Of course they cannot be seen to do this and they need cover.

The only way to achieve the cover is by smashing the price of physical gold by the alchemical production of “paper gold”. With the help of the futures markets and the connivance of the Alchemists, the bullion traders – yes, that includes me, I was Deputy Managing Director of Mocatta & Goldsmid – managed to create an unshakeable perception that ounces of gold credited to an account with a bank or bullion dealer were the same as the real thing. “And much easier, old chap! You don’t have to store or insure it”.