Since 1987 when the Bank of England, Britain’s central bank, started the London Bullion Market Association and started supervising London’s gold and silver markets, gold and silver have stopped responding to monetary inflation by central banks.

At the center, is London’s (the globally dominant physical gold and silver market) creation of promissory note trading of gold and silver - essentially making gold and silver virtual assets - to set the daily price of gold and silver. London traded 2.5x to 3x annual daily gold and silver mine production—a big picture review.