London Bullion Market Association (LBMA) A silver exchange, with no silver. Probably

This X post from @LawrenceLepard is a retweet of a satirical comment by @Sorenthek: “A silver exchange, with no silver. We’ll call it LBMA.”

The accompanying image shows a man in a dark suit and tie (resembling a character from a TV show madmen standing and gesturing emphatically toward a completely blank whiteboard on an easel, as if presenting a grand idea—but with nothing actually there.

This visually reinforces the joke about the London Bullion Market Association (LBMA) being a major hub for silver trading that’s often criticized for dealing heavily in paper contracts and derivatives without sufficient physical silver backing, a common talking point among sound money advocates like Lepard.

The post was made on October 15, 2025, at 10:38 AM GMT, and as of the fetch, it had 165 reposts but minimal other engagement (0 likes, replies, quotes, or bookmarks, with just 2 views), suggesting it might be very new or gaining traction quickly through reposts in niche communities focused on precious metals, Bitcoin, or Austrian economics.

Lepard’s bio highlights his role as an investment manager and advocate for sound money, gold stocks, and BTC, which aligns with this kind of critique.

VBL’s Ghost

⁦‪@Sorenthek‬⁩

A silver exchange, with no silver. We’ll call it LBMA pic.x.com/fXuP3xe2oF

10/15/25, 4:28 AM

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London Bullion Market Association (LBMA) A silver exchange, with no silver. Probably

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London Bullion Market Association (LBMA) A silver exchange, with no silver. Probably

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