LBMA needs reform to serve the physical precious metals market

LBMA needs reform to serve the physical precious metals market The LBMA claims to be the global authority for precious metals, but it is an organization stacked full of bullion banks which trade gigantic volumes of synthetic paper promises, and an organization which does nothing to champion the interests of savers and investors in physical precious metals.

Founded by a group of bullion banks and the Bank of England, the LBMA and its cohorts in the LPPM and LPMCL still have JP Morgan as a member despite recent DoJ charges of precious metals price manipulation against that bank.

But at the upcoming LBMA / LPPM conference this week in Shenzhen, China, the LBMA still has a chance to clarify who it will work for in future, the paper world of the bankers or the physical world of real gold and silver investors.

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