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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 496.02+0.3%4:00 PM EST
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To: carranza2 who wrote (101865)7/13/2013 6:51:27 PM
From: TobagoJack  Read Replies (1) of 219866
 
continuation of the e-mail thread re cb and gold Message 29001590

From: W
Sent: Saturday, July 13, 2013 11:48 PM
Subject: Re: Bank Gold Exposure

D,

Legally the banks are definitely agents of the CBs, chiefly the Fed.This has to be the case for the façade of CB leasing to agent banks to work properly. The CB contracts out to their agent banks to ‘lease’ gold to them. The BBs sell the gold into the mkt but give the Fed a repo agreement with an undefined maturity. This repo agreement is just kabuki theatre, the players know these are actually sales of gold to cap the price. So you asked the right question. Functionally the BBs who are the most important Fed shareholders are really the puppetmasters, but legally they are agents in these transactions.

Kind regards,

B

From: D
Sent: Saturday, July 13, 2013 11:15 PM
Subject: Re: Bank Gold Exposure

Thanks B,

You've given me lots to think about.

I am at a remote mine site until next week so please pardon a delay in responding while I ponder and until I get back to my computer.

One quick point that stands out to me is the question of agency. That is a very specific term.

And who is the agent for whom? Are the banks agents of the c.b.'s or vice versa. I would argue the latter as our society has essentially been looted by the banks.

Best regards,
D
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