LBMA is part of the same 1:100 fractional reserve bullion system...

LBMA is part of the same 1:100 fractional reserve bullion system as COMEX as explained by Jeffrey Christian of the CPM Group (1) at the March 2010 CFTC hearing on position limits. Watch the 5 minute video;

http://www.youtube.com/watch?v=BfCn8NlLHko


(1)- CPM Group is a commodities market research, consulting, asset management, and investment-banking firm. CPM focuses on various commodities markets from precious metals to tropical soft commodities. In its twenty years as an independent company, CPM has consistently delivered unique, market-leading research and services to clients ranging from individual investors to leading international organizations worldwide.

Incidently CPM group boast of being able to instruct their clients how to purchase specialty metals without moving markets;
http://www.cpmgroup.com/commod_manage.php (3rd paragraph)