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BullionStar Blogs

BullionStar is renowned for presenting original research and expertise
covering the most important trends in the precious metals markets.

How many Good Delivery gold bars are in all the London Vaults?….including the Bank of England vaults
Moving the goalposts….The LBMA’s shifting stance on gold refinery production statistics
BullionStar Financials FY 2015 – Year in Review

BullionStar Financials FY 2015 – Year in Review

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  • author BullionStar
  • comments 2 Comments

BullionStar reported sales revenues of SGD 63.4 for FY 2015, up 43.8 % compared to FY 2014. The infographic below shows some of the highlights of the BullionStar’s financial year 2015. Continue Reading arrow

Record Monthly Gold Export UK to China

Record Monthly Gold Export UK to China

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  • author Koos Jansen

The UK net exported a record 32.4 tonnes of gold directly to China mainland in June 2015. In 2014 the conventional conduits of bullion flows to China, from all around the world first to Hong Kong and then to the mainland, have been replaced by direct exports. For example, the UK is exporting bullion directly to China … Continue Reading arrow

The Concept Of Money And The Money Illusion

The Concept Of Money And The Money Illusion

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  • author Koos Jansen

Awareness about the concept of money is making a comeback. Gone are the decades in which the global citizenry was fooled to leave this subject to economists, governments and banks – a setup that has proven to end in disaster. The crisis in 2008 has spawned debate about what money is, where it comes from … Continue Reading arrow

Guest Post: Eurodollars And The Gold Market – Part One

Guest Post: Eurodollars And The Gold Market – Part One

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  • author Koos Jansen

Written by Alexander Mirolyubov One of the most important factors driving the gold price is financial stress. When the latter is changing it always finds a resolution in the interest to the yellow metal. However, gold price adjustments can pass immediately or with some kind of delay. 
This time lag is important to gold investors … Continue Reading arrow

Theory On China’s Gold Strategy

Theory On China’s Gold Strategy

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  • author Koos Jansen

Developments at the Chinese central bank (PBOC) hint at more moves towards gold. The most important recent gold developments are; (i) the PBOC updated its official gold reserves from 1,054 tonnes to 1,658 tonnes on 17 July, (ii) the PBOC devalued the renminbi by approximately 3 % on 11 August, (iii) the PBOC again updated … Continue Reading arrow

BullionStar featured on Channel 8 News!

BullionStar featured on Channel 8 News!

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  • author BullionStar
  • comments 0 Comments

The price of both gold and silver has fallen substantially during the last few weeks. This has ushered in a waive of physical gold and silver buying, with very large volumes and a lot of first time customers. When the largest channel for the mandarin speaking public in Singapore, Channel 8, made a news coverage … Continue Reading arrow

The Bank of England’s revealing views on Gold in 1988

The Bank of England’s revealing views on Gold in 1988

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  • author Ronan Manly
  • comments 2 Comments

Below is an interesting 1988 discussion paper on gold, written by Bank of England staff. The original paper can be found in pdf here. The United Kingdom’s gold reserves belong to HM Treasury (HMT) and are held in the Exchange Equalisation Account (EEA), but managed by the Bank of England on behalf of HMT. The discussion paper … Continue Reading arrow

Swiss Gold Refineries and the sale of Valcambi
The misinterpretation of money

The misinterpretation of money

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  • author BullionStar
  • comments 1 Comments

In its simplest form, money is a substitution for barter to make trade more efficient (formally: medium of exchange) but money is also a means for generating production by allowing for saving and investment (store of value) and for accounting and reconciliation (unit of account). Different economic schools view money differently. Even for the doctrines advocating … Continue Reading arrow

Analyzing PBOC Official Gold Reserves Increment
The Difference in Paper and Physical Gold and Silver in times of Crisis
Gold Price & Gold Demand

Gold Price & Gold Demand

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  • author BullionStar
  • comments 0 Comments

This interview with Torgny Persson and Gustav Andersson from BullionStar was conducted by the Singaporean blogger SG Wealth Builder 8 July 2015. Question: In view of the emergence of China as the leading producer and importer of gold bullion, what do you think would be the implications for the global markets and how should investors in … Continue Reading arrow

China Rapidly Changing International Gold Market

China Rapidly Changing International Gold Market

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  • author Koos Jansen

Since 2007 China has the largest domestic gold mining output, since 2011 the Shanghai Gold Exchange has been the largest physical gold exchange and in 2013 and 2014 China was the largest importer. Now the Chinese seek to escalate pricing power. From the beginning of the liberalization of China’s gold market in 2002, the governor … Continue Reading arrow

How Much Are Chinese Gold Reserves?

How Much Are Chinese Gold Reserves?

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  • author Koos Jansen

There has been much speculation about a slide from chairman and secretary-general of the China Gold Association Zhang Bingnan presented at the LBMA forum in Shanghai June 25, 2015. The slide states Chinese gold reserves are 9,816.03 tonnes, however, this refers to in ground mining reserves. I have never received so many emails and tweets as … Continue Reading arrow

Oxi (No) is the vote – Increased demand for physical gold
Global Financial Turmoil, Gold Price Doesn’t Move
Former US Mint Director Clueless On Gold In Fort Knox

Former US Mint Director Clueless On Gold In Fort Knox

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  • author Koos Jansen

The Curious Case Of Edmund C. Moy Former US Mint director Ed Moy has made numerous false and self-contradictory statements regarding the gold at Fort Knox – a facility managed by the US Mint. The is post is a sequel to A First Glance At US Official Gold Reserves Audits, Second Thoughts On US Official Gold Reserves Audits and … Continue Reading arrow

Gold Fund To Serve The New Strategy Of The Silk Road, Lead The New Gold Development
The pre-2015 London Gold Fixings – More technologically advanced than reported
Strong Withdrawals Mainland & Hong Kong Gold Vaults

Strong Withdrawals Mainland & Hong Kong Gold Vaults

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  • author Koos Jansen

From June 8 – 12 withdrawals from SGE certified vaults in China mainland and CME Kilobar vaults in Hong Kong accounted 76 for tonnes. Withdrawals from the vaults of the Shanghai Gold Exchange (SGE) and Shanghai International Gold Exchange (SGEI) came in elevated for this time a year at 46 tonnes in week 23 (June 8 … Continue Reading arrow

Bank Of England Custodian Gold Drops 351t

Bank Of England Custodian Gold Drops 351t

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  • author Koos Jansen

The Bank Of England (BOE) has recently released its annual report in which it’s disclosed the gold held in custody for a range of customers was 5,134 metric tonnes on February 28, 2015, down 351 tonnes (6 %) form the previous year. The data on gold in custody at the BOE is disclosed in billions of Great British … Continue Reading arrow

Interview Gold Futures Trader Petko Bankoff

Interview Gold Futures Trader Petko Bankoff

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  • author Koos Jansen

Out of my interest in every participant in the gold market – not only physical gold advocates – I’ve interviewed gold futures trader Petko Bankoff from Bulgaria. Thanks Petko for your time to answer my questions! What’s your background? I graduated the High School of Maths and Natural Sciences with the specialty “Earth sciences and English … Continue Reading arrow

Bank Of China Joins LBMA Gold Price (London Gold Fix)

Bank Of China Joins LBMA Gold Price (London Gold Fix)

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  • author Koos Jansen

Originally published by the LBMA. Tuesday 16th June 2015. LBMA Gold Price – Bank of China joins as new participant. The LBMA today is pleased to announce that the Bank of China has been approved by ICE Benchmark Administration (IBA) to participate in the LBMA Gold Price auction process, administered by IBA. On 20 March, … Continue Reading arrow

Gold replacing the US Dollar as reserve asset

Gold replacing the US Dollar as reserve asset

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  • author BullionStar
  • comments 0 Comments

The title to this blog post may feel contradictory as the US Dollar has appreciated against all other major currencies during the last year. One year ago, it took 74 euro-cents to buy one US Dollar, today it takes 89 euro-cents. Source: BullionStar Charts The US has for most of the last half century been … Continue Reading arrow

Rectification Chinese Gold Trading Rules

Rectification Chinese Gold Trading Rules

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  • author Koos Jansen

I’ve found more detailed rules on the workings of the Chinese gold market regarding, (i) the use of onshore renminbi for contracts traded on the Shanghai International Gold Exchange (SGEI), (ii) gold sales of Chinese domestic gold mines. Previously I’ve written posts on these subjects that contained inaccurate information that I would like to correct. … Continue Reading arrow

Western Consultancy Firms Continue Making Up False Arguments To Debunk SGE Withdrawals
Back to Basics: Debt 101

Back to Basics: Debt 101

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  • author BullionStar
  • comments 1 Comments

Debt makes the world go round – Anon. Money at present, as we covered in the previous chapter, is merely a debt that a government owes you that can be used to pay for another debt of your choice. Now, if money – the basic medium of all transactions – is debt, what happens when this translates into something a bit more … Continue Reading arrow

The Redeployment of Asia’s Forex Reserves

The Redeployment of Asia’s Forex Reserves

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  • author Koos Jansen

China’s New Silk Road initiatives provide it with a way to use its huge pile of foreign exchange, and its gold-buying could lead to more balanced international monetary regime By Miriam L. Campanella and Koos Jansen Originally published on Caixin Online. The New Silk Road initiatives, also known as the “One Belt, One Road" plan, … Continue Reading arrow

The funding model of the World Gold Council: GLD Fees and Gold Miner Dues
Media Failure On Russian Gold Reserves

Media Failure On Russian Gold Reserves

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  • author Koos Jansen

Last week I wrote how I can disagree with other media, be it mainstream or alternative, Chinese, Russian or English, on the reporting of the gold market. This week another perfect example came by, from Russian news outlet Sputnik International. According to this press agency the Russian Central Bank (CBR) currently holds 360 billion US … Continue Reading arrow

US Government Lost 7 Fort Knox Gold Audit Reports

US Government Lost 7 Fort Knox Gold Audit Reports

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  • author Koos Jansen

There Is No Proof All Gold Is In Fort Knox This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. Every year the gold in Fort Knox is ‘audited’ by checking the official joint seals that were placed on all vault … Continue Reading arrow

Will The Renminbi Be Fully Convertible In 2015?

Will The Renminbi Be Fully Convertible In 2015?

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  • author Koos Jansen

Let us begin by looking at withdrawals from the Shanghai Gold Exchange (SGE), as this is the best indicator for demand in the Chinese wholesale market – read this post for the mechanics of the Chinese gold market. In week 20 (May 18 – 22) withdrawals accounted for 43 tonnes, down 6.57 % week on week, but … Continue Reading arrow

Don’t Believe Everything You Read On The Internet

Don’t Believe Everything You Read On The Internet

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  • author Koos Jansen

Wholesale gold demand measured by withdrawals from Shanghai Gold Exchange (SGE) vaults remains very strong this year at 45 tonnes in week 19 (May 11 -15). Year to date 903 tonnes have been withdrawn. Year to date withdrawals are up 20 % from 2014 and 8 % from 2013. In the next chart we can … Continue Reading arrow

Interview Koos Jansen, Torgny Persson and Ronan Manly

Interview Koos Jansen, Torgny Persson and Ronan Manly

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  • author BullionStar
  • comments 0 Comments

Interview with BullionStar’s three bloggers, Mr. Koos Jansen, Mr. Ronan Manly and BullionStar’s CEO, Mr. Torgny Persson, sharing their opinions of the current monetary system, gold and central banks. Koos Jansen Torgny Persson … Continue Reading arrow

Xinhua: China Sets Up Gold Fund For Central Banks

Xinhua: China Sets Up Gold Fund For Central Banks

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  • author Koos Jansen

On May 12, 2015, I reported China’s Silk Road economic project would include gold business. A month prior to that Shanghai Gold Exchange (SGE) chairman Xu Luode had “proposed to integrate gold market development into the strategic development plan of the Silk Road”. Shortly after, in early May it was announced gold mining company Polyus … Continue Reading arrow

Kronen Zeitung: Austria Repatriates 110 Tonnes From UK

Kronen Zeitung: Austria Repatriates 110 Tonnes From UK

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  • author Koos Jansen

Austria is repatriating gold from the vaults at the Bank Of England (BOE) at this very moment, according to Kronen Zeitung. The OeNB (central bank of the Republic of Austria) stored 82 % of its 280 tonnes at the depository in England. It will start by bringing back 110 tonnes to Austria, to eventually have 50 … Continue Reading arrow

Chinese Gold Leasing Not What It Seems

Chinese Gold Leasing Not What It Seems

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  • author Koos Jansen

Welcome to another episode of understanding how mainstream consultancy firms (the World Gold Council, GFMS, CPM Group, Precious Metals Insights) understate Chinese gold demand. One of their main arguments is that hundreds if not thousands of tonnes are tied up in Chinese Commodity Financing Deals (CCFDs). As it was first stated by the World Gold Council … Continue Reading arrow

Back to Basics: Money 101

Back to Basics: Money 101

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  • author BullionStar
  • comments 0 Comments

Money’s a matter of functions four, A Medium, a Measure, a Standard, a Store. – William Stanley Jevons, Money and the Mechanism of Exchange (1875) As this simple poetic stanza rolls off your tongue in military-like cadence, it encapsulates the very definition of money with unrivaled precision and simplicity. This is Money 101. Money is: 1. A … Continue Reading arrow

SGE Withdrawals vs WGC Demand Q1 2015.

SGE Withdrawals vs WGC Demand Q1 2015.

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  • author Koos Jansen

Welcome back to my weekly post on the Chinese gold market, usually centered around data regarding Shanghai Gold Exchange (SGE) withdrawals from the vaults. I’ve been away for a short while because I had some health issues – I’ll be fine, I just need a little time. The good news is I slowly started working a … Continue Reading arrow

US National Archives web site releases diplomatic cables from 1978
Venezuela’s Gold Reserves – Part 2: From Repatriation to Reactivation

Venezuela’s Gold Reserves – Part 2: From Repatriation to Reactivation

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  • author Ronan Manly
  • comments 0 Comments

This is Part 2 of a two-part series. Part 1, titled “Venezuela’s Gold Reserves – Part 1: El Oro, El BCV, y Los Bancos de Lingotes“, provided a historical overview of Venezuela’s gold and looked at where the gold, and the claims on gold, were located just prior to repatriation in 2011, especially the gold … Continue Reading arrow

Venezuela’s Gold Reserves – Part 1: El Oro, El BCV, y Los Bancos de Lingotes
China’s Silk Road Economic Project Will Include Gold

China’s Silk Road Economic Project Will Include Gold

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  • author Koos Jansen

The Chinese government seems to be very keen on developing the New Silk Road Economic Belt as fast as possible; an initiative, said to be designed by President Xi Jinping himself, that will increase economic cooperation in the wide Eurasian region. At a stunning speed China and Russia take the lead in strengthening ties in the … Continue Reading arrow

What to make of the staggering US trade deficit?

What to make of the staggering US trade deficit?

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  • author BullionStar
  • comments 0 Comments

March 2015 Data When the imports and exports figures of March were released, the world was taken aback when the United States announced that their trade deficit has ballooned $51.4 billion, a 43% increase from February, where the deficit was “only" $35.9 billion. Though there was a slight jump in exports, from $186.2 billion to … Continue Reading arrow

Biggest Newspaper Netherlands Interviews Koos Jansen

Biggest Newspaper Netherlands Interviews Koos Jansen

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  • author Koos Jansen

From De Telegraaf, Thursday April 9, 2015. By Theo Besteman: China Conquers The World With Gold After a serious knee surgery in 2013 sound engineer Jan Nieuwenhuijs began a blog about gold. Two years later, the 33-year old from Amsterdam is an international gold expert, his analyzes are praised by investors on Wall Street. “China takes over US … Continue Reading arrow

FRB Bail-ins: You don’t own your money
El Salvador’s gold reserves, the BIS, and the bullion banks

El Salvador’s gold reserves, the BIS, and the bullion banks

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  • author Ronan Manly
  • comments 4 Comments

According to a Reuters report from 24 April, the central bank of El Salvador, Banco Central de Reserva de El Salvador (BCR), sold approximately 80% of its gold reserves during March 2015. This sale comprised 5.412 tons of gold and raised $206 million for the Bank. Reuters initiated its story based on updates to the … Continue Reading arrow

Introducing FreeGold

Introducing FreeGold

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  • author BullionStar
  • comments 56 Comments

In my last post, US Dollar as Reserve Currency – Credibility Inflation, I briefly touched on a few ideas relating to FreeGold such as the demand for the US Dollar as a savings instrument temporarily propping up the fiat/debt/money system. What is FreeGold? FreeGold is not a single theory but an understanding of how past events have formed a … Continue Reading arrow

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