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Ronan Manly

Ronan Manly

Ronan Manly is a precious metals analyst with BullionStar whose blogs
often cover current themes including what's going on in the
London gold market and the gold activities of central banks.

LBMA at the Movies: Golden Turkeys

LBMA at the Movies: Golden Turkeys

  • Date
  • author Ronan Manly
  • Comments 6 Comments

The London Bullion Market Association (LBMA) has recently published a series of short videos claiming to explain 'Who They Are' and 'How the OTC precious metals Markets Work'.

But a quick glance at the content confirms that nearly none of the subject matter addresses the questions set by the titles. Are they deliberately avoiding the questions? If the answer is yes, then it...
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Spotlight on the HUI & XAU Gold Stock Indexes

Spotlight on the HUI & XAU Gold Stock Indexes

  • Date
  • author Ronan Manly
  • Comments 1 Comments

Take a quick look at most gold investing websites or indeed general investing websites and you will invariably see the names of the HUI and XAU gold mining indexes displayed alongside their respective index 'prices'.

But what are the HUI and XAU indexes, how are they constructed, and who operates them? And which gold mining stocks do they hold? And how do the two indexes...
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China's Gold Market: Still in the Driving Seat

China's Gold Market: Still in the Driving Seat

  • Date
  • author Ronan Manly
  • Comments 6 Comments

With Chinese wholesale gold demand running at over 1000 tonnes for the first six months of 2018 as indicated by SGE gold withdrawals, China's gold market has to principally meet this buoyant gold demand from the key supply sources such as domestic mine production, gold imports and gold recycling.

With Chinese domestic gold production lower in 2018 than in 2017 and 2016, it...
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Gold’s Price Performance: Beyond the U.S. Dollar

Gold’s Price Performance: Beyond the U.S. Dollar

  • Date
  • author Ronan Manly
  • Comments 3 Comments

The mainstream media's fixation with the US dollar price of gold is constant and non-stop, even more so as the first half of 2018 drew to a close and a wall of commentary and headlines erupted about the price of gold in US dollar terms slipping on a 6-month measurement scale.

However, it is not the full story, because in some major national currencies as well as in...
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The Shareholders Gold Council Ignores the Gold Price

The Shareholders Gold Council Ignores the Gold Price

  • Date
  • author Ronan Manly
  • Comments 5 Comments

A new Shareholders Gold Council, led by hedge fund Paulson & Co, has recently made headlines with proposals to put the spotlight on the gold mining sector and its underperforming share prices by using an alliance of institutional investors to apply pressure and accountability to gold mining company CEOs and Boards.

All very well, but this Council's strategy has one major...
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Are the Swiss Waking Up About Fractional-Reserve Banking?
Turkey & Russia Highlight Gold’s Strategic Importance
Spoofing Futures, Banging Fixes: Same Banks & Trading Desks
U.S. Gold & Silver Futures Markets: 'Easy Targets'

U.S. Gold & Silver Futures Markets: 'Easy Targets'

  • Date
  • author Ronan Manly
  • Comments 2 Comments

Following the charging of five precious metals traders and three banks in January 2018, Commodities Futures Trading Commission and Department of Justice documents reveal a global criminal cabal of 16 traders operating in at least four major financial institutions between 2008 and 2015 to defraud COMEX gold and silver futures markets.

This new guest post by Allan Flynn,...
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Central Banks Care Enough About Gold to Manipulate It

Central Banks Care Enough About Gold to Manipulate It

  • Date
  • author Ronan Manly
  • Comments 6 Comments

Senior central bankers are both terrified of and in awe of gold. Gold to these central bankers is like the sun to vampires.

Central bankers are terrified of gold since its an inflation barometer and an indicator of the relative strength of flat currencies. They are in awe of gold since these same central bankers respect and understand gold's value and power within the...
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Why the World’s Central Banks hold Gold – In their Own Words
LBMA Alchemy & the London Gold & Silver Markets

LBMA Alchemy & the London Gold & Silver Markets

  • Date
  • author Ronan Manly
  • Comments 4 Comments

For more than 3 years now, the London Bullion Market Association (LBMA) has promised to publish trade reporting for the London Gold and Silver Markets. After a series of broken promises in 2016, the heads of the LBMA stated categorically throughout 2017 that this trade reporting would begin in Q1 2018.

Just as Q1 2018 is about to end, the LBMA has now announced there will be no...
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What’s Happening (or Not) at the LBMA: Some Updates

What’s Happening (or Not) at the LBMA: Some Updates

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  • author Ronan Manly
  • Comments 3 Comments

Recently, the London bullion market has seen some change in the form of monthly reporting of the quantities of gold and silver held in the LBMA vaults in London. These vault figures are reported by the London Bullion Market Association (LBMA).

The LBMA is also involved in advancing a trade reporting project which will for the first time publish trade data about the London...
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Russia & China Are Very Interested in U.S. Gold Reserves
Russia, China, and BRICS: A New Gold Trading Network
LME Gold & Silver Reference Prices: Will Anyone Notice?
Neck and Neck: Russian & Chinese Official Gold Reserves
LBMA Silver Benchmark – Changes, But No Wider Participation
Mnuchin’s Fort Knox Visit Proves Nothing About U.S. Gold
BullionStar Quoted in WSJ Article on New York Fed Gold
BullionStar Presents on Real Vision TV

BullionStar Presents on Real Vision TV

  • Date
  • author Ronan Manly
  • Comments 0 Comments

During June, Real Vision TV filmed a presentation by BullionStar addressing some topical areas of the gold market. This presentation was originally produced exclusively for the subscription-based Real Vision audience and covers the fractional-reserve gold trading in the London Gold Market, some concerns and risks of gold-backed ETFs, and the benefits and attractions of real physical... Continue Reading arrow

LBMA Gold Vault Data: How Low is the London Gold Float?
The West Lost Over 1000 Tonnes of Gold in 2015

The West Lost Over 1000 Tonnes of Gold in 2015

  • Date
  • author Ronan Manly
  • Comments 6 Comments

One of the most important trends in the physical gold world is the ongoing depletion of Western gold inventories to supply the relentless demand for high purity small bar denominations (such as kilogram gold bars). Most of this demand is coming from Asian markets such as China and India. Most of this supply is coming from the London gold market.

Based on LBMA gold refinery...
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Is the COMEX Rigged?

Is the COMEX Rigged?

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  • author Ronan Manly
  • Comments 11 Comments

Many people will by now have heard of COMEX gold futures price 'flash crashes' during which the gold price collapses in free fall fashion over a few second interval. Whether these flash crashes are the result of trading errors, futures market illiquidity, computerized trading patterns or deliberately engineered moves is debateable.

But beyond the actual flash crash incidents on...
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CME Stays Silent on Cause of COMEX Silver Price Glitch
Bullion Banks Line Up to Support LME’s Gold Futures
How Many Silver Bars Are in the LBMA's London Vaults?
Are the World’s Billionaire Investors Actually Buying Gold?
New Gold Pool at the BIS Basel: Part 2

New Gold Pool at the BIS Basel: Part 2

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  • author Ronan Manly
  • Comments 1 Comments

Following last week’s publication of “New Gold Pool at the BIS Basle, Switzerland, Part 1”, there now follows Part 2 of this two-part series. Part 2 continues to examine how in the early 1980s, the world's most powerful central bankers who met at the Bank for International Settlements (BIS) in Switzerland called for the launch of a central bank Gold Pool cartel so as to manipulate... Continue Reading arrow

An Update on SGE Vault Withdrawals & Price Premiums
New Gold Pool at the BIS Basel, Switzerland: Part 1
SGE Trading Surged 43% in 2016 Led by OTC & Deferred Trading
LBMA Confirms Upcoming Publication of London Gold Holdings
Bank of England Releases New Data On its Gold Vault Holdings
Sweden’s Gold Reserves: 10,000 Gold Bars Shrouded in Secrecy
Death Spiral for the LBMA Gold & Silver Auctions?
Germany's Heraeus Acquires Swiss Gold Refiner Argor-Heraeus
Mexico’s Earmarked Gold Bars in Bank of England Vaults
Bad News for the LBMA Silver Price, But Also an Opportunity
Germany’s Gold Remains a Mystery

Germany’s Gold Remains a Mystery

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  • author Ronan Manly
  • Comments 3 Comments

The Deutsche Bundesbank’s announcement in early February that it had moved 300 tonnes of gold from the New York Fed to Frankfurt in a laughable 4 years threw the mainstream financial media into a back-slapping frenzy as they rushed to congratulate the German central bank for an exercise that should have only taken a couple of weeks to complete. Back in 1967 and 1968, the very same NY... Continue Reading arrow

A Chink of Light Into London’s Gold Vaults?
Lukewarm Start For New London Gold Futures Contracts
Ireland's Gold Reserves: High Level Secrecy vs. FOI – Part 2
Ireland's Gold Reserves: High Level Secrecy vs. FOI
Who Owns the World’s Largest Gold Hoards?
COMEX & ICE Vault Reports Overstate Gold Inventories
How to Trigger a Silver Avalanche by a Pebble

How to Trigger a Silver Avalanche by a Pebble

  • Date
  • author Ronan Manly
  • Comments 1 Comments

UBS and other precious metals traders on how to wreak havoc in silver markets Written by Allan Flynn, specialist researcher in aspects of gold and silver. “An avalanche can be triggered by a pebble if you get the timing right" Earlier this year at April’s hearings for London Silver and Gold Fix lawsuits, the judge and … Continue Reading arrow

ECB Gold Stored in 5 Locations, Won't Disclose Gold Bar List

ECB Gold Stored in 5 Locations, Won't Disclose Gold Bar List

  • Date
  • author Ronan Manly
  • Comments 4 Comments

The European Central Bank (ECB), creator of the Euro, currently claims to hold 504.8 tonnes of gold reserves. These gold holdings are reflected on the ECB balance sheet and arose from transfers made to the ECB by Euro member national central banks, mainly in January 1999 at the birth of the Euro. As of the … Continue Reading arrow

Swiss Gold Refinery Argor-Heraeus to be Acquired

Swiss Gold Refinery Argor-Heraeus to be Acquired

  • Date
  • author Ronan Manly
  • Comments 4 Comments

News has just emerged in the gold market that the giant Swiss precious metals refiner, Argor-Heraeus, has held discussions to be acquired, and that the likely outcome is an acquisition by a private equity group. This private equity group is believed to be London-based WRM CapInvest, part of Zurich headquartered WRM Capital. Other interested buyers are … Continue Reading arrow

Bullion Banks Pass the Parcel On El Salvador's Gold Reserves

Bullion Banks Pass the Parcel On El Salvador's Gold Reserves

  • Date
  • author Ronan Manly
  • Comments 1 Comments

Eighteen months ago I wrote a short synopsis of a gold sales transaction by the central bank of El Salvador wherein it had sold 80% (about 5.5 tonnes) of its official gold reserves. The title of the post was “El Salvador’s gold reserves, the BIS, and the bullion banks“. If you thought, why the focus … Continue Reading arrow

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