Raw The BoE/LBMA situation

[haveagojoe]

The BoE, custodian for the LBMA, is currently delaying physical deliveries of gold by 4-8 weeks, with a reported order backlog of 380M ounces. Analysts are calling this a technical default.
I would be interested to hear the forum's views on this developing situation. It appears to have stemmed from an enormous outflow of 12.2M ounces to US COMEX warehouses over 2 months in response to speculation over US import tariffs, but this quanity should not have been sufficient to stress the London market, raising questions over its liquidity.

 

[RockyMountainFan]

The delay in gold deliveries by the BoE is concerning. It could indicate underlying issues with liquidity or supply chain disruptions. It's important to monitor this situation closely as it may impact the bullion market.

 

[Costa BLACK]

Did the BoE transparently prove WHY these long up to 2 month delays have BECOME necessary?? I suspect alot of that gold isn't there.

 

[Winterwood]

99.9% of Australia's official gold reserve are stored at the BOE. Bit of a worry. Bring it home while we can, so we hold it, would be a much safer option.

 

[SRM]

I heard London traders got caught on the wrong side of hedging and decided to deliver Au instead of paying cash. They are also taking advantage of the high US prices to sell into the market at a profit.

Read it on the net so it must be true, lol

 

[Costa BLACK]

KEEP YOUR GOLD IN THE PALM OF YOUR OWN HANDS ..

 

[haveagojoe]

This is truly the craziest time for the gold market, rumours abound, calls for an audit of the Fed grow louder, chatter about revaluation of the US reserves, new ATH again today... edge of the seat stuff!

 

[pmbug]

Did the BoE transparently prove WHY these long up to 2 month delays have BECOME necessary?? ...

They have claimed that it's due to logistical issues (limited "slots" or lorries in the yard and gold is heavy). Watch from ~0:48 to ~4:33:



They later held a farcical Zoom webinar where they glossed over the issue with the same logistical issues claim.

https://vblgoldfix.substack.com/p/the-lbma-addresses-london-bullion