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Koos Jansen

Koos Jansen

Koos Jansen is a precious metal analyst from the Netherlands. Koos
mainly provides unique insights about Chinese gold market.

China’s Secret Gold Supplier Is Singapore

China’s Secret Gold Supplier Is Singapore

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  • author Koos Jansen

Singapore has been a major gold supplier to China since 2013, which was previously not publicly known. According to Statlink, Singapore net exported 102 tonnes to China in 2017, a record year and up 177 % from 2016. In total China net imported an estimated 1,082 tonnes in 2017, while SGE(I) withdrawals accounted for 2,030 tonnes. Continue Reading arrow

Audits Of US Monetary Gold Severely Lack Credibility

Audits Of US Monetary Gold Severely Lack Credibility

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  • author Koos Jansen

According to the United States Treasury its 261 million ounces (± 8,100 tonnes) in official gold reserves are fully audited and accounted for. Because for many decades rumours are making rounds this gold has been covertly sold, in this essay we’ll thoroughly scrutinise the audits – indirectly evaluating the accuracy of the gold claims by the Treasury. What we’ll encounter is a... Continue Reading arrow

China Gold Import Jan-Sep 797t. Who’s Supplying?
The Gold-Backed-Oil-Yuan Futures Contract Myth

The Gold-Backed-Oil-Yuan Futures Contract Myth

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  • author Koos Jansen

On September 1, 2017, the Nikkei Asian Review published an article titled, “China sees new world order with oil benchmark backed by gold”, written by Damon Evans. Just below the headline in the introduction it states, “China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the... Continue Reading arrow

Estimated Chinese Gold Reserves Surpass 20,000t

Estimated Chinese Gold Reserves Surpass 20,000t

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  • author Koos Jansen

My best estimate as of June 2017 with respect to total above ground gold reserves within the Chinese domestic market is 20,193 tonnes. The majority of these reserves are held by the citizenry, an estimated 16,193 tonnes; the residual 4,000 tonnes, which is a speculative yet conservative estimate, is held by the Chinese central bank the People’s Bank of China. Continue Reading arrow

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

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

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  • author Koos Jansen

The Dutch central bank states that releasing a bar list of the Dutch gold “would cost hundreds of thousands of euros”. In this post we’ll expose this is virtually impossible. Continue Reading arrow

PBOC Gold Purchases: Separating Facts from Speculation

PBOC Gold Purchases: Separating Facts from Speculation

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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 late 2017. In this post we will analyze everything there is to learn about PBOC gold purchases. Grasping the exact size of … Continue Reading arrow

US Mint Releases New Fort Knox “Audit Documentation”. The First Critical Observations.
China Net Imported 1,300t Of Gold In 2016

China Net Imported 1,300t Of Gold In 2016

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  • author Koos Jansen

For 2016 international merchandise trade statistics point out China has net imported roughly 1,300 tonnes of gold, down 17 % from 2015. The importance of measuring gold imports into the Chinese domestic gold market - which are prohibited from being back exported – is to come to the best understanding on the division of above ground reserves in and outside of the Chinese domestic... Continue Reading arrow

Why SGE Withdrawals Equal Chinese Gold Demand And Why Not

Why SGE Withdrawals Equal Chinese Gold Demand And Why Not

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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 in 2017. The difference between SGE withdrawals and Chinese consumer gold demand as disclosed by GFMS has aggregated to … Continue Reading arrow

How The West Has Been Selling Gold Into A Black Hole

How The West Has Been Selling Gold Into A Black Hole

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  • author Koos Jansen

Western gold sell-offs are transhipped to China but can't return. This will make gold rally stronger in a future bull market than it did in previous bull markets. Continue Reading arrow

The Chinese Gold Lease Market And Chinese Commodity Financing Deals Explained

The Chinese Gold Lease Market And Chinese Commodity Financing Deals Explained

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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 late 2017. The main arguments presented by Western consultancy firms, such as GFMS and the World Gold Council … Continue Reading arrow

China’s Gold Market Opens Up To Boost RMB Internationalization
NOVEMBER: Gold Price Down, Chinese Demand Strong Despite Import Curbs

NOVEMBER: Gold Price Down, Chinese Demand Strong Despite Import Curbs

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  • author Koos Jansen

From the moment Donald J. Trump got elected as the next President of the United States, on November 8, 2016, the price of gold tumbled 8 % in the remainder of the month – from $1,282 USD/oz to $1,178 USD/oz. Usually these cascades in the gold price go hand in hand with physical sell-offs in the West … Continue Reading arrow

Gold In London & Hong Kong Is Used To Settle COMEX Futures

Gold In London & Hong Kong Is Used To Settle COMEX Futures

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  • author Koos Jansen

Physical gold located in Hong Kong and London is used to settle COMEX gold futures contracts through “Exchange For Physical” trading in the over-the-counter market. This post is a sequel to Understanding GOFO And The Gold Wholesale Market and COMEX Gold Futures Can Be Settled Directly With Eligible Inventory – in which Exchange For Physical … Continue Reading arrow

Debunking GFMS’ Gold Demand Statistics

Debunking GFMS’ Gold Demand Statistics

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  • author Koos Jansen

What came to light as on odd discrepancy between GFMS’ Chinese gold demand and “apparent supply" has proven to be a tenacious cover-up by the oldest consultancy firm in the gold market. And not only does GFMS publish incomplete and misleading data on Chinese gold demand, all its supply and demand data is incomplete and misleading. … Continue Reading arrow

The Value-added Tax System In China’s Domestic Gold Market

The Value-added Tax System In China’s 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 in 2017. In the Gold Survey 2016 by Thomson Reuters GFMS there is a complex illegal scheme described whereby criminals obtain VAT invoices … Continue Reading arrow

Q1 - Q3 2016 China Net Gold Import Hits 905 Tonnes

Q1 - Q3 2016 China Net Gold Import Hits 905 Tonnes

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  • author Koos Jansen

Withdrawals from the vaults of the Shanghai Gold Exchange, which can be used as a proxy for Chinese wholesale gold demand, reached 1,406 tonnes in the first three quarters of 2016. Supply that went through the central bourse consisted of at least 905 tonnes imported gold, roughly 335 tonnes of domestic mine output, and 166 … Continue Reading arrow

Synthetic Gold Leasing: More Details Regarding The “Precious Metals” On Chinese Commercial Bank Balance Sheets.
Dear US Mint, We Gave You The FOIA Funds, Now Give Us The Fort Knox Audit Documents!
Gold Is Going To Play A Role In A New Monetary System. Interview Koos Jansen by ‘Dutch Financial Times’

Gold Is Going To Play A Role In A New Monetary System. Interview Koos Jansen by ‘Dutch Financial Times’

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  • author Koos Jansen

In the Netherlands we have a financial newspaper that prints on pink paper and is named “Het Financieel Dagblad”. Basically it’s the Dutch equivalent of the Financial Times. A few weeks ago I was interviewed by two of their reporters, Joost van Kuppeveld and Lenneke Arts. Today the interview was published as part of a … Continue Reading arrow

Central Bank Austria Claims To Have Audited Gold at BOE. Refuses To Release Audit Reports & Gold Bar List
The Great Physical Gold Supply & Demand Illusion

The Great Physical Gold Supply & Demand Illusion

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  • author Koos Jansen

Gold supply and demand data published by all primary consultancy firms is incomplete and misleading. The data falsely presents gold to be more of a commodity than a currency, having caused deep misconceptions with respect to the metal’s trading characteristics and price formation. Numerous consultancy firms around the world, for example Thomson Reuters GFMS, Metals … Continue Reading arrow

How Constant Is Gold’s Purchasing Power?

How Constant Is Gold’s Purchasing Power?

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  • author Koos Jansen

An often-perceived analysis in the gold community is that gold is the constant in our global economy. But is this true? Yes and no. Allow me to share my observations. Although gold has an exceptionally constant nature, and we have yet to see another currency that can compete with gold’s constant nature, the reality is, … Continue Reading arrow

China’s Rising Gold ETF Market: A Hybrid

China’s Rising Gold ETF Market: A Hybrid

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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 in 2017. In 2013 we’ve witnessed the inception of the Chinese gold ETF market. At first demand for the gold ETFs was neglectable, as … Continue Reading arrow

What Are These Huge Tonnages In “Precious Metals” On Chinese Commercial Bank Balance Sheets?
Dutch Central Bank Refuses To Publish Gold Bar List For Dubious Reasons

Dutch Central Bank Refuses To Publish Gold Bar List For Dubious Reasons

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  • author Koos Jansen

My hunt for the gold bar list of the Dutch official gold reserves started in 2015. On September 26 of that year I visited a conference in Rotterdam, the Netherlands, called Reinvent Money. One of the speakers was Jacob De Haan from the Dutch central bank (DNB) Economics and Research Division – you can watch his presentation by clicking here. … Continue Reading arrow

Song Xin: Increase Gold Reserves And Join SDR.

Song Xin: Increase Gold Reserves And Join SDR.

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  • author Koos Jansen

The Chairman of the China Gold Association and General Manager and Party Committee Secretary of China National Gold Group Corporation, the latter being China’s largest gold mining enterprise, is Song Xin and happens to be one of my favorite commentators in China. This gentleman made waves in July 2014 when he candidly wrote on Sina … Continue Reading arrow

The Power Of The Gold Community: Crowdfunding For FOIA Request Fort Knox Audit Documents Completes Within 24 Hours.
Spectacular Chinese Gold Demand 2015 Fully Denied By GFMS And Mainstream Media

Spectacular Chinese Gold Demand 2015 Fully Denied By GFMS And Mainstream Media

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  • author Koos Jansen

Debunking the Thomson Reuters GFMS Gold Survey 2016 report. New information provides a more detailed perspective on the Chinese domestic gold market. In the Gold Survey 2016 report by GFMS that covers the global gold market for calendar year 2015 Chinese gold consumption was assessed at 867 tonnes. As Chinese wholesale demand, measured by withdrawals … Continue Reading arrow

The Gold Price And Global Flows. The UK Net Imported 152 tonnes In June.

The Gold Price And Global Flows. The UK Net Imported 152 tonnes In June.

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  • author Koos Jansen

On a firmly rising gold price the UK is one of the largest net importers of gold in 2016. The gold price went up 25 % from $1,061.5 dollars per troy ounce on January 1 to $1,325.8 on June 31. Over this period the UK net imported 583 tonnes and GLD inventory mushroomed by 308 tonnes. In … Continue Reading arrow

Australia Customs Department Confirms BullionStar’s Analysis On Gold Export To China.
Chinese Gold Demand 973t In H1 2016, Nomura ...

Chinese Gold Demand 973t In H1 2016, Nomura ...

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  • author Koos Jansen

Chinese wholesale gold demand, as measured by withdrawals from the vaults of the Shanghai Gold Exchange (SGE), reached a sizable 973 metric tonnes in the first half of 2016, down 7 % compared to last year. Although Chinese gold demand year to date at 973 tonnes is slightly down from its record year in 2015 – … Continue Reading arrow

Venezuela Exported Another 12t Of its Official Gold Reserves To Switzerland In February

Venezuela Exported Another 12t Of its Official Gold Reserves To Switzerland In February

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  • author Koos Jansen

According to data released by the Swiss customs department on Tuesday, Venezuela has net exported 12 tonnes of gold to Switzerland in February 2016. In January Venezuela net exported 36 tonnes of gold to Switzerland, in total 48 tonnes was moved in the first two months of this year. On 16 March 2016 BullionStar researcher Ronan Manly reported … Continue Reading arrow

SGE Trading Volume 2015 Up 84 % Y/Y Due to International Board

SGE Trading Volume 2015 Up 84 % Y/Y Due to International Board

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  • author Koos Jansen

In two parts I will present an overview of the Chinese gold market for calendar year 2015. In this part we’ll focus on Shanghai Gold Exchange trading volumes. In the next post we’ll focus on physical supply and demand flows in Chinese gold market in 2015. First, let us quickly assess the core volume data … Continue Reading arrow

Kazakhstan & China Join Forces In Gold Market

Kazakhstan & China Join Forces In Gold Market

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  • author Koos Jansen

Silk Road Gold Trading Kicks Off The other day I bumped into a small but potentially important news item on the website of the Shanghai Gold Exchange. The article was published in Mandarin, of course, as the Chinese (authorities) hardly ever publish valuable information in English – most articles published in English have been intentionally … Continue Reading arrow

SGE Confirms To Continue Publish Withdraw Data!

SGE Confirms To Continue Publish Withdraw Data!

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  • author Koos Jansen

I’ve received written confirmation by the Shanghai Gold Exchange (SGE) delivery department that the Chinese Market Data Monthly Reports disclose the volume of physical gold withdrawn from SGE designated vaults. I’m thrilled to resume reporting these numbers and everything related to the Chinese gold market! It’s advised to have read The Chinese Gold Market Essentials Guide before... Continue Reading arrow

Precious Metals Import India 2015 Strong, Government Hopelessly Continues To Obstruct Demand
COMEX Gold Futures Can Be Settled With Eligible Inventory

COMEX Gold Futures Can Be Settled With Eligible Inventory

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  • author Koos Jansen

The 100-ounce Gold futures contract listed on the COMEX in New York can be traded in OTC market through which the contract can be “settled" with anything that resembles the underlying asset, for example gold recorded as eligible inventory in COMEX approved depositories. Make sure you’ve read GOFO And The Gold Wholesale Market before continuing. … Continue Reading arrow

Dutch Central Bank Considers To Relocate Gold Vault And Publish Gold Bar List
GOFO And The Gold Wholesale Market

GOFO And The Gold Wholesale Market

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  • author Koos Jansen

An essay on the relationship between GOFO, gold forwards, the gold lease rate and the US dollar interest rate. In order to continue to reveal essential information about the physical and paper gold markets around the world, first I would like to expand on the inner workings of the gold wholesale market. In this post we’ll use … Continue Reading arrow

Venezuela Exports 36t Official Gold Reserves To Switzerland

Venezuela Exports 36t Official Gold Reserves To Switzerland

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  • author Koos Jansen

Switzerland has net imported 35.8 tonnes of gold from Venezuela in January 2016. This unusual high tonnage must be gold from the central bank of Venezuela – Banco Central de Venezuela (BCV) – that has been swapping metal with banks or simply sold it in the open market. Remarkably, after Venezuela repatriated 160 tonnes in official gold reserves … Continue Reading arrow

London Was Bleeding 184t Of Gold In December While China Imported At Least 217t

London Was Bleeding 184t Of Gold In December While China Imported At Least 217t

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  • author Koos Jansen

When there is no more gold left in London to export the gold price is likely to go higher on strong global demand induced by economic headwind. At the time of writing the spot gold price is $1,251.80 per ounce, up 18 % year to date, while the S&P 500 is down 9 % year to date. In … Continue Reading arrow

SGE Continues To Publish Withdrawals Figures?

SGE Continues To Publish Withdrawals Figures?

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  • author Koos Jansen

It seems the Shanghai Gold Exchange (SGE) is continuing to publish the amount of gold withdrawn from the vaults on a monthly basis. For the month of January “SGE withdrawals” accounted for 225 tonnes, down 1 % from December. After the first weekly SGE reports in 2016 did not disclose SGE withdrawal data and phone … Continue Reading arrow

Presentation Koos Jansen At Scotiabank

Presentation Koos Jansen At Scotiabank

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  • author Koos Jansen

I was invited by Scotiabank to speak about Chinese gold demand at their commodities outlook conference on 12 January 2016 in Toronto. Of course I was thrilled to come over and share what I’ve been studying for the past years – thanks again Scotiabank for inviting me! In my 20-minute presentation I could clearly explain … Continue Reading arrow

China Stops Publishing SGE Withdrawal Figures

China Stops Publishing SGE Withdrawal Figures

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  • author Koos Jansen

UPDATE 11 MARCH 2016: THE SGE HAS CONFIRMED TO CONTINUE PUBLISHING SGE WITHDRAWALS! My research into the Chinese gold market started in 2013 when I noted the significance of a number published on a weekly basis in the Chinese Market Data Weekly Reports on the website of the Shanghai Gold Exchange (SGE) regarding the amount … Continue Reading arrow

In China Everyone Can Buy Gold At The SGE

In China Everyone Can Buy Gold At The SGE

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  • author Koos Jansen

The Shanghai Gold Exchange launched a smartphone app for customers to trade gold. It’s advised to have read The Chinese Gold Market Essentials Guide before you continue. The main reason there is such a large discrepancy between Chinese gold demand as disclosed by the World Gold Council (WGC) and the amount of gold withdrawn from the vaults … Continue Reading arrow

Are SGE Withdrawals Gone?

Are SGE Withdrawals Gone?

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  • author Koos Jansen

Did the Shanghai Gold Exchange (SGE) just ceased publishing the weekly amount of gold withdrawn from the vaults? If so, the SGE has chosen to add another layer of secrecy over the Chinese gold market. As, SGE withdrawals provide a unique metric for Chinese wholesale gold demand. This started on 11 January 2016 when the SGE released the “Announcement on … Continue Reading arrow

A Thorough Examination Of Cross-Border Gold Trade Between Australia And China
The Chinese Gold Market Essentials Guide

The Chinese Gold Market Essentials Guide

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  • author Koos Jansen

Everything there is to know about the Chinese gold market and the true size of Chinese private and official gold demand. Start here. This post was updated in late 2017. This post will guide you through all relevant articles that have been published on BullionStar Blogs over the years that elucidate the mechanics of the Chinese (domestic) … Continue Reading arrow

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