John Dizard
Financial Times, London
Friday, June 12, 2020

(excerpts) Gold, the universal currency and store of value, is being de-globalised. Mocatta, long the largest gold bullion dealer, is being unwound and shut down by Scotiabank. JPMorgan, the leading US bullion bank, is ever more reluctant and slow to take on new counterparties.

Along with all its other issues, HSBC had to take a huge mark on its gold trading book during the illiquid and volatile March markets. The Rothschilds, essential to every global conspiracy theory, left the gold trade in 2004.

So why would there be deglobalisation of "physical" gold trading? 

Because the emerging leaders of the gold trading world are not the Anglo-Saxon bankers or the "Cousinhood" Jewish families who were the gold establishment of the past couple of centuries. 

These new leaders have different ethnic origins, and often focus on particular countries that we have condescended to call emerging markets.

According to Jeffrey Christian of metals consultancy CPM, even with the present high gold prices: "This wasn't peak fear. We are in the foothills of the global changes coming." Global political and economic fragmentation is leading to a long-term increase in the demand for monetary and financial gold.

That increased energy on the buy side, though, will not bring back the dominance of the traditional banks and families that were the previous masters of gold.

http://www.gata.org/node/20216