Tag - Central Bank Gold

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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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Bank of England tears up its Gold Custody contract with Venezuela’s central bank

This intervention by the Bank of England on behalf of the US and UK shows a complete disregard for sovereign gold property rights, and the Bank of England has now literally ripped up a custody gold storage agreement that it had entered into with another of the world’s central banks.

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Wednesday, January 30 2019

Refusal to hand over Venezuelan gold means end of Britain as a financial center

“You can be sure that every government in the world is going to rethink putting any money in London, as they used to do, when they are watching this political manipulation with the money that they entrusted to the British. It is very dangerous for the world but for Britain particularly,”

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Monday, January 21 2019

Venezuela gold holdings in Bank of England soar on Deutsche deal

Venezuela’s gold holdings in the Bank of England have jumped after it closed out a gold swap deal with Deutsche Bank, according to two sources, as Britain remains reluctant to release gold held for the troubled OPEC nation.

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Saturday, January 19 2019

Russia becomes world's fifth biggest gold holder after sanctions

Russia has overtaken China to become the world’s fifth largest official sector holder of gold as Western sanctions drove buying by its central bank to record highs in 2018, its data showed on Friday.

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Sunday, January 13 2019

Banque de France’s Gold Isn’t Sanctuarized Anymore

As a very well informed article in Revue Banque explains, Banque de France’s gold reserves will be “mobilized” in order to guarantee gold/currencies swaps and gold leasing. As of now, only other central banks will be able to use those financial products with the Banque de France, but since it has taken on JP Morgan as a partner (why not a French bank?), this opens up the possibility that, in the future, other international commercial banks may have access to them.

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Wednesday, December 26 2018

Russian Central Bank buying Gold on the International market?

For a number of years now and even more so during 2018, the central bank of the Russian Federation, the Bank of Russia, has remained in the spotlight as one of the world’s largest gold buyers, each month adding substantial amounts of gold to its monetary gold stockpiles.

Having bought another 37.3 tonnes of gold (1.2 million ounces) during November, and Bank of Russia now holds 2103 tonnes of monetary gold. On a year-to-date basis (for the 11 months from January to November 2018), the Russian central bank has added an incredible 264.3 tonnes of gold to its monetary reserve assets.

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Wednesday, December 19 2018

Venezuela’s gold in limbo amid tug-of-war at the Bank of England

In early November news was placed into the British media (Reuters and The Times) revealing that the Bank of England in London, one of the world’s largest custodians of gold bars on behalf of other central banks, was refusing to allow the withdrawal and repatriation of 14 tonnes of gold belonging to Venezuela’s central bank, the Banco Central de Venezuela (BCV).

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Monday, December 10 2018

French central bank and JP Morgan team up to boost Gold Lending

What exactly is the partnership between JP Morgan and the Banque de France in the gold lending market? Given that the gold lending market is ultra secretive, we will most likely never know the specifics. But by partnering with JP Morgan, the Banque de France is partnering with one of the heavy weight bullion banks of the gold industry, a bullion bank with a finger in every pie.

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Saturday, December 8 2018

Central Bank silent over plans for Irish gold in UK

IRELAND'S Central Bank has refused to say if it plans to move almost €200m worth of gold bars from the vaults of the Bank of England as a result of Brexit, insisting that any such move would be "commercially sensitive".

The gold reserves have been held by its UK counterpart for a number of years, and the Central Bank has traditionally been coy on the precise details of the reserves, and the terms of the arrangement it has with the Bank of England.

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Friday, December 7 2018

Venezuela officials seek meeting with Bank of England over gold repatriation

Two high-ranking Venezuelan officials are traveling to London with plans to meet with the Bank of England over the repatriation of $550 million in gold held in the bank’s coffers, according to two sources with knowledge of the situation.

The government of President Nicolas Maduro is seeking to bring 14 tonnes of gold back to Venezuela because of fears it could be caught up in international sanctions on the country, sources told Reuters this month.

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Thursday, November 15 2018

Bank of England refuses to return 14 tonnes of gold to Venezuela

The reasons put forward by official sources in the Reuters and Times articles for why Venezuela can’t withdraw its gold from the Bank of England are clearly bogus. The more logical and likely explanation is that the US, through the White House, US Treasury and State Department have been liaising with the British Foreign office, HM Treasury to put pressure on the Bank of England to delay and push back on Venezuela’s gold withdrawal request.

However, these ‘British officials’ are creating a dangerous precedent that other central bank gold customers of the Bank of England around the world will be taking note of. Similar gold withdrawal requests from other central banks, especially those that hold gold loans and gold swaps and want allocation, could well precipitate a run on the physical gold stored in the Bank of England’s vaults.

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Wednesday, November 14 2018

Gold: Rising gold price vindicates RBI’s investment plan

The Reserve Bank of India’s gold purchase plan seems to be paying off as the monthly valuation gains have touched an eight month high with investor demand for a safe haven rallying the yellow metal.

The value of gold in the country’s foreign exchange reserves rose 1.7 per cent in three weeks from October 12 to November 2 at $20.9 billion. Gold prices rose 2 per cent during the same period.

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Monday, November 12 2018

Macron tries to take UK's gold crown as historic rivalry is reborn

Paris has vaulting ambitions to capture a share of the world gold trade from London, reviving its historic role as a top-tier power in the international bullion market.

The Banque de France has teamed up with JP Morgan to offer a full range of swaps, leases, and gold deposits for global central banks and sovereign wealth funds. Global reserve managers will be able to pledge bullion as collateral for deposits or for raising foreign currency on the Paris market.

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Wednesday, November 7 2018

Bank of England Refusing Venezuelan Request to Return $550 Mln in Gold

The Bank of England is refusing to release Venezuela's gold bars, worth about $550 million or £420 million, back to Caracas, with British officials understood to have referred to "standard" anti-money laundering measures, The Times reports, citing unnamed sources.

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Tuesday, November 6 2018

Venezuela seeks to repatriate $550 million of gold from Britain

Venezuela is seeking to repatriate about $550 million in gold bars from the Bank of England because of fears it could be caught up in international sanctions on the country, two sources with direct knowledge of the effort told Reuters.

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