BullionStar News
Writers Torgny Persson, Koos Jansen
& Hong Kang See

New Gold Pool at the BIS Basle: Part 2 – Pool vs Gold for Oil

Tuesday the 23rd of May 2017
This is Part 2 of a two-part series. The series focuses on collusive discussions and meetings that took place between the world's most powerful central bankers in late 1979 and 1980 in an attempt to launch a central bank Gold Pool cartel to manipulate and control the free market price of gold. The meetings centered around the Bank for International Settlements (BIS) in Basle, Switzerland.

Part 2 takes up where Part 1 left off, and begins by looking at developments in the BIS Gold Pool discussions during January 1980, a month in which the US dollar gold price rocketed more than 60% during a three-week period to reach a then record of $850 per ounce. Part 2 then looks at how the discussions involving these central banks evolved over the remainder of 1980 and 1981 as key high level central bankers continued to call for intervention into the gold market.

Part 2 also looks at evidence that central bankers party to the discussions began advocating gold for oil exchanges between the West and the Saudis, exchanges which would provide real wealth (gold) to the Arabs in exchange for oil flowing to the West, while simultaneously keeping a lid on the gold price.

Summary of Part 1


The first article in the series, published on 16 May and titled “New Gold Pool at the BIS Basle, Switzerland: Part 1”, concentrated on events and developments in late 1979 and revealed, among other things, that:

  • A series of meetings of the world's most powerful central bank governors were held in late 1979 at the Bank for International Settlements (BIS) office of BIS Chairman and President Jelle Zijlstra in Basle, Switzerland. The objective of the meetings was discussion of a central bank consortium that would operate a collusive Gold Pool to manipulate the price of gold. Note that this was more than 11 years after the London Gold Pool had collapsed in... Continue Reading
By: Ronan Manly
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