In our paper
from
March 23, 2016
we concluded that JPM [J. P. Morgan] in cooperation with the BIS [Bank
of International Settlements] controls the dollar gold price by using
their very dominant position in gold derivatives in the US Banking
System. JPM held during 1999 – 2014 an average of 3.262 paper
metric tons gold (derivatives) available for interventions on the
development of the dollar gold price with the BIS as counterparty.
Furthermore we concluded that the paper volume sets the dollar gold
price and that there is almost no influence on the dollar gold price
from the physical supply and demand. Overall the conclusion is that
there is no free market for gold.
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