"In analyzing the Annual reports of the major bullion banks I made some astonishing discoveries. For most of these banks their bullion banking business is entirely hidden from the accounting. In the text there is almost no mention of gold, silver, bullion, or precious metals. In fact it is impossible to know that these banks are even in the bullion banking business let alone know anything about their trades, assets and liabilities. The only exception is Scotia Mocatta (see below). The bullion banking business is completely obscured from view in the annual reports. We know from our discussion that there should be revenues of $1.2 trillion annually be reported which would make the activity the largest activity in any of the banks, yet instead it is entirely missing! How could such trading and references to it be almost entirely absent from these reports? "
http://www.24hgold.com/english/news-gold-silver-bullion-bank-trading--a-closely-guarded-secret-.aspx?contributor=Adrian+Douglas&article=3425198038G10020&redirect=False
If Banks are not accounting for the metal trades then they can be swimming in red ink from short trading and it not bankrupt the company? I don't know how they can get away with that, but if they can then cant they just keep selling what they don't have and keep settling in Fiat that is not being accounted for?
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- are bullion banks accounting for metal trades?
are bullion banks accounting for metal trades?
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