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[JD400]

Why have all Chinese banks disappeared from the LBMA Gold Price auction?
Date 24 Oct 2023 01:12
There has been an unprecedented departure of all the Chinese banks from the LBMA Gold Price auctions.

These departures have gone uncommented by the LBMA, the FCA, the mainstream media, the auction administrator ICE Benchmark Administration, and by the Chinese banks themselves.

The exit of the Chinese banks raises questions as to what this has done to the auction liquidity and price discovery as the auctions are not reflecting supply and demand of gold from China – the world’s largest gold miner, gold importer and gold consumer.

Fox Guarding the Henhouse
When the twice daily LBMA Gold Price auction was launched on 20 March 2015 to replace the infamous and London Gold Fixing, one of the mantras from the ‘Fox Guarding the Henhouse’ at that time was that the new improved auction would include an expanded list of participants beyond the old ‘Gang of 5’ cartel of Fixers which had been Barclays, HSBC, Société Générale Scotia and Deutsche Bank.

Fantastic research column continues here>>>>>
https://www.bullionstar.com/blogs/ronan-manly/why-have-all-chinese-banks-disappeared-from-the-lbma-gold-price-auction/