(Activist Post)—While central bank trading is a primary determinant of the price of gold and other currencies, gold market analysis seldom makes any reference to the broker that provides much camouflage for central bank gold trading: the Bank for International Settlements (BIS).
Of course over many years the Gold Anti-Trust Action Committee (GATA) has amassed much documentation of BIS interventions in the gold market. Among our favorites are a BIS PowerPoint presentation, made at a BIS conference for prospective BIS members , actually advertising that the bank’s services to members include gold market interventions…
…and a speech by a leading BIS official declaring that to “influence” the price of certain assets, “especially gold and foreign exchange,” is a big objective of central bank cooperation through the BIS:
Robert Lambourne, who – apparently alone among financial analysts outside central banking – calculates and reports the monthly changes in the bank’s gold swap positions, called attention to another confirmation of the bank’s major but largely surreptitious role in rigging the gold and currency markets. It is a pamphlet in which the bank profiles itself. The pamphlet is posted at the BIS’ internet site here.
On Page 3, under the heading “Banking Services,” the BIS says:
“We offer financial services exclusively to central banks, monetary authorities, and international organisations, mainly to assist them in the management of their foreign exchange assets. As an institution owned and governed by central banks, we are well placed to understand the needs of reserve managers – their primary focus on safety and liquidity, as well as the evolving need to diversify their exposures and obtain a competitive return.
“To meet those needs, we provide credit, gold and foreign exchange intermediation, and asset management services, while administering our own capital. An integrated risk management function ensures that financial and operational risks are properly measured and controlled.”
But this measuring and controlling are done in secret, the better to deceive and cheat the markets that are being measured and controlled. This measuring and controlling, the BIS suggests, are actually for the benefit of those who are deceived and cheated, particularly those using gold to try to protect themselves against rampant inflation, which has become the main product of modern central banking.
How good central banks are, determining the value of all capital, labor, goods, and services in the world so that mere free markets needn’t bother!
Gold market analysis that doesn’t incorporate the work of the BIS is largely a waste of time – that is, nearly all gold market analysis.
Source: Money Metals
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.