Tag - Central Bank Gold

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Saturday, October 20 2018

Here's How Hungary Reduced Risk Without Forfeiting Returns

It was this rich mining heritage that Hungary’s central bank evoked when it announced this week its decision to increase gold holdings tenfold, from 3.1 metric tons to 31.5 tons, taking gold’s share of total reserves to 4.4 percent.

Hungarian central bank governor Gyorgy Matolcsy described the move as one of “economic and national strategic importance,” adding that the extra gold made the country’s reserves “safer” and “reduced risk.”

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Friday, October 19 2018

Russian Gold Reserves

Russia adds 1.2m ounces of gold to it's reserves in September

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Tuesday, October 16 2018

In surprise move, Central Bank of Hungary announces 10-fold jump in its gold reserves

In view of the long-term national and economic strategy goals, the Monetary Council of the National Bank of Hungary has decided to increase the gold reserves of the country.

As a result, in October 2018 the Bank’s precious metal holdings were raised from the previous 3.10 tonnes to 31.5 tonnes, a tenfold increase. This is the first time that the Hungarian National Bank has bought gold since 1986.

Following the substantial increase in the Bank’s gold reserves in physical form, its repatriation has already taken place. The possession of precious metal within the country is in line with international trends, supports financial stability and strengthens market confidence in Hungary.

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Poland raises gold holdings to record high in September

Poland raised its gold holdings to the highest in at least 35 years, data from the International Monetary Fund showed on Monday.

The country increased its holdings by 4.4 tonnes from August to about 117 tonnes in September, a record, according to data going back to January 1983.

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Monday, October 1 2018

Central Bank Gold Buying Hits Highest Level in Six Years

Central banks have emerged as some of the biggest buyers of gold this year, with purchases hitting their highest level in six years, according to analysts at Macquarie.

Central banks have bought a total of 264 tonnes of gold this year, "by far the most at this stage of the year of any period in the last six years," the bank said.

While gold buying has been dominated by Russia, Turkey, and Kazakhstan, Poland also bought gold for the first time since 1998, Macquarie said.

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Sunday, September 23 2018

A change in central bank attitudes to gold

This is a major structural change in global central bank attitudes towards gold after decades of selling. Clearly the policy shift to maintaining stable gold holdings reflects broad central bank concerns about financial markets and geopolitics. With little in the current global economic and political environment to support any reason to change in this conservative position, it should provide long-term underlying support to gold prices.

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Wednesday, September 5 2018

RBI buys gold for first time in nearly a decade

The Reserve Bank of India (RBI) has bought gold for the first time in nearly a decade, signalling that the metal could be in demand as a store of value when returns and capital values of fixed-income bonds are declining in a rising rate environment.

The RBI added 8.46 metric tonnes of gold to its stock of holdings during the financial year 2017-18 that ended June 30, taking the level of gold reserves to 566.23 metric tonnes, according to its latest annual report.

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Thursday, June 28 2018

Why Russia and Turkey Are Such Gold Bugs

Their moves out of U.S. debt and into the precious metal could be precursors of a bigger global shift.

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Monday, June 4 2018

Gold and the Monetary Blockade on Iran

With Donald Trump close to re-instituting economic sanctions on Iran, it's worth remembering that gold served as a tool for skirting the the last round of Iranian sanctions. If a blockade were to be re-imposed on Iran, might this role be resuscitated?

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Good as gold: Turkey uses bullion to stabilise its economy

Turkey’s economy has been in a tailspin with an inflationary currency, but the country is using something rare to help stabilise itself: gold.

In late 2011, Turkey started to allow commercial banks to use gold instead of the Turkish lira for their required deposits at the central bank. These deposits are known as reserve requirements and help ensure that the banks are capitalised.

Over the past six-or-so years, Turkey’s central bank has accumulated an additional 400 metric tonnes of gold.

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Monday, May 21 2018

Turkey Repatriates All Gold From The US In Attempt To Ditch The Dollar

And now, according to a report by the Swiss Schweiz am Wochenende, the repatriation is complete with the Turkish central bank withdrawing all of its gold reserves from the U.S. due to the "tense political situation." However, in a strange twist, instead of moving the physical gold to Istanbul as the Turkish press reported in April, the Swiss newspaper notes that around 19 tons of Turkish gold is now stored at the Basel-based Bank for International Settlements.

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Monday, April 30 2018

Gold Leaving US Vaults: Signs of Upcoming Currency War and Armed Conflict

The Turkish government has made the decision to repatriate all of its gold reserves that are currently housed in the US Federal Reserve System.

This is a dramatic move reflecting an international trend.

Few people believe the US Treasury’s assurances that the 261 million ounces (roughly 8,100 tonnes) in official gold reserves that are stored in Fort Knox and other places are fully audited and accounted for. The Federal Reserve has never been fully and independently audited. The pressure for a full, independent audit of all US gold reserves has always been resisted by the government and in Congress. Nobody knows if the gold is really there. What if the vaults turn out to be empty? It’s wiser to bring your gold home while you can, rather than to just keep on wondering.

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Wednesday, April 25 2018

Turkey and Russia Highlight Gold’s Role as a Strategically Important Asset

These soundings by Erdogan about international loans denominated in gold, coupled with the context of a ‘diplomatic crisis‘ between Turkey and the USA which precipitated the gold repatriation by Turkey away from the NY Fed, both underscore the extreme importance with which nation states regard physical gold as a strategic metal, and the lengths to which nation states such as Russia and Turkey will go to protect their interests against what they perceive as political risks from storing the yellow metal in locations where it might be seized or commandeered.

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Sunday, April 22 2018

Venezuela's Gold Liquidation Accelerates; Will Be Out Of Gold In One Year

In September 2011, Venezuela had $21.269 billion in gold reserves. After a rash of selling gold in Switzerland to pay bonds maturities and coupons in early 2016 (which we tracked assiduously and reported on in these reports), Venezuela's gold reserves had fallen to $7.7 billion where they held steady until November 2017. But as we reported in October of 2017, there were loans backed by gold that Venezuela had taken out that were coming due. As we reported last month, in the last two months of 2017, Venezuela had lost $1.1 billion in gold and reported that they held $6.6 billion in gold on December 31. In January, Venezuela's gold reserves fell another $500 million.

As of January 31, Venezuela had just $6.1 billion in gold reserves, down another half billion from the $6.6 billion Venezuela reported a month earlier on December 31. In short, Venezuela burned through $1.6 billion of its gold reserves in 3 months, and it is important to note that this fall in gold reserves is without Venezuela paying its bond debts.

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Saturday, April 21 2018

Russia entrusts its gold to no one, has zero bullion in US

"We do not have a gold reserve in the US, we have only Forex (foreign exchange) reserves abroad. No one can lay hands on our gold."

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Turkey’s Central Bank transfers its gold reserves from US to Turkey

Turkey’s Central Bank has transferred its gold reserves stored in the US Federal Reserve System to Turkey, Turkish media reported April 19, citing sources in the government.

The total volume of the gold reserves of Turkey’s Central Bank stored in the US was 220 tons.

Other Turkish banks, Ziraat and Vakifbank, have also started transferring a gold reserve of 95 tons from the US to Turkey.

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Wednesday, April 18 2018

FRB Gold Stocks - US Stocks & Foreign Earmarked Gold

Gold leaving the FRB again..heading back home overseas....

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Turkey withdrew gold from Fed amid crisis

Turkey’s central bank withdrew gold reserves it held at the U.S. Federal Reserve and placed them at the Bank of International Settlements and the Bank of England amid a political crisis with the United States, Hurriyet columnist Uğur Gurses said citing a central bank report.

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Tuesday, April 17 2018

IMF loans should be paid in gold, not dollars - Erdogan

Turkish President Recep Tayyip Erdoğan on Monday suggested that IMF loans should be paid in gold instead of dollars.

“What I’m saying is that these debts should be in gold. Because at this point the karat of gold is unlike anything else. The world is continually putting us under currency pressure with the dollar,” the Turkish president was quoted as saying by business news site patronlardunyasi in a speech in Istanbul. “We need to save states and nations from this currency pressure.”

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Thursday, April 12 2018

Bundesbank Pulls All Stops to Show Germans Their Gold Is Real

If Germans have any doubts about the authenticity of their gold and some of them really do their central bank is doing all it can to qualm their concerns.

Germany’s Bundesbank this week launches a nearly six-month exhibition on gold, which will showcase the most interesting gold bars and coins in the central bank’s collection. That follows its release earlier this month of a book on “The Gold of the Germans”, which “for the first time shows readers the gold bars in such a way as if they were held in their own hands,” according to board member Carl-Ludwig Thiele.

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