Alrosa plans production cuts and staff reduction for 2025
The miner may cut its labor costs by 10%, which could involve layoffs among its 35,000 staff.
GoldMoney’s Alasdair Macleod says that the Bank of England recently become a prolific supplier of gold – leasing out 1,300 tonnes of the yellow metal in just four months.
In an interview with the Keiser Report on the Russia Today network, the GoldMoney research director told financial pundit Max Keiser what he thinks happened to 100,000 gold bars.
While perusing the BofE’s new website application, which allows you to take a virtual tour of the Kingdom’s gold vaults, Macleod learned that in June the bank was holding 400,000, 400-ounce gold bars.
As a veteran precious metals adviser, Macleod noticed a discrepancy between this figure and the Bank’s year-end accounting from February which reported 505,000 bars in storage.
“Roughly a 100,000 bars seems to have disappeared from the 28th of February when the annual report was dated and some time in June,” Macleod told Keiser. “So where has this gold gone?”
The former investment manager believes the BofE has been flooding the gold market in an attempt to suppress prices.
Macloed says the BofE’s actions are “clearly a coordinated attempt” to keep prices low during a time of high demand for physical gold – resulting from the Cypriot financial crisis and big appetites for the metal in China and India.
An influx of 1,300 tonnes are sufficient to keep prices down, he said.
See the full interview here. Macleod discusses the BofE at 18:26.
5 Comments
Charlie Michael
Instead of nuclear waste, Yucca Mountain in Nevada is rumored to be the current resting place of the 1300 tonnes of British gold.
Frankinca
Interesting and has merit on the surface. Backwardization is not easily a proof of the future price of gold but the opinion of those investing in the futures market and extrapolating from the price changes in the last few months. If $1300. gold is the new reference point then backwardization should soon disappear and the future value of gold should be the base price plus the LIBOR defined interest over the period in the future in which the gold has to be delivered, if the futures contract holder so demands. Soon, it looks like the future buyers might be in the driver’s seat, if the contract they purchased can be enforced, not likely, but the less sophisticated public could soon be aware of the Ponzi scheme the CB’s are running. Thus another meltdown in the making. Can the CB’s ever come clean, or we have to accept financial suicide as the only answer!!! The CB’s are committed to making gold a jewelry item and not a storage medium for financial wealth. They have to convince the world that the dollar/yen/Euro has to be the reserve method to value a financial contract. It doesn’t seem likely, so it looks like bit-coins are our only choice. Oh my God, really!! I think I’ll start a bi-coin depository and charge storage fees and make a bundle (of what, I am not sure). Thanks for the interesting video.
shirlz
the last person seen vacating the vaults of The Bank of England was Queen Lizzy and Uncle Philly!
dd
The BoE says “more than” 400,000 bars… Technically 505k bars IS more than 400k….
John Prewett
“leasing out” ??? as opposed to selling ?