Loading ...“Paul Fisher will become the new chairman of the London Bullion Market Association in September following his retirement from the Bank of England at the end of July, the LBMA said Wednesday.”
http://www.kitco.com/news/2016-07-13/Senior-Bank-Of-England-Official-To-Become-Chairman-Of-LBMA.html
Comment: Obviously one must wonder what Mr Fisher’s views on gold might be. Here is a qoute that may reveal his stance.
“Q20 John Thurso: Do you think, given the very changed circumstances we are in now compared to some years ago, that it would have been wise not to have reduced our gold reserves but to have held on to those?
Dr Fisher: The problem with the gold reserves is that they are not very liquid. We still hold 300 tonnes of gold but you cannot go out to the market and sell 300 tonnes of gold very quickly. It took several years to sell the 400 tonnes that was sold. In terms of what would I like to be available to me as an instrument to help me if I was intervening in foreign currency markets, it would not be gold. I think gold has more value in a much longer term sense if you get into situations where you might be at war or some dramatic circumstances like that. That is the time gold may be a useful reserve asset. I do not think the reduction in gold is particularly relevant to the situation we are focused on now. I would rather have the more liquid assets.”
- Qoute from : House of Commons Treasury Committee Appointment of Paul Fisher to the Monetary Policy Committee of the Bank of England Sixth Report of Session 2008–09 Volume II Oral and written evidence Ordered by the House of Commons to be printed 21 April 2009
- https://www.publications.parliament.uk/pa/cm200809/cmselect/cmtreasy/415/415ii.pdf