Tag - Central Bank Gold

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Thursday, June 20 2019

The Fifth Wave: A new Central Bank Gold Agreement?

So will there be a new central bank gold agreement announced in the next few weeks? Word on the street is that large institutions are being quizzed by the obedient World Gold Council and being asked if they in favour of a new CBGA or not. Given that the whole CBGA scheme was a cover whose main purpose has already been achieved, there is no compelling logic for a fifth CBGA, except of course unless there have been further physical gold flows out of western central banks which need to be squared off in the books.

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Wednesday, June 5 2019

Venezuela Defaults on Gold Swap With Deutsche Bank

Venezuela has defaulted on a gold swap agreement valued at $750 million with Deutsche Bank AG, prompting the lender to take control of the precious metal which was used as collateral and close out the contract, according to two people with direct knowledge of the matter.

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Monday, June 3 2019

Who Owns the World’s Gold Reserves

A common theme in economics is “those who own the gold make the rules.” Recent statistics suggest a large disparity between the top gold holders in the world and those governments holding less of the yellow metal.

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Thursday, May 30 2019

Philippine Central Bank to Increase Gold Holdings in Reserves

The Philippines is joining a slew of central banks that are increasing gold holdings in foreign reserves.

Sales to Bangko Sentral ng Pilipinas could reach almost 1 million fine troy ounces a year from the current 20,000 to 30,000 ounces as a new law that exempts taxes on the monetary authority’s bullion purchases from small-scale miners takes effect, according to Deputy Governor Diwa Guinigundo.

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Saturday, May 11 2019

The only gold the US shows – A working vault at West Point

Every so often, US media coverage provides glimpses into the US Treasury’s gold reserves stored with the . While this coverage never documents any of the claimed “deep storage” gold of the US Treasury, it contains just enough suggestion for the populace to connect the words ‘gold storage’ and ‘US Government’, and then return to their daily routines, assuming that the US has the largest strategic gold reserves in the world.

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Wednesday, April 24 2019

World's Central Banks Want More Gold as India Joins Spree

India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide bullion demand as top economies diversify their reserves.

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Wednesday, April 17 2019

A rare look inside the West Point Mint's massive gold vaults and coin operations

About an hour and a half's drive north from New York City lies a treasure -- the gold kind. But it's not one that you can go and find.

In fact, you can't get anywhere near it. Because this treasure belongs to the United States Treasury.

Nearly a quarter of the U.S. government's gold sits beneath a windowless building on the campus at West Point.

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Wednesday, April 10 2019

Basel 3: A Revolution That Once Again No One Noticed

Gold was considered as a reserve of the third category for all banks, from central to commercial ones, where the reserves were, first of all, in dollars and bonds of the US. The norms of Basel III demand an increase, first of all, in monetary reserves. This impeded the volumes of monetary resources of banks that could be used to carry out expansion, but it was a compulsory measure for saving the stability of a world banking system that showed to be insufficient in a crisis.

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Venezuela removes eight tonnes of gold from central bank

Venezuela removed eight tonnes of gold from the central bank’s vaults last week, and the cash-strapped socialist state is expected to sell the bullion abroad as it seeks to raise hard currency in the face of U.S. sanctions, a lawmaker and one government source said.

The government source said the central bank’s reserves had fallen by 30 tonnes since the start of the year before U.S. President Donald Trump tightened sanctions, leaving the bank with around 100 tonnes in its vaults, worth more than $4 billion.

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Sunday, April 7 2019

Italy’s Populists Covet Central Bank and Its Gold

Italy’s ruling populists pushed ahead this week with efforts to seize control of the central bank and its gold reserves, stepping up their confrontation with a symbol of the country’s establishment.

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Wednesday, March 6 2019

The Domino Effect – Romania joins Gold Repatriation exodus

Hot on the heals of , moves are now afoot in neighboring Romania to do likewise, via a parliamentary bill submitted by Romanian politicians Liviu Dragnea and Serban Nicolae which specifies that only 5% of gold reserves can be kept abroad.

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Sunday, March 3 2019

RBA bosses squirm as Aussie politicians throw easy questions about RBA gold in London

But in what was a huge missed opportunity for the Australian politicians to actual ask some tough and probing questions about the Australian gold reserves stored abroad (as was detailed in the RT article), the Australian Standing Committee on Economics gave the RBA governor and deputy governor an easy ride, let them off the hook, and incredibly, could not come up with even one decent question. Despite this, the RBA bosses squirmed and paused, and the whole session degenerated into an at times hilarious farcical chatter reminiscent of a bunch of Aussie mates having a Friday evening drink.

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Friday, March 1 2019

Bring Back Our Bullions: Romania May Too Seek to Pull U.K. Stash

Romania may be set to join a wave of countries moving their gold home from vaults abroad after the nation’s de facto leader started a push to relocate 61 tons of the reserves, worth about $2.4 billion, from the U.K.

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Tuesday, February 19 2019

Australia’s gold at the Bank of England – Extended Q & A

For the commentary, RT actually asked me quite a few interesting questions on both the Australian gold and other related gold topics. Since both the extended questions and the answers might be of interest to readers, we have decided to publish below the full set of questions and answers in Q&A format, which are as follows:

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Hey UK! It's not just Venezuela, what happened to Australia's gold?

The Reserve Bank of Australia (RBA) claims to have 80 tons of the precious metal. Nearly all of the country's gold bars are reportedly stored in a bailment arrangement, in an allocated gold account, at the Bank of England vaults in London, with a very small amount of gold stored at the RBA headquarters in Sydney. However, there are questions whether the gold is still there, according to Manly.

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Wednesday, February 13 2019

Italy’s Gold enters the Political Fray. But who really owns it?

It would be more productive in the first instance for Italian politicians to push for a full physical independent audit of all the Italian gold, both the 1200 tonnes of gold which is said to be stored under the Bank’s headquarter’s in Rome, as well as the ‘other half’ of the gold, which the Bank of Italy claims is mostly stored at the Federal Reserve vaults in New York (FRBNY), but which no one, including Italian politicians has ever seen.

This should also include publication of a full ‘weight list’ of all the Italian gold, including every refiner serial number of every gold bar claimed to be held. Because if you don’t have the gold, then you can’t sell it. And the first proof that you have the gold is a full independent physical audit.

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Tuesday, February 12 2019

Salvini Proposes Seizing Control Of Italy's Gold Reserves From Central Bank

The idea to liquidate Italy's gold in order to fund higher state spending appears to have emerged from Beppe Grillo, the co-founder of Five Star, who last September wrote that "It would allow us to finally put an end to this annoying story about the fact that ‘there is no money’", adding "why do citizens have to sell their necklaces and not the state?”

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Thursday, February 7 2019

Maduro Sold 40% of Venezuela's Gold Last Year Amid Cash Crunch

President Nicolas Maduro blew through more than 40 percent of Venezuela’s gold reserves last year in a desperate bid to fund government programs and pay millions to bondholders.

The government sold a total of 73 tons of gold to two firms in the United Arab Emirates and another in Turkey, opposition lawmaker Carlos Paparoni told reporters in Caracas on Wednesday. That drained reserves to about 110 tons at the end of last year from 184 tons, according to a person with knowledge of the situation, who corroborated Paparoni’s data.

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Friday, February 1 2019

Central Banks Haven't Bought This Much Gold Since Nixon Was President

Something big is happening in the gold market right now, and nowhere is that more apparent than in central banks of emerging economies. Last year was a watershed in the size of official gold purchases, as banks added an incredible 651.5 tonnes (worth some $27.7 billion) to their holdings, according to the World Gold Council (WGC). Not only is this a remarkable 74 percent change from 2017, but it’s also the most on record going back to 1971, when President Richard Nixon brought a formal end to the gold standard. In the final quarter of 2018 alone, central banks purchased as much as 195 tonnes, the most for any quarter on record, according to leading precious metal research firm GFMS.

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Thursday, January 31 2019

Central banks bought last year the most #gold in 47 years, with 651.5 tonnes

Central banks bought last year the most #gold in 47 years, with 651.5 tonnes (74% higher y-o-y). This is the highest level of annual net purchases since the suspension of dollar convertibility into gold in 1971

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