After a year of remaining steady at a low level, the gold swaps undertaken by the Bank for International Settlements nearly doubled in January amid growing turmoil in the gold market, from 56 tonnes in December to 106 tonnes, according to GATA’s consultant on the BIS, Robert Lambourne.
Lambourne calculated the swaps total from the BIS’ monthly statement of account for January, which was published last week:
https://www.bis.org/banking/balsheet/statofacc260131.pdf
While the BIS long has refused to explain the purposes of the swaps and identify the parties to them, the bank is an association of the major central banks and long has provided cover for their interventions in the gold market.
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Indeed, in 2009 the head of the bank’s monetary and economic department, William R. White, said at a BIS conference at the bank’s headquarters in Basel, Switzerland, that influencing asset prices, especially gold and foreign exchange, is a primary purpose of international central bank cooperation:
A year earlier the BIS actually advertised to potential new central bank members that its services include interventions in the gold and currency markets:
https://www.gata.org/node/11012
Of course these interventions are conducted surreptitiously in order to deceive the markets and investors and accrue more secret power for central banks.
The sharp increase in BIS-arranged gold swaps in January likely indicates greater recent difficulty encountered in gold price control by anti-gold factions among governments and central banks and particularly by the U.S. Treasury Department and Federal Reserve.
Source: SGT Report
