We don’t know which banks because the physical trading of gold on LBMA are confidential OTC contracts between two parties, not an exchange. But see who the members are. Global annual production is traded there every several days, 2% of above-ground stocks. LBMA is where the action happens and explains why gold has held up well in the face of collapsing jewellery/Indian/Middle Eastern demand this year... if they're not buying gold who is?? COMEX is just a sideshow for banks to fleece traders in the paper market who think it’s going to run out of physical, imo.
