Tag - Central Bank Gold
Wednesday, April 17 2019
By GCRU Gold News on Wednesday, April 17 2019, 23:41
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.
Wednesday, April 10 2019
By GCRU Gold News on Wednesday, April 10 2019, 07:44
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.
By GCRU Gold News on Wednesday, April 10 2019, 01:25
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.
Sunday, April 7 2019
By GCRU Gold News on Sunday, April 7 2019, 22:35
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.
Wednesday, March 6 2019
By GCRU Gold News on Wednesday, March 6 2019, 01:37
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.
Sunday, March 3 2019
By GCRU Gold News on Sunday, March 3 2019, 05:46
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.
Friday, March 1 2019
By GCRU Gold News on Friday, March 1 2019, 00:19
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.
Tuesday, February 19 2019
By GCRU Gold News on Tuesday, February 19 2019, 02:41
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:
By GCRU Gold News on Tuesday, February 19 2019, 00:35
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.
Wednesday, February 13 2019
By GCRU Gold News on Wednesday, February 13 2019, 05:55
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.
Tuesday, February 12 2019
By GCRU Gold News on Tuesday, February 12 2019, 00:17
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?”
Thursday, February 7 2019
By GCRU Gold News on Thursday, February 7 2019, 00:23
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.
Friday, February 1 2019
By GCRU Gold News on Friday, February 1 2019, 23:58
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.
Thursday, January 31 2019
By GCRU Gold News on Thursday, January 31 2019, 23:56
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
By GCRU Gold News on Thursday, January 31 2019, 04:47
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.
Wednesday, January 30 2019
By GCRU Gold News on Wednesday, January 30 2019, 22:20
“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,”
Monday, January 21 2019
By GCRU Gold News on Monday, January 21 2019, 23:23
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.
Saturday, January 19 2019
By GCRU Gold News on Saturday, January 19 2019, 02:50
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.
Sunday, January 13 2019
By GCRU Gold News on Sunday, January 13 2019, 02:42
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.
Wednesday, December 26 2018
By GCRU Gold News on Wednesday, December 26 2018, 05:51
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.