Gold should function as a signalling device, acting as a warning sign and stabilising influence for a global financial system that has overstretched itself. This one has, with the need for unconventional monetary policy passing the point of no return.

The gold price is being held back ‒ potentially increasing moral hazard across the entire global financial system ‒ which is where reforms by the London Bullion Market Association (LBMA) can play a role.