Ha ha - The LBMA and Thomson Reuters GFMS look to have been outed by Ronan Manly at BullionStar.
Jesse sums it up in his blog post.
Interesting questions raised by an LBMA's quiet altering of already published gold supply data:
Where did 2000 tonnes of gold come from during 2013, the year in which the price of gold broke multi year support and after that found support at a lower price level?
So did western Central Banks sell some of their gold reserves "at market"? Or alternatively is this altering of data evidence of covert precious metal ETF fund asset stripping? If such an act took place and information was emerging in data showing a huge difference between gold refiners throughput and global gold mine output, then was action was taken to alter data to cover this up?
.... or is it just a case that recycling of gold was very very VERY large during 2013, a year in which the price of gold was not making highs? You see, headline making high price is usually what incentivizes the return of the peoples' gold to the recyclers, but 2013 just wasn't that kind of a year.
The LBMA added Thomson/Reuters GFMS name in their amended document. Implication is as a source. Another implication as distancing themselves from the origin of the ermm little error.
References:
https://www.lbma.org.uk/assets/market/gdl/LBMA%20Brochure%20Final%2020150501.pdf
And Ronan Manly's earlier saved version of the ...err ... same ...file showing that 6601 tonnes of gold somehow changed into 4600 tonnes of gold, surely just a tiddly tiny difference:
Watch this one folks. It should be fun seeing how Thomson/Reuters GFMS explain it away and attempt to make it seem like, well, something routine, a boring errata correction, and not really worthy of our attention.
I won't quote Ronan Manly's concluding paragraph here and steal his fire, the link to his work is above. It's good reading material. At the very least check his conclusions out.
Enquiries to:
your daily newspaper's newsdesk first possibly, and then possibly to Thomson/Reuters GFMS
That's it for today!
Best of luck to you.
Argentus Maximus
The author posts daily commentary on the gold and silver markets in the TFMR forum: The Setup For The Big Trade. More information about the author & his work can be found here: RhythmNPrice. The author advises that he trades and holds market positions in accordance with his own opinions.
