BullionStar Blogs

Gold Price Smash in Paper – But Physical Demand on Fire

• 
• Ronan Manly
• 13 Comments

• 
• 
• 
• 
• 
• 

As COMEX gold trading opened for the week on Sunday 8 August, while New York, London, Singapore and Tokyo were all closed, huge volumes of selling hit the market to take down the gold price.

Who were the sellers and who did they represent, and does this intervention have central bank involvement?

While a price smash in the paper gold and silver markets may fool Wall... Continue Reading

Brazil’s Central Bank refuses to answer any questions about its Gold Reserves

• 
• Ronan Manly
• 7 Comments

• 
• 
• 
• 
• 
• 

After buying 53.5 tonnes of gold over May and June, Brazil is now the third largest central bank gold buyer so far this year, and currently claims to hold 121 tonnes of the yellow metal.

However, following a series of questions being put to the Banco Central do Brasil (BCB) about this gold and where it is stored, the BCB has refused to answer every single question, citing... Continue Reading

The Saga Continues: Venezuela’s 31 tonnes of seized gold at the Bank of England

• 
• Ronan Manly
• 3 Comments

• 
• 
• 
• 
• 
• 

The legal fight over 31 tonnes of gold owned by Venezuela’s central bank (BCV) and stored at the Bank of England continues, and this month made it all to way to the Supreme Court in London.

At stake is who has the authority to withdraw the BCV gold, and who is the recognised president of Venezuela, Maduro or the US and UK backed Guaidó.

The ramifications of the... Continue Reading

Infographic: Paper Silver vs Physical Silver

• 
• BullionStar
• 1 Comments

• 
• 
• 
• 
• 
• 

The international silver price is derived from gigantic trading volumes of ‘paper silver’ in London and New York which have little connection to real physical silver inventories or annual silver supply.

It is therefore crucial for investors to understand the differences between physical silver and paper silver and to grasp that one is real ownership of tangible silver while... Continue Reading

Has Macron’s call for new IMF Gold Sales been slapped down?

• 
• Ronan Manly
• 9 Comments

• 
• 
• 
• 
• 
• 

Recently, France’s president, Emmanuel Macron, called for renewed IMF gold sales under the pretext of helping to finance African economies. In May and again in June, Macron and his advisers tried to ‘put the IMF gold sales idea on the table’.

But who benefits from such sales? Who wants to get their hands on the IMF gold? Is it a bullion bank bailout or a redistribution... Continue Reading

Thai central bank leads pack, buying 90 tonnes of gold over April and May

• 
• Ronan Manly
• 3 Comments

• 
• 
• 
• 
• 
• 

With an addition to 90 tonnes of gold to its gold reserves over April and May, the Thai central bank, Bank of Thailand, has now leapt into pole position as the world’s largest central bank gold buyer so far in 2021.

Surprisingly, this gold accumulation by Thailand has gone largest unnoticed in the media, with little or no comment. Not helping matters has been the Bank of... Continue Reading

In Ongoing Saga, Dubai Stands its Ground with the LBMA

• 
• Ronan Manly
• 7 Comments

• 
• 
• 
• 
• 
• 

Following LBMA threats against the Dubai gold market last November, the DMCC executive chairman had the courage to point out the hypocrisy of the LBMA’s position.

While this criticism of the LBMA has continued into 2021, now Dubai & the UAE are also fighting back with proactive gold market initiatives that could see UAE become an even bigger competitor to London. Continue Reading

Central banks operating in stealth at the heart of the London Gold Market

• 
• Ronan Manly
• 4 Comments

• 
• 
• 
• 
• 
• 

Central bank gold operations lie at the heart of the London Gold Market under the watchful eye of the Bank of England, but you would be forgiven for not knowing this, because they don’t want you to know.

Never in the history of financial markets has there been a trading venue that has been more opaque, more secretive, and more impenetrable than the London Gold Market. Continue Reading

Russia lines up new Gold Buying through its Sovereign Wealth Fund

• 
• Ronan Manly
• 0 Comments

• 
• 
• 
• 
• 
• 

With the imminent arrival of the massive Russian sovereign wealth fund, the National Wealth Fund, as a new gold buyer in addition to the firepower of Russia's central bank, it now looks like Russia is upping the stakes in it's grand game of geo-political and monetary chess. Indeed a game of 4D chess that uses golden pieces. Continue Reading

BullionStar Financials FY 2020 – Year in Review

• 
• BullionStar
• 0 Comments

• 
• 
• 
• 
• 
• 

This post reviews BullionStar’s financial performance and milestones for the financial year ending 30 June 2020. Continue Reading

LBMA misleads Silver Market with False Claims about Record Silver Stocks

• 
• Ronan Manly
• 5 Comments

• 
• 
• 
• 
• 
• 

It has just come to light that the LBMA silver holdings in London vaults have been overstated by 3300 tonnes since they were reported in early April. Is this incompetence, or a case of blatant deception?

Since London silver vault holdings are an international gauge into the availability of silver supply for the investor and industrial markets, a full investigation of the LBMA... Continue Reading

LBMA acknowledges “Buying Frenzy” in Silver Market and silver shortage Fears

• 
• Ronan Manly
• 4 Comments

• 
• 
• 
• 
• 
• 

A new report on investment silver from the LBMA is surprising in that it acknowledges the Silver Squeeze movement as having made a profound impact on silver ETF and bar and coin demand, and also startlingly admits that there were real concerns in February that London would run out of silver if ETF demand remained at an elevated level. Continue Reading

Hungarian central bank boosts its gold reserves by 3000% in less than 3 years

• 
• Ronan Manly
• 5 Comments

• 
• 
• 
• 
• 
• 

Following a 10 fold increase in its gold reserves in 2018 from 3.1 tonnes to 31.5 tonnes, the Hungarian central bank has done it again, this time tripling the 31.5 tonnes to 94.5 tonnes with a recent gold buying transaction. That’s a 3000% increase since October 2018.

The motivation, say the Hungarians, is to counter the growing risks to the global system of unlimited debt,... Continue Reading

Scotia Sells its COMEX NY Vault, in Slow Motion Exit from Gold and Silver Markets

• 
• Ronan Manly
• 5 Comments

• 
• 
• 
• 
• 
• 

As the multi-year saga of the ScotiaBank withdrawal from the precious metals markets continues, the latest installment finds Scotia selling its COMEX New York vault to MTB / MKS PAMP. This deal includes a transfer of all the gold and silver in the NY Scotia vault to the care of MTB.

Despite this deal, Scotia is still very much involved in precious metals, especially in London,... Continue Reading

Orwellian CFTC, which ignored years of silver price manipulation, now going after Reddit Apes

• 
• Ronan Manly
• 16 Comments

• 
• 
• 
• 
• 
• 

In an Orwellian development, US regulator the CFTC may be preparing to investigate retail traders for manipulation of the silver price.

As a reminder, this is the same CFTC that for many years and in multiple investigations, failed to find any evidence of bullion bank silver price manipulation, until that is, the DoJ’s prosecution of JP Morgan forced the CFTC to confront... Continue Reading

Twilight Zone as ETF Provider Warns Buying Silver will Harm Hedge Funds and Large Banks

• 
• Ronan Manly
• 29 Comments

• 
• 
• 
• 
• 
• 

The panic among silver-backed ETFs triggered by a surge in demand for silver sees no sign of abating and is entering the realm of the Twilight Zone. First we had SLV, the world’s largest silver ETF, warning that there may not be enough available silver to supply to the iShares Silver Trust.

Now we have Aberdeen Standard, operator of the SIVR silver ETF, openly panicking about... Continue Reading

#SilverSqueeze hits London as SLV warns of Limited Available Silver Supply

• 
• Ronan Manly
• 15 Comments

• 
• 
• 
• 
• 
• 

In a dramatic development, the iShares Silver Trust (SLV), has just updated its prospectus warning that there may not be enough available silver supply for delivery into SLV, and that this may adversely affect investments in SLV Shares.

Even more dramatically, this warning was drafted into the latest SLV prospectus on 3 February, the exact day after which JP Morgan tapped... Continue Reading

“Houston, we have a Problem”: 85% of Silver in London already held by ETFs.

• 
• Ronan Manly
• 21 Comments

• 
• 
• 
• 
• 
• 

While many eyes were on the mammoth iShares Silver Trust (SLV) last week, that is only part of the picture, as there are 14 other silver-backed ETFs which claim to store their silver in London.

Between them SLV and these other ETFs hold over 85% of all the silver in the LBMA London vaults. Which means that a few more days of very strong inflows into silver ETFs will create a... Continue Reading

The Silver Squeeze vs Wall Street Corruption

• 
• Ronan Manly
• 11 Comments

• 
• 
• 
• 
• 
• 

In unprecedented fashion, a #SilverSqueeze movement has rapidly grown to take on the financial establishment in the 'paper' silver markets of London and New York.

But if it is to have any chance of success, this #SilverSqueeze movement must attack the Achilles heel of the bullion banks. That Achilles heel is the availability of physical silver. Continue Reading

#SilverSqueeze: Physical Silver Shortage vs. Paper Silver

• 
• BullionStar
• 4 Comments

• 
• 
• 
• 
• 
• 

The silver short squeeze in physical silver currently underway is unprecedented. Even so, the spot spot price of paper silver does not anywhere near reflect the real physical equilibrium price of silver. BullionStar may therefore in the near future have no option but to abandon setting prices based on silver spot price altogether and move to fixed prices. Continue Reading

Dawn of Bitcoin price discovery 2009 – 2011: The very early Bitcoin exchanges

• 
• Ronan Manly
• 1 Comments

• 
• 
• 
• 
• 
• 

With the rapid proliferation of crypto exchanges and decentralized finance on the blockchain, it’s hard to believe that the first Bitcoin exchanges didn’t even exist less than 12 years ago.

From New Liberty Standard to Bitcoin Market to Mt. Gox, this article uses website archives to take a look back at the pioneering exchanges of 2009-2011, their founders and connections... Continue Reading

The Staggering Levels of Real “Inflation-Adjusted” Gold and Silver Prices

• 
• Ronan Manly
• 12 Comments

• 
• 
• 
• 
• 
• 

While the world is fixated with nominal price changes in gold and silver, it is real (inflation-adjusted) prices of the two metals which are arguably more important.

Even when using the rigged CPI data of the US Government, nominal gold and silver prices in US dollars are currently far below their real (inflation-adjusted) all time highs.

But when using the more... Continue Reading

Behind the Headlines of Record Gold Stocks in London Vaults

• 
• Ronan Manly
• 2 Comments

• 
• 
• 
• 
• 
• 

According to the London Bullion Market Association (LBMA), there are now record gold stocks of 9450 tonnes held in the London vaults.

While trumpeting record gold holdings may grab headlines, it’s a misleading claim if, as appears to be the case, only a tiny fraction of these total gold holdings are available to ‘back-up’ the gigantic fractionally-backed LBMA paper gold... Continue Reading

2020: Stellar year for bullion coin sales by the major national Mints

• 
• Ronan Manly
• 0 Comments

• 
• 
• 
• 
• 
• 

2020 was a remarkably strong year for gold and silver bullion coins sales by the US Mint, Perth Mint and Royal Canadian Mint.

Gold sales increased by a massive 500% at the US Mint and more than doubled at the Perth Mint and Royal Canadian Mint. Silver sales doubled at the US Mint while the Perth Mint boosted silver sales by 42%. Continue Reading

As 2020 comes to a close, Gold and Silver record best year since 2010

• 
• Ronan Manly
• 1 Comments

• 
• 
• 
• 
• 
• 

Both gold and silver put in very strong performances in 2020, with the gold price in US dollars rising by over 25%, gold’s best annual return since 2010. The silver price rise in US dollars was even more impressive in 2020, ending the year nearly 48% higher, also silver’s best performance since 2010.

With Bitcoin’s price rise again in the headlines, some may ask why gold... Continue Reading

GLD 10-K omits BoE gold holdings data, GLD CFO left 1 day before financial year-end

• 
• Ronan Manly
• 7 Comments

• 
• 
• 
• 
• 
• 

As the latest SPDR Gold Trust (GLD) annual 10-K statement hits the tape, there are a number of troubling developments which should concern the SEC and GLD investors alike. These include:

Why the GLD Sponsor CFO resigned on 29 September 2020, one day before financial year end of 30 September.

Why the latest GLD 10-K withholds data on how much gold the GLD held at the... Continue Reading

In Delusional Push, LBMA Threatens to Blacklist Entire Gold Trading Centres

• 
• Ronan Manly
• 10 Comments

• 
• 
• 
• 
• 
• 

In a startling overstep of its remit, the bullion bank consortium, the London Bullion Market Association (LBMA), under cover of the OECD and a group of NGOs, has just launched a campaign against the independence of gold trading centres around the world, threatening to blacklist any market which fails to follow an LBMA set of recommendations about gold sourcing.

The attack is... Continue Reading

BullionStar Financials FY 2019 – Year in Review

• 
• BullionStar
• 1 Comments

• 
• 
• 
• 
• 
• 

This post reviews BullionStar’s financial performance and milestones for the financial year ending 30 June 2019. Continue Reading

QE and Stimulus set to continue even with a Trump win

• 
• Ronan Manly
• 0 Comments

• 
• 
• 
• 
• 
• 

If the US presidential election is contested, appealed, and its outcome challenged, this will create near term market uncertainty, volatility and unrest. But whoever the victor, Fed QE and US government stimulus spending will continue, amid the associated destruction of the dollar and economy. All of which is gold price positive. Continue Reading

Guest Post: Robert Pringle’s Comments on the 1999 UK Gold Sales

• 
• Ronan Manly
• 4 Comments

• 
• 
• 
• 
• 
• 

A recent gold related article from newspaper ‘The Telegraph’ revisited the infamous United Kingdom gold sales of 1999 which were conducted under Chancellor of the Exchequer at the time Gordon Brown.

This article prompted Robert Pringle, founder of Central Banking Publications, first executive director of the Group of 30, and former head of World Gold Council's public policy... Continue Reading

Revolving Door at the SPDR Gold Trust – 6 CFOs since 2014

• 
• Ronan Manly
• 4 Comments

• 
• 
• 
• 
• 
• 

Since 2014, there have been a staggering six Chief Financial Officers in charge of accounting at the world’s largest gold-backed ETF, the famous NYSE listed SPDR Gold Trust (GLD).

Specialists in recruitment, sell-side analysts, and human resources academics all agree that high CFO turnover is something that raises red flags in corporate environments. It is also something... Continue Reading

Planned in Advance by Central Banks – A 2020 System Reset

• 
• Ronan Manly
• 15 Comments

• 
• 
• 
• 
• 
• 

In January 2013, Germany’s Bundesbank announced that the deadline for its substantial gold repatriation plan was the year 2020. Two years later in 2015, the Austrian central bank in a similar move said that it too had a 2020 deadline for its gold repatriation operation.

Were these central banks inadvertently revealing that 2020 would usher in a monetary reset? Fast forward to... Continue Reading

Deutsche trader under DoJ prosecution, was a long time director of London Gold and Silver Fixings

• 
• Ronan Manly
• 10 Comments

• 
• 
• 
• 
• 
• 

Another month, another US court case involving precious metals traders from the big banks being prosecuted for manipulating gold and silver prices.

This time it is traders from Germany’s Deutsche Bank being prosecuted by the US DoJ. But one important point that the media has missed is that one of these traders was a director of the critically important London Gold and Silver... Continue Reading

BullionStar Provides Food Relief to Over 200 Families

• 
• BullionStar
• 4 Comments

• 
• 
• 
• 
• 
• 

In August 2020, BullionStar helped to provide food and groceries to over 200 poverty-stricken families living in Batam, Indonesia. Most of these families do not have a breadwinner that holds a steady job. With COVID-19 restrictions, already tough living conditions have sadly deterioated further. Continue Reading

London gold vault Bait-and-Switch as LBMA prepares bigger changes

• 
• Ronan Manly
• 2 Comments

• 
• 
• 
• 
• 
• 

Claiming a sudden need for increased transparency, the Bank of England and LBMA in London have now moved from reporting gold and silver vault inventories on a 3 month lagged basis to a 1 month lagged basis.

However, there is more to this move than meets the eye, and the change looks to be part of a regulatory concession before rolling out COMEX contract delivery using metal... Continue Reading

LBMA-COMEX collusion intensifies as CME approves 267 LBMA gold and silver bar brands

• 
• Ronan Manly
• 9 Comments

• 
• 
• 
• 
• 
• 

A few weeks ago, in a very stealthy manner, CME Group in coordination with the LBMA, massively expanded the lists of approved gold and silver bar brands that can be delivered against the flagship COMEX GC 100 gold and SI silver contracts.

While this signals gold and silver bar delivery constraints at the COMEX, that is only half the story, as the real intention of these changes... Continue Reading

GLD continues to source gold at the Bank of England, at an escalating rate

• 
• Ronan Manly
• 15 Comments

• 
• 
• 
• 
• 
• 

The latest SEC filing by the SPDR Gold Trust (GLD) released this week contains the bombshell detail that the world’s largest gold-backed ETF is increasingly resorting to sourcing gold bars at the Bank of England. At least 70 tonnes of gold and possibly up to 150 tonnes.

With GLD and its custodian HSBC resorting to such tactics and interfacing with the murky world of central... Continue Reading

The Sustainability of this Gold Bull Market compared to 2011

• 
• Ronan Manly
• 2 Comments

• 
• 
• 
• 
• 
• 

After rising rapidly to the $2070 range, the US dollar gold price has now corrected sharply . What took nearly 2 weeks to go up, has now unwound in a matter of 3-4 days. But sometimes this is the nature of corrections, sharp and extreme.

Corrections are healthy and form stronger support. Markets never continually move in one direction. Over 12 years ago, famous gold guru Jim... Continue Reading

Gold and Silver Roar Higher: The Canaries in the Coal Mine

• 
• Ronan Manly
• 7 Comments

• 
• 
• 
• 
• 
• 

In what is a memorable week for gold and silver prices, the US dollar price of gold is approaching an all time high, while the price of silver has surged this week by over 18%.

The current price action in gold and silver is igniting investment interest in everything from gold and silver mining shares to precious metals ETFs, while in the physical bullion markets, savers and... Continue Reading

Rising gold prices attract global and local attention, including in Vietnam

• 
• Ronan Manly
• 0 Comments

• 
• 
• 
• 
• 
• 

Zing News, one of Vietnam’s leading news and media platforms, this week published an article examining the reasons behind the strong upward move in the gold price and its sustainability, quoting extensively from BullionStar's input.

In Vietnam, which has a very strong tradition of gold ownership and use of physical gold in transactions, the Zing News digital newspaper has... Continue Reading

COMEX New York vaults add 730 tonnes of gold since the end of March

• 
• Ronan Manly
• 2 Comments

• 
• 
• 
• 
• 
• 

Triggered by a COMEX-Spot spread blow out in the wake of a delivery failure in gold Exchange for Physical (EFP) transactions, an unprecedented 730 tonnes of gold has flowed into COMEX gold vaults between 24 March and 30 June, mostly into the vaults of JP Morgan and Brink's.

The chain of events can be traced back to the LBMA rush on 24 March to “facilitate physical delivery of... Continue Reading

Central banker Musical Chairs at the LBMA – Fed exits, Banque de France joins

• 
• Ronan Manly
• 2 Comments

• 
• 
• 
• 
• 
• 

As a former Banque de France central banker joins the board of the London Bullion Market Association (LBMA) as an “Independent” director, replacing a former New York Federal Reserve central banker who also served on the same board as an “Independent” director, we must ask ourselves why have these central bankers so much interest in gold and the LBMA.

Particularly as the... Continue Reading

The Curious Case of COMEX Gold Deliveries in April and June

• 
• Ronan Manly
• 9 Comments

• 
• 
• 
• 
• 
• 

The unprecedented shock which London and New York gold markets experienced beginning 23-24 March left a lot of fallout in its wake, from bullion banks scrambling to secure physical gold to send to New York, to deteriorating liquidity in both the COMEX and London markets.

Yet three months on from the detonation whose blast waves were felt on both sides of the Atlantic, the... Continue Reading

Bullion Retail Shop Re-Opening 19 June

• 
• BullionStar
• 0 Comments

• 
• 
• 
• 
• 
• 

BullionStar's Retail Shop at 45 New Bridge Road will re-open 19 June with normal operating hours.

Feel free to place your order online now at www.bullionstar.com and lock in the price. Collect your order from 19 June. For orders with cash payment, cheque payment, card and NETS payment, you are allowed to place your order now and make payment for your order no later than 22 June. Continue Reading

BullionStar Interview with SG Wealth Builder: Gold at 8 Year High

• 
• BullionStar
• 2 Comments

• 
• 
• 
• 
• 
• 

BullionStar’s precious metals analyst, Ronan Manly, was recently interviewed by Singapore-based financial and investing website SG Wealth Builder. Here, we reprint the questions and answers from that interview.

The wide-ranging discussion covers the recent behaviour of the US dollar gold price and how the price discovery process works, the supply disruptions of March and... Continue Reading

Bullion Center Information

• 
• BullionStar
• 0 Comments

• 
• 
• 
• 
• 
• 

Update on BullionStar's services. Bullion Center may not open 2 June after all. We are open for online orders at BullionStar.com 24/7! We offer FREE shipping for orders within Singapore and discounted rates for international shipping. Vault storage orders are processed as per normal. We are also accepting customer sell orders. Click here for more information and a service update. Continue Reading

Amid London gold turmoil, HSBC taps Bank of England for GLD gold bars

• 
• Ronan Manly
• 5 Comments

• 
• 
• 
• 
• 
• 

There is something broken in the London gold market and the evidence points back to HSBC, both in physical and paper gold. During April, HSBC began turning to the Bank of England gold vaults to source at least 45 tonnes of gold for the world’s largest gold-backed ETF, the SPDR Gold Trust (GLD). Did HSBC run out of gold in its own secretive London vault?

Now it emerges that... Continue Reading

QE Defender – Stop the QE Insanity | Helicopter Money and the Risk of Hyperinflation

• 
• BullionStar
• 0 Comments

• 
• 
• 
• 
• 
• 

Helicopter cash - Negative interest rates - Government and Central Bank Asset Purchases - Universal Basic Income. Central banks and governments across the globe have unleashed a series of monetary and fiscal interventions on markets and economies which are unprecedented in their magnitude and which are boarding on the destruction of the current financial system. Are we gearing up for a... Continue Reading

LBMA Gold Price benchmark ignoring market conditions, short-changing investors

• 
• Ronan Manly
• 11 Comments

• 
• 
• 
• 
• 
• 

While media focus has recently been on the current gold price dislocation between London spot and COMEX New York futures, there is another persistently large discount that so far has evaded the spotlight. That is the twice daily LBMA Gold Price benchmark.

By ignoring the much higher COMEX gold futures prices while setting the LBMA Gold Price auction starting price, the auction... Continue Reading

BullionStar – We are Open for Orders – Update of Services 20 May 2020

• 
• BullionStar
• 0 Comments

• 
• 
• 
• 
• 
• 

We are open for orders! Place your order on BullionStar.com 24/7! BullionStar has been exempted from the circuit breaker suspension as an essential service company for e-commerce orders. This means that orders can be shipped for delivery (FREE within Singapore or Discounted for International Shipping) or processed into vault storage as per normal. We are also accepting customer sell... Continue Reading