Gold falls again after warning of “unethical” bullion

There used to be a wisecrack to the effect that a major international conference was called to discuss the huge problem posed by the dinosaurs – on the Thursday before the dinosaurs became extinct. The point being that, by the time the authorities get round to confronting an issue, it is probably on the way out.

Something similar could be averred with regard to the letter, reported by Reuters and the Financial Times, from the London Bullion Market Association (LBMA) to various jurisdictions warning of the danger of unethically-sourced gold entering the system.

In particular, it is thought the surge in bullion prices has led to a boom in illegal mining, such as in the Amazon and in war zones. The LBMA accredits refineries round the world and can withdraw its approval from those that do not adhere to ethical standards. US political temperature falls

But in the open market, there […]

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