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Gold manipulation: Central banks are now in deep trouble

By Implode-Explode Heavy Industries

``The bullion banks can only have become so uncovered on their unallocated accounts with the encouragement of the central banks, since their exposure appears to exceed the maximum fractional reserve basis of ordinary lending by a factor of four. So from a regulatory point of view, no one is looking. The result of a combination of excessive gold-related credit and lack of regulatory oversight has much in common with the events that led to the credit crunch in 2007. The result can be expected to be similarly violent.''

Full post as published by Mortgage Lender Implode-o-Meter on August 23, 2010 (boomark / email).