Global Physical Gold Echange, page-2

Thanks to CPDLC for the link to the interview with Bullion Capital:

The interview is with Tom Coughlan, head of Bullion Capital and an Aussie! Very impressive. It's his system and he has spent a vast amount of time evolving all the aspects and putting it all together!

He says he's spent about 4 years in discussion and development of this system which started off as a physical wholesale gold market for Auz but then he went to Singapore for 3 days of talks to see if there would be wider interest. The 3 days of talks went on for .... 3 weeks .... and since then he has had talks with about 1,500 representatives of the industry globally incl brokers, traders,banks, miners etc and the system has evolved during all this time underneath the radar. When I looked at their web site about a week ago I saw that their HQ is in Brisbane!

Tom said this was the first interview he had given to the media about Bullion Capital. The system is completely independent of the bullion banks, is tested and ready to go. They are signing up 3 or 4 new brokers/participants each week. Advance publicity will be rolled out very soon with a live date in 3/4/5 weeks from now in April.

http://www.tfmetalsreport.com/podcast/6685/making-lbma-obsolete

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Further to what I reported a week ago:

In the absence of any viable alternative, the Chinese have been interested for some years in participating in the LBMA pricing of gold and now the new gold fix online platform for the LBMA in London - 'ICE'.

But in typical City aristocratic, exclusive tradition the LBMA have introduced a whole raft of hoops, barriers and qualifications for participants such that no more than 3 of the Chinese banks could hope to meet ie Bank of China, the Industrial and Commercial Bank of China (ICBC), and China Construction Bank (CCB). Even these three Chinese banks have no certainty of qualifying if they applied! The names of the participants in this new system for gold price fixing will not be announced until the launch date of next Friday 20/3.

There has been no recent announcements of the intentions of the Chinese banks as to whether any have applied to the LBMA to participate or not and certainly no statement from the LBMA as to whether one or more can meet the criteria set. So it is possible/likely that on launch date in a week's time no Chinese banks will be among the participants even though China is probably the largest buyer of gold in the world.

If that is the case the conclusion that could be drawn is that given the history of opacity, fraud enabling set up and actual fraud associated with the LBMA and a ready alternative in Bullion Capital just a few weeks later that Chinese banks have decided to give the LBMA a miss and use the alternative platform that Bullion Capital is offering.