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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.

Back to Basics: Debt 101

Back to Basics: Debt 101

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  • author Torgny Persson
  • 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 Torgny Persson
  • 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 Torgny Persson
  • 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 Torgny Persson
  • 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 Torgny Persson
  • 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

US Dollar as Reserve Currency – Credibility Inflation

US Dollar as Reserve Currency – Credibility Inflation

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  • author Torgny Persson
  • comments 1 Comments

US Dollar as Reserve Currency In my last post, I discussed and compared different bank reserve systems. With the introduction of the US central bank, the Federal Reserve, in 1913, banks started to take larger risks expanding credit as they knew the central bank was backstopping them. With the monetary ties to gold severed in … Continue Reading arrow

Gold or Fiat? That is the question…

Gold or Fiat? That is the question…

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  • author Torgny Persson
  • comments 2 Comments

What happens when you deposit money at the bank? Most people don’t think much about it. The bank probably safekeeps the money in their vault. Then I can come to the bank to withdraw my money any time. Right? Wrong. When you deposit money at the bank, you immediately relinquish your ownership to that money. The bank will not … Continue Reading arrow

The IMF’s Gold Depositories – Part 3, Gold Swaps and the Quality of the IMF Gold

The IMF’s Gold Depositories – Part 3, Gold Swaps and the Quality of the IMF Gold

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  • author Ronan Manly
  • comments 2 Comments

The International Monetary Fund (IMF) is authorized to use its gold holdings to engage in gold location swaps and has done so frequently in the past. This has involved gold location swaps with the entities who maintain the gold vaults where the IMF stores its gold, such as the Federal Reserve Bank of New York, … Continue Reading arrow

The Shanghai International Gold Exchange Comes To Life

The Shanghai International Gold Exchange Comes To Life

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  • author Koos Jansen

In September 2014 the Shanghai Gold Exchange (SGE) launched its International Board, the Shanghai International Gold Exchange (SGEI). After a slow start, the volume of the physical SGEI kilobar contract (iAu99.99) has transcended all other SGE contracts in week 15 (April 6- 10). The primary goals for the launch of the SGEI was to facilitate … Continue Reading arrow

Pro-Gold Governments and Central Banks

Pro-Gold Governments and Central Banks

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  • author Torgny Persson
  • comments 1 Comments

Many gold bugs argue that governments and central banks are generally biased against gold. In some cases, like I described in my previous post, they are right. Certain countries, with India as the most notable example, have adopted hostile gold policies. In this post, I will however show that the tide has turned with many central banks not … Continue Reading arrow

Zooming In On The Chinese Gold Lease Market
Guest Post: Spelling Out The Big Reset

Guest Post: Spelling Out The Big Reset

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  • author Koos Jansen

Written by LK in Hong Kong As economies age, debt builds up. Advanced economies – those with the highest borrowing ratings by the reputable agencies they developed – have it clogging up inside all their arteries. The Big Reset will finally become inevitable, as has been acknowledged by the IMF head Largarde, mentioning the year 2020. … Continue Reading arrow

Thoughts On The Price Of Gold

Thoughts On The Price Of Gold

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  • author Koos Jansen

Withdrawals from the Shanghai Gold exchange (SGE), which equal Chinese wholesale gold demand, in week 12 (March 23 – 27) accounted for 46 tonnes, down 14.5 % w/w. Year to date total withdrawals have reached 607 tonnes, up 9 % from 2014, up 33 % from 2013. Ever wondered why Chinese demand doesn’t move the price … Continue Reading arrow

Anti-Gold Governments and Central Banks

Anti-Gold Governments and Central Banks

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  • author Torgny Persson
  • comments 1 Comments

Do central banks understand gold? Do they care about gold? Are they “pro-gold” or “anti-gold”? I will try to shed some light on this frequently discussed subject. In this first post, I will discuss the gold policies of some countries’ often pointed out to make the case that central banks are discouraging private gold hoarding … Continue Reading arrow

This Is What The AIIB Is About

This Is What The AIIB Is About

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  • author Koos Jansen

Until March 31 countries can submit for membership of the Asian Investment Infrastructure Bank (AIIB), a financial institution proposed by China, which has the purpose of being a multilateral framework to finance infrastructure projects in the wide Eurasian region. In recent weeks many Western countries have submitted for membership, the US rejected application as it fears … Continue Reading arrow

When Will China Disclose Its True Official Gold Reserves And How Much Is It?
Euronews: If China Joins The New Gold Fix, There'll Be Less Manipulation

Euronews: If China Joins The New Gold Fix, There'll Be Less Manipulation

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  • author Koos Jansen

On March 24, 2015, Euronews broadcasted Business Middle East, in which Nour Al Hammoury from ADS securities, stated that if Chinese banks would join the new gold fix it would be less sensitive for manipulation. Having Chinese banks participate in the fix, would indeed be very welcome. If you like to read more about if Chinese … Continue Reading arrow

The Largest Gold Mints Of The World

The Largest Gold Mints Of The World

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  • author Koos Jansen

The most recent data available suggests the US Mint is currently the largest mint on the planet in terms of production output, having produced 4.54 tonnes of gold in Eagles and Buffalos year to date (January and February 2015). The largest gold mints of the world are the Turkish State Mint, Chinese Mint, South African Mint, … Continue Reading arrow

Indian Gold Import Exploding In March

Indian Gold Import Exploding In March

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  • author Koos Jansen

March has not even ended, though preliminary data indicates India has already imported over 130 tonnes of gold this month. Because of a “current account deficit" the Indian government decided in March 2012 to raise to import duty on gold from 2 % to 4 %, in June 2013 from 4 % to 8% and in … Continue Reading arrow

Will The Shanghai International Gold Exchange Facilitate Gold Inclusion Into The SDR?
Xinhua: China And Germany Deepen Financial Cooperation, Germany Joins AIIB And Supports RMB Inclusion Into SDR
SGE Withdrawals 51t In Week 10, YTD 508t.

SGE Withdrawals 51t In Week 10, YTD 508t.

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  • author Koos Jansen

Withdrawals from the Shanghai Gold exchange (SGE), which equal Chinese wholesale gold demand, in week 10 (March 9 – 13) accounted for 51 tonnes. Year to date total withdrawals have reached 508 tonnes. Chinese wholesale gold demand can be slightly less than what is disclosed because of withdrawals from the Shanghai International Gold Exchange. My … Continue Reading arrow

London Gold Fixing website www.goldfixing.com taken offline
UN Preparing For Global Sovereign Debt Restructuring
SGE Withdrawals In Perspective

SGE Withdrawals In Perspective

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  • author Koos Jansen

In 2014 SGE withdrawals, which can be used as a proxy for Chinese wholesale gold demand, have lost their accuracy since the Shanghai International Gold Exchange (SGEI) was launched in September, providing foreign enterprises to trade gold in renminbi, take delivery and export the gold from the Shanghai Free Trade Zone (FTZ). SGE and SGEI withdrawals … Continue Reading arrow

China, Gold, SDRs And The Future Of The International Monetary System
SGE Withdrawals 45t Week 9, YTD 456t

SGE Withdrawals 45t Week 9, YTD 456t

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  • author Koos Jansen

Chinese wholesale gold demand, that equals withdrawals from the vaults of the Shanghai Gold Exchange (SGE), accounted for 45 metric tonnes in week 9 of 2015 (March 2 – 6). Year to date 456 tonnes have been withdrawn from the SGE vaults. An estimate suggests 340 tonnes has been net imported into the Chinese domestic … Continue Reading arrow

BullionStar Financials 2014 – Year in Review

BullionStar Financials 2014 – Year in Review

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  • author Torgny Persson
  • comments 1 Comments

BullionStar financial oversight at the end of 2014. BullionStar reports 2014 gross revenue of SGD 53 M. The average order was SGD 6,475 whereas the medium order was SGD 1,018. BullionStar.com had more than 850,000 visits in 2014. By introducing new concepts to the bullion industry, BullionStar expects to continue to grow significantly in 2015. Continue Reading arrow

Chinese Banks as direct participants in the new LBMA Gold and Silver Price auctions? Not so fast!
The Mechanics Of The Chinese Domestic Gold Market

The Mechanics Of The Chinese Domestic Gold Market

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  • author Koos Jansen

This post is part of the Chinese Gold Market Essentials series. Click here to go to an overview of all Chinese Gold Market Essentials for a comprehensive understanding of the largest physical gold market globally. This post was updated until 2016. The largest physical gold market globally is the Chinese domestic gold market. At the core of this … Continue Reading arrow

How The World Is Being Fooled About Chinese Gold Demand

How The World Is Being Fooled About Chinese Gold Demand

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  • author Koos Jansen

Kindly note the pattern There is a story being told to the masses about Chinese gold demand that is grossly incorrect. The huge discrepancy between numbers from the World Gold Council (WGC) and actual gold demand is so wide yet cunningly hidden I must conclude there is essential information about physical gold demand deliberately kept privy. … Continue Reading arrow

Chinese Gold Financing Deals Explained

Chinese Gold Financing Deals Explained

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  • author Koos Jansen

One of the main causes some of my colleague gold analysts assume SGE withdrawals are inflated and cannot be used as a measure for Chinese wholesale gold demand, is because of Chinese Commodity Financing Deals (CCFDs). However, this analysis is incorrect as will be demonstrated in this post. Round Tripping And Chinese Gold Trade Rules CCFDs are … Continue Reading arrow

Where Did The Gold In Fort Knox Come From? Part One

Where Did The Gold In Fort Knox Come From? Part One

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  • author Koos Jansen

In contrast to what is widely assumed, the gold in Fort Knox has not mainly been supplied by gold coins in circulation in the United States before the Great Gold Confiscation by President Roosevelt in 1933. Whilst me and Mr. Manly are researching how much gold is left in the vaults in the United States – … Continue Reading arrow

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