Peter Hambro – BIS, central banks are rigging gold market using bullion banks’ paper gold
by Ronan Manly, BullionStar:
“Gold to central bankers is like the sun to vampires.”
This week an intriguing and eye-opening article by the well-known Peter Hambro was published by British economics and politics news site Reaction.
The article, which is titled “Don’t forget the golden rule: whoever has the gold makes the rules” is intriguing and eye-opening for a number of reasons, chiefly because it pulls no punches in highlighting the price manipulation of the gold price and naming the types of entities responsible, while explaining some of the mechanisms used in the fractional-reserve London paper gold game.
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Mocatta & Goldsmid
But the article is also notable in terms of who the author is. For those who don’t know him, Peter Hambro is a very well-respected name in the gold space, having co-founded and been chairman of FTSE-listed Anglo-Russian gold mining company Peter Hambro Mining (now known as Petropavlovsk). He was also, from 1983 to 1990, deputy managing director of legendary London bullion broker Mocatta & Goldsmid. Additionally, Peter Hambro’s father, Everard Bingham Hambro, was also at one time a director of Samuel Montagu, another of the legendary London bullion broker cartel firms.
On top of that, Peter Hambro is also great great grandson of Baron Carl Joachim Hambro, the founder of the famous English investment bank Hambros. In fact, Mocatta & Goldsmid even merged with Hambros bank in 1957. In the 1980s, Mocatta & Goldsmid was also the largest gold and silver counterparty to the Soviet Union.
So when Peter Hambro writes about gold price manipulation, it is not just anyone writing about gold price manipulation, this is a man from one of the British banking dynasties who has been privy during his entire career to the inner workings of the workings of the London bullion banking establishment, and who has the operational knowledge of running a London Stock Exchange listed gold mining company that extracts real physical gold, gold that has no counterparty risk and is no one else’s liability.
For those who aren’t familiar with the news and podcast site Reaction, Reaction is a serious London based publication run by heavy weight board of journalists and media executives which specialises in analysis and commentary on current affairs, politics, culture and economics.
The trigger for Peter Hambro’s article is a recent chart from the US Office of the Comptroller of the Currency (OCC), which due to a data reclassification starting in Q1 2022, now shows the massive extent to which bullion banks such as JP Morgan have amassed precious metals derivatives contracts to hold down the gold price (an excellent summary of this chart is here).
Unallocated Gold – The Lid on the Tinder Box
Hambro describes this manipulation of the gold price using derivatives as a ‘tinder-box’, which ‘disinformation [has] for many years kept the lid on”. But who, you might ask, is directing this disinformation and this gold price manipulation?
According to Hambro’s bombshell, its the Bank for International Settlements (BIS) in Switzerland, i.e. the central banks’ central bank. Hambro drops the bombshell that:
”since 2018 the Financial Stability Desks at the world’s central banks have followed the Bank for International Settlements’ (BIS) instruction to hide the perception of inflation by rigging the gold market.”
But since the central banks ‘need cover’ and ‘cannot be seen’ to be rigging the gold price, Hambro continues:
“The only way to achieve the cover is by smashing the price of physical gold by the alchemical production of ‘paper gold’.”
If this has now got your attention, read on, since Hambro elaborates:
“With the help of the futures markets and the connivance of the Alchemists, the bullion traders – yes, that includes me, I was Deputy Managing Director of Mocatta & Goldsmid – managed to create an unshakeable perception that ounces of gold credited to an account with a bank or bullion dealer were the same as the real thing. “And much easier, old chap! You don’t have to store or insure it”.
The gold credit which Hambro is referring to here is the LBMA’s infamous ‘unallocated gold’, with ‘the futures markets’ being the COMEX. You might at this stage even think that Hambro has been reading the BullionStar website, since we have for years, been explaining the very same thing. For example, see here and here.
