Tag - Central Bank Gold

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Friday, August 11 2017

The Fed Has 6,200 Tons of Gold in a Manhattan Basement—Or Does It?

Eighty feet below the streets of lower Manhattan, a Federal Reserve vault protected by armed guards contains about 6,200 tons of gold.

Or doesn't.

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Thursday, July 27 2017

PBoC Gold Purchases: Secretive Accumulation on the International Market

If the PBoC is buying gold in excess of the amount that it offically reports, then logically it will not want these purchases to appear in import/export trade statistics. Like all central banks, the PBoC classifies and holds its gold reserves as “monetary gold” (i.e. “monetary gold is gold held as a reserve asset that is available to and controlled by monetary authorities”). Monetary gold is also exempt from reporting in international trade statistics / customs data. Therefore, like all central banks, the PBoC would not have to report any monetary gold that it purchased abroad and then imported into China.

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Monday, July 24 2017

Did The Dutch Central Bank Lie About Its Gold Bar List?

Head of the Financial Markets Division of the Dutch central bank, Aerdt Houben, stated in an interview for newspaper Het Financieele Dagblad published in October 2016 that releasing a bar list of the Dutch official gold reserves “would cost hundreds of thousands of euros”. In this post we’ll expose this is virtually impossible – the costs to publish the bar list should be close to zero – and speculate about the far reaching implications of this falsehood.

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Sunday, June 11 2017

State investors stock up on record gold reserves amid uncertainty

The gold reserves of the world’s biggest public sector investors reached an 18-year high as they hoarded the precious metal after Donald Trump’s election and the Brexit vote added to geopolitical uncertainty.

State investors increased their net gold holdings by 377 tonnes to an estimated 31,000 tonnes last year — the highest level since 1999, according to a study of 750 central banks, public pension plans and sovereign wealth funds with $33.5tn in assets.

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Tuesday, May 23 2017

New Gold Pool at the BIS Basle: Part 2 - Pool vs Gold for Oil

This is Part 2 of a two-part series. The series focuses on collusive discussions and meetings that took place between the world’s most powerful central bankers in late 1979 and 1980 in an attempt to launch a central bank Gold Pool cartel to manipulate and control the free market price of gold. The meetings centered around the Bank for International Settlements (BIS) in Basle, Switzerland.

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Friday, April 28 2017

Bank of England releases new data on its gold vault holdings

An article in February on BullionStar’s website titled “A Chink of Light into London’s Gold Vaults?” discussed an upcoming development in the London Gold Market, namely that both the Bank of England (BoE) and the commercial gold vault providers in London planned to begin publishing regular data on the quantity of physical gold actually stored in their gold vaults.

Critically, this physical gold stored at both the Bank of England vaults and the commercial London vaults underpins the gargantuan trading volumes of the London Gold Market and the same market’s ‘liquidity’. Therefore, a new vault holdings dataset would be a very useful reference point for relating to London’s ‘gold’ trading volumes as well as relating to data such as the level and direction of the gold price, the volume of gold held in gold-backed Exchange Traded Funds (ETFs), UK gold import and export statistics, and Swiss and Hong Kong gold imports and exports.

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Monday, April 24 2017

Sweden's Gold Reserves: 10,000 gold bars shrouded in Official Secrecy

he Swedish Riksbank claims to hold 10,000 large Good Delivery gold bars in 5 locations across the world and now claims to have conducted physical gold audits of this gold. Yet it has never published any physical gold audit results of any of these gold bars nor published any of the serial numbers of any of the 10,000 gold bars it claims to have in storage. For a so-called progressive democracy this is shocking, although not surprising given the arrogant and unaccountable company that central bankers keep with each other.

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Sunday, March 12 2017

Mexico's Earmarked Gold Bars at the Bank of England vaults

Guillermo Barba, the Mexican financial and economic journalist, has recently published an article on his website confirming that through an information request that he had made to Mexico’s central bank, Banco de México (Banxico), the central bank has now released what amounts to a relatively comprehensive list of Mexico’s gold bars held in storage at the Bank of England gold vaults in London.

Mexico’s list is an inventory of wholesale market gold bars that Banixco owns and stores in custody at the Bank of England vaults in London. In the contemporary parlance of the gold market, most people would call this type of holding an allocated gold holding, but more historically in the Bank of England world, it has been known as an “earmarked gold” holding or a “set-aside gold” holding because the specific bars are set-aside for a specific central bank, in other words the central bank has its name attached to those particular bars (earmarked).

Wholesale gold bars are also known as London Good Delivery gold bars or variable weight gold bars, and each weighs in the region of 400 troy ounces ( ~ 12.5 kilos). On the Banixco list, there are 7,265 wholesale gold bars listed. This new list is one of the very few detailed central bank gold bars lists (weight lists) which exists in the public domain, and it could be useful for a number of purposes (see below).

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Tuesday, March 7 2017

The Bank of Mexico reveals its gold bar list

Last December, thanks to an official Request for Information by means of the Transparency Law, Banxico informed us that:

‘Of the 3.881 million ounces of gold that the Bank of Mexico has at the end of October 2016, 98.95% are held in the United Kingdom, 0.0004% at the Federal Reserve Bank in the United States and the remaining 1.05 % in Mexico.’

Banxico also told us that it had a total of 7,265 gold bars in allocated accounts at The Bank of England (BoE), which means that only about 2.9 million ounces are well identified with serial number, brand code, gross weight, assay and fine weight at that location.

The rest –more than 930,000 gold ounces at the BoE- are still ‘held’ on an unallocated basis. These unallocated accounts are those in which the ‘owner’ has not been assigned specific gold bars but simple ‘rights’ to a certain amount of gold. That is why Banxico could not tell us how many ingots it owned in this last case.

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Saturday, March 4 2017

Germany's Gold remains a Mystery as Mainstream Media cheer leads

On 9 February 2017, the Deutsche Bundesbank issued an update on its extremely long-drawn-out gold repatriation program, an update in which it claimed to have transferred 111 tonnes of gold from the Federal Reserve Bank of New York to Germany during 2016, while also transferring an additional 105 tonnes of gold from the Banque de France in Paris to Germany during the same time-period.

Following these assumed gold bar movements, the Bundesbank now claims to have achieved its early 2013 goal of repatriating 300 tonnes of gold from New York to Frankfurt, but after 4 years it is still 91 tonnes short of its planned transfer of 374 tonnes of gold from Paris to Frankfurt. In essence, over an entire 4-year period (i.e. 208 weeks), the Bundesbank has only been able to transfer 583 tonnes of gold back from New York and Paris to Germany. And the Bundesbank still claims to have 1236 tonnes of gold remaining in storage with the New York Fed.

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Wednesday, March 1 2017

Why does the Turkish Banks hold gold at Turkish Central Bank and how they do it?

Borsa Istanbul (name of exchange in Turkey), announced in late 2016 that they are moving towards opening a new precious metals vault early 2017 with a capacity to store 1600 tonnes of gold and other precious metals. While stating they want to attract the countries in the region to store their gold in the Borsa Istanbul Vault, Central Bank of Turkey is also working towards contributing to the capacity usage of the vault with the changes it is making on gold reserve requirements since 2011. Its latest change on 24th February , allows the banks to keep kilo bars in Borsa Istanbul in addition to good delivery bars for their reserve requirement needs. Earlier in 2015, Central bank of Turkey also updated the annual storage costs of Borsa Istanbul as 12 basis points, almost half of Bank Of England ( 20 basis points) making it a less costly option.

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Monday, February 27 2017

Greek central bank holds 5.26 bln euros of gold, half stored abroad

Greece's central bank said on Saturday it held 149.1 tonnes of gold reserves at the end of December worth 5.26 billion euros ($5.55 billion), with about half kept in its vaults and the rest stored abroad.

"About half of the gold reserves are in the vaults and have not moved in the last decades. The remainder is kept at the Bank of England, the New York Fed and in Switzerland," the Bank of Greece said in a statement.

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US Mint Releases New Fort Knox “Audit Documentation”. The First Critical Observations

From the examples above it should be clear that the Deep Storage gold has not been audited by professionals, but the precious metals have been verified by imbeciles. Clearly the scale was repeatedly handled by amateurs, which throws a wrench at the integrity of the entire US official gold reserves auditing project. I’m not at all surprised the US Mint has tried everything to keep the records of the auditors out from the pubic domain. Fortunately most of it will be out in the open eventually. The citizenry of the world deserves to know everything there is about the Deep Storage gold.

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Monday, February 20 2017

Banxico Reveals Location And Lists Of Its Gold Ingots

In this space we have recommended that Banco de México (Banxico) and any investor with positions in gold as a value reserve and financial insurance, maintain material possession of their bars and coins, or at least, store them in a vault where they are well identified And segregated from the rest.

Banxico has taken notice and not only that, has revealed its list of ingots in which specifies the producer of each and its serial number. The downside is that 99 percent of its gold reserves are still held by the Bank of England

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Sunday, February 19 2017

Is 50% of Western Central Bank Gold gone?

Germany has recently pretended that they are totally open about their gold dealings, but what have they actually told the world?

In 2013 Germany announced a plan to repatriate 674 tons of gold from the US and France. In the first year, they only received 37 tons back and were told that they would have the rest in 2020. We have now been informed that the programme has been accelerated. Out of the 3,381 tons that Germany owns, 51% or 1,713 tons will be in Germany by the end of 2017. Over 49% of the German gold will remain abroad with 1,236 tons still in New York and 432 tons in London.

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Friday, February 17 2017

A Chink of Light into London's Gold Vaults?

On 5 February, the Financial Times of London (FT) featured a story revealing that the London Bullion Market Association (LBMA) plans to begin publishing data on the amount of real physical gold actually stored in the London precious metals vaulting network.

What this data will cover only time will tell, but more data than less is always welcome, and these data releases might also help show how near or how far we were with earlier estimates in trying to ascertain how much gold is in the London vaulting system that is not accounted for by ETF holding or central bank holdings.

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Thursday, February 16 2017

This Country Wants Everyone to Have 100 Grams of Gold

Kyrgyzstan’s central bank wants every citizen to diversify into gold. Governor Tolkunbek Abdygulov says his “dream” is for every one of the 6 million citizens to own at least 100 grams (3.5 ounces) of the precious metal, the Central Asian country’s biggest export.

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Tuesday, February 14 2017

Newspaper says Armenia will restore its gold reserves

Armenia’s leadership has made a political decision to restore the country's gold reserves in the near future, a local daily "Haykakan Zhamank" (Armenian Time) says in its today’s issue.

According to the newspaper, this issue will be handled by the Central Bank. It says also there is no information how much gold will be reserved, but in all likelihood the Central Bank will buy part of the gold produced in Armenia.

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Monday, February 13 2017

German gold returns home: How populism is influencing monetary policy

After spending decades abroad during the Cold War, Germany’s gold is coming home in an effort to build public “trust and confidence,” the German central bank said.

On Thursday, Germany completed the transfer of $13 billion in gold reserves from New York to Frankfurt, the Bundesbank announced on Thursday. The transfer is one step in a plan developed by Germany’s central bank in 2013 that aims to repatriate half the gold reserves it keeps abroad. The final transfer is expected from Paris later this year, completing the project three years ahead of schedule.

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Sunday, February 12 2017

Germany Gets the 'Wrong Suitcase' While Repatriating Its Gold Reserves From US

Germany has completed repatriation of 300 tons of gold bars from the United States. According to Russian economist Vladimir Katasonov, initially the American side was not ready to give the bullion back, but finally came up with a plan.

According to the economist, the gold bars that Bundesbank repatriated have different labels. He suggested that the US might have replaced the German bullion with different gold bars bought from the market.

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