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Central banks all but stop lending gold
Javier Blas
Financial Times
Wednesday, Oct 8, 2008
Central banks have all but stopped lending gold to commercial and investment banks and other participants in the precious metals market, in a move that on Tuesday sent the cost of borrowing bullion for one-month to more than twenty times its usual level.
The one-month gold lease rate rocketed to 2.649 per cent, its highest level since May 2001 and significantly above its five-year average of 0.12 per cent, according to data from the London Bullion Market Association.
Gold lease rates for two, three, and six months and for a year also jumped to levels not seen in the last seven years.
(Article continues below)
Traders said the jump reflects the fact that central banks — mostly European — have almost completely stopped lending gold in the last few days and are not rolling forward old leases after maturity. This is because of fears that some borrowers might not repay their bullion loans if they are engulfed by the financial crisis.
“A number of central banks have been cutting back on their gold lending,” said Tom Kendall, a precious metals strategist at Mitsubishi in London.
John Reade, a commodities strategist at UBS, added that there had been a lot of talk about some central banks being unwilling to lend their gold because of a redoubled focus on the risk of borrowers not returning it.
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12 Responses to “Central banks all but stop lending gold”
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October 8th, 2008 at 11:27 am
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.
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http://illuminatimatrix.wordpr.....symbolism/
,
,
,
What you’ve been seeking.
‘
‘
October 8th, 2008 at 1:06 pm
The Dow Jones just rang the closing bell. It crashed 202 points. All the paid plants stood outside and clapped and cheered as if their favorite team scored a touchdown in the Super Bowl. What a joke. Almost everything you see is a fake! The cheering crowds were planted there to show the TV viewers all is well, when it’s not. Paulson and the crooks are doing their best Houdini act.
October 8th, 2008 at 2:26 pm
‘Central Banks Stop Lending Gold” well duh!
the Gold is the only REAL CASH LEFT ON EARTH..with the Silver!
..Gold and Silver have been monetary exchange’s ; since the dawn of mankind! what makes anyone think: the gold and silver will not be monetary exchange’s untill the end of mankind?
WAKE -UP AMERICANS! understand: they have destoryed the World Economy in three weeks!
NOW THEY ARE TAKING THE GOLD AND SILVER?
( and my people :die for lack of knowledge!)
October 8th, 2008 at 2:33 pm
Hello Doorway,
I’ve read that man’s articles. He is just one of them. He has to much inside information. He throws everything on the same heap. If you follow his reasoning you fall from the one in the other trap. He clearly hates Jesus Christ. Otherwise he would not call Him Zeus. He is deluded, mad. In Jerusalem stood a cross 2000 years ago. Jesus Christ died there.That’s a fact. And that Satan and his demons are a reallity is for sure. And that people are following him is a fact too.They do the works of their father the devil. But they will get punished. And Jesus Christ will prevail, just like He did on that day that He left the grave.3D is not an illusion, it is real! Just as i ticked these words for you to read. Grow up!!!!
October 8th, 2008 at 3:11 pm
correct “C” says.. i find tho under fascist tyranny that you cant eat gold or silver..
October 8th, 2008 at 3:54 pm
..an old movie: entitled:’The Food of the Gods’ (old b-movie from the 50’s & 60’s boob-tube)
look this movie up..and watch the ‘milk of mother earth’ [the food of the gods] mutate the creatures on planet earth..then watch the movie”Logan’s Run’ to see the ‘carrousel of spin’
SPIN..SPIN …SPIN…and around we go in the world -wide ‘Merry-Go-Round’
(old soldier’s never die…we just fade away in glory..duty is ours and the Glory is our GOD!)
October 8th, 2008 at 4:57 pm
here it comes boys, taaaaaaa taaaaaaaa duuuummm
http://ca.youtube.com/watch?v=SWkNG0FqHqI
October 8th, 2008 at 8:22 pm
Germany takes hot seat as Europe falls into the abyss
We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.
WTF??? this is a headline in the telegraph?? Nobody will be spared, unless they buy gold bars. I really feel like there suckering everybody that has anything left into gold. Perhaps the banks or the powers that be are hoarding gold and manipulating the price to keep it low and after people cash out of the market and sell their homes to invest in gold we will see the coup de grace. Maybe they will unload and crash the gold market or confiscate it? I dont know? Im just saying every time i read a newspaper or turn on the tv its saying buy gold. Game over, checkmate! Just a friendly warning
October 8th, 2008 at 9:12 pm
1. How is it that the Bank of England says that it is running out of gold when it has been hording it for decades?
2. After all of you people buy gold, what’s to keep them from confiscating it all anyway?
October 8th, 2008 at 9:38 pm
Maybe you are right about them hoarding the money, or maybe there is a shortage. Either way, it means that gold coins as the only means of exchange will not work. In the first case, it won’t work because if they are hoarding yet claiming shortages, then they probably will confiscate gold from the average joe eventually. On the other hand, if there is a shortage, then going back to gold coins as the only means of exchange would mean a worse and far more massive lack of liquidity than we have even now.
October 8th, 2008 at 9:58 pm
i heard that fed sold gold [or sells gold ] or leases ?..for $44.44 cents per OZ
2 percent ‘lease fee or intrest [on 44.44 cents isnt a lot for stuff they can on sell for over $900
if you controle govt [and futures etc , legislation and the gold you won what egsactly [can you ever own LEASED gold]
after ww1 usa mint held nearly ALL the gold [war reperations , commonwealth war loans from usa etc [by the end of ww2 they owned most of the silver [then pounds sterling] now we are to believe somehow it has all gone BACK to europia ?[heck i dont know]
gold is material
seek the spiritual [not the spi-ritual.]
October 9th, 2008 at 8:54 am
Gold can not kill your dinner. (I don’t know, maybe you could kill a rabbit with a big enough gold bar, but your aim would have to be perfect). Why not buy guns and ammo???!!! Have you seen the price of ammunition!!!!!!!!! It is at crazy high prices. In the state of Illinois you need to fill out government forms just to buy ammo!!! If that is not a violation of my rights I do not know what is!!!!!!!!!!!!!! Fuck the U.S.A. We need to start a new country somewhere. Maybe Mars, eh?!!