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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.

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 Year to date 903 tonnes have been withdrawn.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

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

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

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

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

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

Zooming In On The Chinese Gold Lease Market

Zooming In On The Chinese Gold Lease Market

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  • author Koos Jansen

The primary reasons mainstream gold analysts (and the media) don’t use Shanghai Gold Exchange (SGE) withdrawals as an indicator for Chinese wholesale gold demand, are – after a few others have been tested – Chinese Commodity Financing Deals (CCFD). Regarding gold these financing operations can be be conducted through round-tripping or gold leasing. Because of the... Continue Reading arrow

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

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?

When Will China Disclose Its True Official Gold Reserves And How Much Is It?

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  • author Koos Jansen

Things are heating up in the Chinese gold market First let’s go through the latest Shanghai Gold Exchange data and then we’ll continue to discuss the most recent developments regarding Chinese official gold reserves. Friday the Shanghai Gold Exchange (SGE) released its trade report of week 11, 2015 (March 16 – 20). Withdrawals from the vaults, … Continue Reading arrow

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?

Will The Shanghai International Gold Exchange Facilitate Gold Inclusion Into The SDR?

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  • author Koos Jansen

The Shanghai International Gold Exchange (SGEI) was launched in September 2014, to internationalize the Chinese gold market and the renminbi. The timing of the launch is quite remarkable though, in the context of changes in the international monetary system (IMS). 2015 is likely to force a major shift in the IMS. Two developments are worth … Continue Reading arrow

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

UN Preparing For Global Sovereign Debt Restructuring

UN Preparing For Global Sovereign Debt Restructuring

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  • author Koos Jansen

An open letter to all pension funds The United Nations (UN) is preparing a Multilateral Legal Framework for Debt Restructuring Processes. At the highest level an orderly sovereign debt restructuring for developed countries is designed. As I’ve stated before on these pages, effectively the only thing Quantitative Easing (QE) can buy is time. Since 2008 our … Continue Reading arrow

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

China, Gold, SDRs And The Future Of The International Monetary System

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  • author Koos Jansen

Possibly China’s national currency will be part of the IMF’s Special Drawing Rights (SDR) this year. If so, this would have substantial implications for the international monetary system. Currently the SDR, which was invented in 1969 right after the London Gold Pool collapsed, consists of US dollars (41.9 %), Euros (37.4 %), Pound sterling (11.3 %) … Continue Reading arrow

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

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

1973 EU CB's Traded Gold In Secret At Free Market Price

1973 EU CB's Traded Gold In Secret At Free Market Price

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  • author Koos Jansen

Another piece of the puzzle The more I read about it the more clear it becomes that the euro, at first a monetary block in Europe, was spawned right after the US abandoned gold in 1971. The European Community (EC) block was the biggest threat for the US hegemony in the seventies, if Europe would unite it could break the … Continue Reading arrow

Austria Expresses Concern Over Their Gold At BOE

Austria Expresses Concern Over Their Gold At BOE

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  • author Koos Jansen

Yesterday the Austrian Court of Audit (Der Rechnungshof) released a report on the Austrian central bank’s official gold reserves audits (Austria holds in total 280.0 metric tonnes). This report contains (official) critical notes regarding the safekeeping of the Austrian gold. The report is written in German, but from being Dutch (my native language is similar to … Continue Reading arrow

SGE Chairman: India Will Become SGE’s Largest Partner

SGE Chairman: India Will Become SGE’s Largest Partner

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  • author Koos Jansen

The latest Indian Bullion Bulletin has just been released wherein the chairman of the Shanghai Gold Exchange (SGE) Xu Luode presents the SGE’s international ambitions – read below. The Chinese government regards the gold market as an indispensable component of China’s financial market and attaches great importance to its growth and development. The Shanghai International... Continue Reading arrow

Gold Meeting Nixon & Pompidou 1971, Azores

Gold Meeting Nixon & Pompidou 1971, Azores

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  • author Koos Jansen

President of France Georges Pompidou, President of the United States Richard Nixon and National Security Advisor of the United States Henry Kissinger met on December 13 and 14, 1971, at the Azores to negotiate the value (rigging) of gold and all other major currencies in the world at the time. Three months prior to the … Continue Reading arrow

SGE Withdrawals 59t in week 6, YTD 374t: Chinese Gold Soap Extended Another Season

SGE Withdrawals 59t in week 6, YTD 374t: Chinese Gold Soap Extended Another Season

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  • author Koos Jansen

The latest numbers from the Shanghai Gold Exchange (SGE) demonstrate a little over 59 tonnes have been withdrawn from the vaults in week 6 of 2015, down 0.35 % w/w. SGE withdrawals, which are often used as a proxy for Chinese wholesale gold demand, account for an amazing 374 tonnes year to date, up 17 … Continue Reading arrow

Willem Middelkoop: A New Gold Standard In The Making

Willem Middelkoop: A New Gold Standard In The Making

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  • author Koos Jansen

Written by Willem Middelkoop “Putin is the biggest gold bug”, was the title of a recent Bloomberg op-ed by Leonid Bershidsky the founding editor of Vedomosti, Russia’s top business daily. He explains why the Russian central bank has accumulated almost 100 tons of gold in the last four months of 2014. It is an acceleration … Continue Reading arrow

Koos Jansen vs WGC/GFMS/CPM Update

Koos Jansen vs WGC/GFMS/CPM Update

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  • author Koos Jansen

Recently Thomson Reuters GFMS released its global gold demand figures for 2014 in which they stated Chinese demand was 866 tonnes. I briefly expanded on why I didn’t agree with this number by a humongous margin in my post from January 30 – as Chinese supply was at least 1,834 tonnes. Followed by a post released January … Continue Reading arrow

SGE Withdrawals 59t in Week 5, YTD 315t. What is China Up To With All This Gold?

SGE Withdrawals 59t in Week 5, YTD 315t. What is China Up To With All This Gold?

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  • author Koos Jansen

The day after the World Gold Council (WGC) released Gold Demand Trends Full Year 2014 in which they audaciously pretend Chinese gold demand last year was 814 tonnes, we can read from the Chinese SGE trade report of week 5 withdrawals from the vaults have been 59 tonnes. Year to date (– February 6) withdrawals … Continue Reading arrow

Is The $/Yen About To Take A Swan Dive?

Is The $/Yen About To Take A Swan Dive?

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  • author Koos Jansen

When I looked at the chart of the $/Yen I recognized the formation immediately. Here is the current chart of $/Yen. Notice the breakout to the upside of a flat-bottomed triangle. Now where did we see something similar? This is a chart of GLD going back five years. Notice how GLD topped, formed a flat … Continue Reading arrow

Second Thoughts On US Official Gold Reserves Audits

Second Thoughts On US Official Gold Reserves Audits

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  • author Koos Jansen

This post is a sequel to “A First Glance At US Official Gold Reserves Audits”. What is not often covered in the media or blogosphere are the audits of the US official gold reserves stored at the US Mint, which is the custodian for 95 % (7716 tonnes) of the stash – nowadays also referred … Continue Reading arrow

Total SGE Withdrawals 255t In January, Up 4 % y/y

Total SGE Withdrawals 255t In January, Up 4 % y/y

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  • author Koos Jansen

In the last trading week of January another huge quantity of gold left the vaults of the Shanghai Gold Exchange (SGE). According to the latest SGE data nearly 54 tonnes were withdrawn in week 4 (January 26 – 30), down 24 % w/w. Year to date a staggering 255 tonnes has been withdrawn, up 4 … Continue Reading arrow

Belgium Denies To Repatriate Gold From The UK

Belgium Denies To Repatriate Gold From The UK

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  • author Koos Jansen

Belgian newspaper Het Nieuwsblad was reporting on Wednesday Belgium will repatriate 200 tonnes of gold from the Bank Of England (BOE). De Tijd is now stating the opposite, quoting the governor of the Belgian Central Bank (NBB) Luc Coene: The repatriation from the UK is not true…. There are other and more effective ways to … Continue Reading arrow

GFMS Reports Chinese Gold Trade Volume Incorrect By 100%

GFMS Reports Chinese Gold Trade Volume Incorrect By 100%

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  • author Koos Jansen

Thomson Reuters GFMS, one of the leading consultancy firms regarding precious metals supply and demand data has recently released the GFMS Gold Survey 2014 – Update 2. From the report: Thomson Reuters’ supply and demand data are collected and collated by our team of research analysts based in Australia, China, Europe, India and the USA within … Continue Reading arrow

Federal Reserve New York Gold Withdrawal Numbers 2014 Don’t Match Dutch-German Repatriation Claims

Federal Reserve New York Gold Withdrawal Numbers 2014 Don’t Match Dutch-German Repatriation Claims

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  • author Koos Jansen

From January to December 2014 the Federal Reserve Bank Of New York (FRBNY) has been drained from 176.81 tonnes of physical gold out of the foreign deposit accounts. A drop from 6,195.60 tonnes to 6,018.79 tonnes over 12 months, FRBNY data published on Friday showed. The FRBNY doesn’t disclose how much is withdrawn by which … Continue Reading arrow

BOOM: SGE Withdrawals Week 3, 2015: 71 tonnes!

BOOM: SGE Withdrawals Week 3, 2015: 71 tonnes!

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  • author Koos Jansen

As I wrote last time on data from the Shanghai Gold Exchange (SGE), in week 2 of 2015 withdrawals from the vaults of the SGE (that equal Chinese wholesale demand) came in extremely high at 70 tonnes; the third highest amount ever. In week 3 (January 19 – 23), though, the Chinese withdrew even more at … Continue Reading arrow

Netherlands Did Not Increase Gold Holdings In December

Netherlands Did Not Increase Gold Holdings In December

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  • author Koos Jansen

Many newswires are reporting the Dutch central bank has increased its gold holdings by 10 tonnes in December 2014. However, the increase in holdings is not shown on the balance sheet of the central bank of the Netherlands. Just a moment ago the Dutch central bank (DNB) officially denied the increase of its precious metals holdings. … Continue Reading arrow

India Silver Import 2014 At 7,063 Tonnes, Up 15 %

India Silver Import 2014 At 7,063 Tonnes, Up 15 %

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  • author Koos Jansen

India’s customs department, the Directorate General of Commercial Intelligence & Statistics (DGCIS), just released the QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES for December 2014. According to DGCIS the figures for December are provisional and subject to change, however, I’ve been tracking these quick estimates for months and they are reasonably accurate – compared to... Continue Reading arrow

Booming SGE withdrawals In Week 2, 2015: 70 Tonnes

Booming SGE withdrawals In Week 2, 2015: 70 Tonnes

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  • author Koos Jansen

Withdrawals from the vaults of the Shanghai Gold Exchange (SGE) in week 2 of 2015 (12 – 16 January) accounted for an incredible 70 metric tonnes. Aggregated withdrawals in the first two weeks of this year stand at 131 tonnes. Corrected by the volume traded on the Shanghai International Gold Exchange (SGEI), withdrawals in week … Continue Reading arrow

Will Gold Be Part Of A New International Monetary System?

Will Gold Be Part Of A New International Monetary System?

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  • author Koos Jansen

Anyone who has been paying attention to the global economy the past years can agree with me our central bankers have conducted miserable monetary policy and have taken insufficient measures to fight crises. All major economies have embarked in printing unprecedented quantities of money, but the only thing they bought was time. Quantitative easing on such a scale … Continue Reading arrow

Germany Repatriates 120 Tonnes Of Gold In 2014

Germany Repatriates 120 Tonnes Of Gold In 2014

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  • author Koos Jansen

The central bank of Germany, BuBa, has just released the numbers of their gold repatriation activities in 2014. More than expected the Germans shipped home 85 tonnes of gold from the Federal Reserve Bank of New York (FRBNY), previously BuBa hinted at withdrawing 30 to 50 tonnes from New York in 2014, from France 35 tonnes … Continue Reading arrow

Guest Post: I have a Theory On The Swiss Franc

Guest Post: I have a Theory On The Swiss Franc

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  • author Koos Jansen

I have had a theory about markets for as long as I have watched gold. The theory is everything is about gold. Well, maybe not everything but close enough. Which is why the move by the SNB had me look at the charts. And those charts tell me a story that is very different from … Continue Reading arrow

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