity is that it suppresses the price of gold because the "paper gold" supply has the same effect on prices that would happen if real gold had actually been supplied to the market.
這一非法活動的後果是，它抑制了黃金的價格，因為“紙黃金”的供應在價格上有同樣的影响，如真金實際上被供應入市場。
Such racketeering is extremely beneficial to the central banks, which are hostile to gold because a free-market gold price would blow the whistle on their perpetual inflationary actions. A suppressed gold price makes fiat currencies appear to have higher purchasing power.
這種詐騙對中央銀行是非常有利的，它們是敵對黃金的，因為一個自由市場的黃金價格，會對它們的永遠通貨膨脹行動吹哨子，被壓抑的黃金價格使許可貨幣似乎有較高的購買力。
The central banks do not just turn a blind eye to the bullion banks' fraud but actively assist it; the central banks lease gold at a pittance of a lease rate to make sure there is always enough liquidity so the scam is not exposed from the bullion banks' inability to deliver real metal when asked.
中央銀行對貴金屬銀行的欺詐行為不只是視而不見，且積極地協助;中央銀行以微薄的租賃率租賃黃金，以確保常有足夠的流通，因此就算貴金屬銀行當被要求時，不能交付金屬而騙局是不會被暴露的。
There is nothing new about gold bankers selling gold they don't have. The goldsmiths invented the scheme in the 16th century. As recently as 2005 Morgan Stanley was sued for selling imaginary precious metals. Morgan Stanley even had the audacity to charge storage fees on metal that didn't exist. The firm settled the lawsuit out of court but no criminal charges were ever filed. Morgan Stanley maintained that it did nothing wrong because none of its clients had lost any money in the scam. That was innovative. I will try stealing a billion dollars from a bank and then I will pay it back the following day and see what the FBI thinks of that legal defense.
The LBMA operates a fractional reserve system. It sells much more gold than it has. The LBMA keeps on hand the amount of gold that it estimates, in the worst-case scenario, it will be called upon to deliver.
In a recent article I analyzed data from the LBMA's own Internet site that shows that a net of approximately 20 million ounces of gold are traded every day:
http://www.gata.org/node/8248"
Thismeans that we are meant to believe that the equivalent of 25 percent of global annual gold production changes hands each day on the LBMA. On a gross trading basis this probably represents the whole of annual worldwide gold production traded every day. In dollar terms it represents $5.7 trillion of net trade annually. That is almost 60 percent of the entire U.S. economy or 10 percent of the entire global economy being traded through a handful of gold bullion banks.
It is simply mind boggling. You don't have to be a rocket scientist or a market regulator to smell something fishy. To back that level of trading on a 100 percent reserve ratio, the bullion banks would have to own almost 40 percent of all the gold ever mined. There are simply not enough London Good Delivery bars for that to be the case.
You don't have to rely on me to tell you that the LBMA is running a fractional reserve gold racket. This is from the LBMA's own Internet site:
http://www.lbma.org.uk/london/accounts"
"Unallocated Accounts
This is an account where specific bars are not set aside and the customer has a general entitlement to the metal. It is the most convenient, cheapest, and most commonly used method of holding metal.
"The units of these accounts are 1 fine ounce of gold and 1 ounce of silver based upon a .995 LGD (London Good Delivery) gold bar and a .999-fine LGD silver bar respectively. Transactions may be settled by credits or debits to the account while the balance represents the indebtedness between the two parties.
"Credit balances on the account do not entitle the creditor to specific bars of gold or silver, but are backed by the general stock of the bullion dealer with whom the account is held. The client is an unsecured creditor.
"Should the client wish to receive actual metal, this is done by 'allocating' specific bars or equivalent bullion product, the fine gold content of which is then debited from the allocated account."
There are some real peaches in this description. For example: "Credit balances on the account do not entitle the creditor to specific bars of gold or silver, but are backed by the general stock of the bullion dealer with whom the account is held."
They don't say that the bullion dealer has to hold the amount of gold he has sold, just that these unallocated accounts are backed by the bullion dealer's stock. His stock could be a thousand ounces or none at all.
Note the statement: "The client is an unsecured creditor." So this really spells out what "unallocated" means. It means that there is no gold allocated to the customer. The customer owns only an IOU for gold.
If the LBMA were running a system that had on hand 100 percent of all the gold being sold but just didn't want to assign specific bars and serial numbers, then all creditors would be secured. But the LBMA spells out that all clients are unsecured creditors. The buyers have no gold guaranteed against the IOU from the bullion dealers.
Who exactly are the members of the LBMA? The clearing members are as follows:
-- HSBC Bank USA National Association
-- JP Morgan Chase Bank
-- The Bank of Nova Scotia
-- Barclays Bank
-- Deutsche Bank
-- UBS AG
HSBC and JPMorgan Chase are the biggest short sellers on the New York Commodity Exchange. Together they own 95 percent of the over-the-counter precious metals derivatives. They are also custodians of the bullion supposedly held by the GLD and SLV exchange-traded funds, respectively, and they are clearing agents for the LBMA.
That is one fine set of credentials. These banks are so arrogant and confident that their racketeering will not be exposed that the quarterly publication of the LBMA is titled "The Alchemist."
Unlike the alchemists of the middle ages who tried to turn lead into gold, the alchemists at the LBMA turn paper into gold. (Well, gold IOUs, to be exact.)
In 2003 Graham Tuckwell, chairman of Gold Bullion Securities, made a presentation to the annual LBMA precious metals conference about his firm's new gold-backed ETF that today trades on the American Stock Exchange under the ticker symbol "GOLD." The transcript of his speech can be found here:
http://www.lbma.org.uk/docs/conf2003/2e.tuckwellLBMAConf2003.pdf
In that speech Tuckwell said:
"There are......
http://oikonomika-blog.blogspot.com/2010/03/adrian-douglas-if-your-gold-is-at-lbma.html
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