ML-Implode News - Mylchreest: London Hiding a Gold Default (MUST READ)

Using data from the LBMA and Bank of England on gold stored in London vaults and net UK gold export data from HM Revenue & Customs, we estimate that the "float" of physical gold in London (excluding gold owned by ETFs and central banks) has recently declined to +/- zero... If we are correct, the London Bullion Market is running into a problem and is facing the biggest challenge since it collapsed from an insufficient supply of physical gold in March 1968.
...
Intuitively, we think that central banks might have lent/leased gold to maintain the status
quo and mask what is technically a default. However, rather than being used to provide temporary liquidity, it is possible that loans/leases are being rolled. This is not sustainable and implies dual ownership claims.

... If there is no gold float, there is nothing supporting more than US$200 Billion of trading every day in unallocated (paper) gold instruments which accounts for more than 95% of gold trading in London.

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Mylchreest: London Hiding a Gold Default (MUST READ)