Alasdair Macleod writes, “Basel 3 is on course to regulate the LBMA out of existence. And with it will go all the associated arbitrage business and position-taking on Comex, because most bullion bank trading desks will cease to exist. The only supply to buy-side speculators of gold and silver contracts will be producer hedging.” In other words the gig is up and the Emperor has no Gold. You heard it here first.