Koos Jansen
BullionStar Blogs
Koos Jansen
Posted on 11 Apr 2014 by

New Physical Gold Exchange In Singapore

I was tipped of by one of my readers on a new gold exchange operating in Singapore; Allocated Bullion Solutions Singapore. After taking a look on their website I asked their public relations desk for the details of their business. Websites can be incomplete and I wanted to be sure on what kind of exchange it was. They kindly responded whereupon a comprehensive Q&A followed.

 Allocated Bullion Solutions

Who are the customers of ABS?

ABS targets customers in the global investment sector.  We work with institutional clients like bank and non-bank dealers, refiners, private banks, financial institutions and fund platforms to enable them to offer physical gold to their clients.

What kind of products does ABS offer? (allocated accounts, unallocated accounts, futures, forwards, spot contracts, deferred trading, leasing, etc.)

We facilitate physical gold trading for 1Kg and large format LBMA good for delivery bars and coins (subject to minimums) in any loco location.

What will the unique services be of ABS?

ABS provides end-to-end solutions to the investment sector for physical gold trading. Our model is based on leveraging established processes, solutions and best in class technology partners that exist for other asset classes and bringing them to the physical gold sector.

Can customers take physical delivery? If so, is that only in Singapore or also in other places?

We are based in Singapore, however via our global liquidity relationships and logistic/custodian partners, we can facilitate physical gold trading for delivery in any location where they operate.

Will customers of ABS be able to trade 24 hours a day?

We are a hybrid voice and electronic broker. We are live as a voice broker and have just launched the beta of our electronic platform. We support our client’s time zone requirements.

Singapore bay ABS

Does ABS have its own vaults?

No. We support our client’s current custodial arrangements. Alternatively for those that do not have such arrangements, ABS can act as custodian with LBMA vaults and depositories as sub-custodians.

What are the targets of ABS?

According to World Gold Council reports published for the full year 2013, investment demand for physical gold was approximately 1,600 tonnes, an increase of 15% compared to 2012. We want to facilitate the growing demand for physical gold in Asia.

In what currencies will ABS bullion be quoted?

 

Currently, all prices are quoted in USD.

What kind of trade data (volume, delivery, etc) will ABS publish on its website?

Physical gold bar (1kg/ 400oz) prices.

What was the incentive to start ABS?

Asia’s growing demand in physical gold bar investment with a lack of infrastructure in the region to support this area.

How will trading be conducted on ABS? Open-outcry, electronic or by phone?

Trades are currently conducted via voice brokerage system. Electronic trading will be available when our institutional trading platform is launched.

Click here for the latest brochure from ABS.

In Gold We Trust

Koos Jansen
E-mail Koos Jansen on:

  • Zhanglan

    How much did,that,”Associate” bullion dealer have to pay you to run that infomercial? If that is an Exchange, then I am a Chinaman

    What next? “Buy Silver!” no doubt

    • In Gold We Trust

      They didn’t pay me anything. It was my interest in their business. It’s what I do remember, report on the gold market, mainly Asia.

      Thanks for sharing your opinion, again, on the quality of this website.

      • TheCitizensColumn
      • http://goldchat.blogspot.com/ Bron Suchecki

        I believe Koos when he say he was just interested in this new business, however I think Koos you need to be a bit more journalistic and not take someone at their words.
        There is no way this business fits the definition of an exchange, in that it does not allow direct client to client trading (see answer to you question where they say they are a “broker”).
        I don’t think one has to be regulated to be an exchange. In that respect I think the only true non mainstream, non formally regulated precious metal exchange is Bullion Vault.

        • In Gold We Trust

          Before publishing the article I indeed never doubted the fact if they were an exchange or not. Perhaps I haven’t thought long enough on the definition of an exchange. I learn every day.
          In my contact with them they haven’t denied being an exchange. However, I sent them a link to this final article adding that there is serious doubt in the gold industry if they are an exchange. I asked them to join the debate here if they would like to speak up for themselves, but no sign of them yet…

    • In Gold We Trust

      BTW, if you would like to share your thoughts why this isn’t a exchange please let us know. I will confront Huan Qi, from ABS, if you have a point.

      • Zhanglan

        “Allocated Bullion Solutions Pte Ltd (ABS) is a Singapore limited
        liability private company that provides its clients a platform to buy,
        store and sell precious metals with LBMA accredited partners. …… we are not an MAS regulated entity. ….. ABS uses LBMA partner vaults as sub-custodians to store the precious metals.ABS does not itself carry any inventory. All bullion is purchased or sold on behalf of clients.”

        http://allocatedbullion.sg/en/about-us

        As you well know, Koos, I currently work for an exchange in Singapore – that is how I know this isn’t one http://sgx.com/wps/portal/sgxweb/home/regulation/overview

        • In Gold We Trust

          Mark O’Byrne also expressed its doubts about this exchange (on Google +).

          https://plus.google.com/u/0/100771708017435172451/posts/LzLcn4jHRr7?cfem=1

          Maybe you guys are right, the only sources I have is their site, the brochure, and my contact with their PR person Huan Qi. You both (Zhanglan and O’Byrne) have been working in the industry longer than me. Your comments raises concern not to be denied. If this exchange turns out to be fake, I will certainly make a publication about it.

          • Zhanglan

            Make sure you cash the cheque first

          • In Gold We Trust

            I’m really trying to be discrete to you, but if you keep accusing me of being a liar without any evidence, I would like to ask you to stop commenting here. Why don’t you start your own blog where you can publish your opinion on who is a charlatan and why?

          • houtskool

            SRSRoccoreport had some issues with ‘fake’ posters. I’m not saying Zhanglan is ‘fake’, but your site was under DOS attacks also. Watch your back Koos. On SRS one poster commented with 3 different nicks, Steve found out, trying to discredit him and his site.

            En succes met je site, bedankt.

          • Zhanglan

            Koos is fully aware of my identity, and this is the first comment I have posted here for several weeks after he and I fell out over a series of advertisements and a mock interview he ran promoting investment in Silver

          • houtskool

            Well, undermining the competition by calling yourself an ‘exchange’ is not a bad thing. I would do that…

            Cheap comments about cashing cheques is not contributing to a discussion. So start your own fucking blog.

          • Zhanglan

            You have left me in no doubt that you would indeed “do that” (even though it is deceptive and – in Singapore at least – illegal)

            In passing, my sexual exploits are a private matter, and not suitable for publication online

          • houtskool

            ;-)
            Comex & LBMA are illegal also. Until fiat fails it will remain a mess, controlled by you know who. Thanks for your reply, maybe you’re not that bad.

          • Mars Ipan
          • Mars Ipan
        • Mars Ipan

          All from http://www.splcenter.org/blog/2014/04/10/anti-government-patriots-gather-near-scene-of-nevada-ranchers-dispute-over-cattle-grazing-rights/

          bwd1967 Shadow Wolf • 2 days ago

          Except for the white trash in the video never had any legitimate
          claim to that land. The Dawes Act was the wholesale rip off of the
          reservations by “allotment” saying that only a certain person should
          have 40 acres. What was considered “surplus” was seized by the feds and
          makes up the majority of the BLM lands today. The Native Americans have
          legitimate claims that they can pursue in federal court. These idiots
          don’t have a pot to piss in. Like I said above, if they had tried that
          on an Indian reservation it would not have ended that well for them.

          ——————

          Supersonic250 crazy farm girl • a day ago

          Seems your name is right, with emphasis on the CRAZY, although
          maybe it should be STUPID Farm Girl. This isn’t a State’s Rights issue,
          not that there’s such a THING as a state’s rights issue. The states have
          no rights except that which the Federal government gives them.

          ————–

          Beaufighter • 2 days ago

          Defending a duplicitous rich man they’d never heard of until this week for a profit they’ll never see a dime of. Useful idiots.

          ————-

          Sarah Morison • 2 days ago

          Our homegrown terrorists and gun nuts are of a far greater danger
          to us than foreign terrorists. It was only a matter of time — when you
          have irresponsible media fanning the flames of paranoia

          ————

          Supersonic250 • 2 days ago

          And what happens when the National Guard, or worse, the Army
          rolls in on these fools? …Probably a lot of hilarity as these idiots
          run screaming in terror, not having the balls to actually fight someone
          who could fight back…I’ll bring the popcorn if you bring the soda.
          Nothing like watching a buncha cowardly hypocrites get what’s coming to
          ‘em to provide a good day’s entertainment.

          ————–

          Jack Martinez Guest • a day ago

          I seen the kind of people showing up. A bunch of fat virgins who
          watch too much Fox News and own guns they are not trained to use… And
          their 70 year old dads who can barely pick up a gun as it is.

          —————-

          bwd1967 • 2 days ago

          What a bunch of inbred trash. You don’t like the federal laws and
          fees… go buy your own land to graze on. I think the federal officers
          showed more restraint than they should have. I was hoping that obnoxious
          blonde was going to get zapped. Oh well.

          ————–

          Henry Plantagenet • 2 days ago

          So these white-trash protesters realize that they are paying higher taxes because this schmuck refuses to pay his?

          ————–

          jWd • 2 days ago

          LOL, bring it on fools.. These idiots have the adacity to call
          themselves patriots? I would say traitors at best. This would be the
          perfect opportunity to try out one of our new drones…

          ————–

          progressiveandproud • 2 days ago

          Another jackass who thinks he can do what he wants and when he’s stopped, screams “Oppression”!!!!!

          He’s not the only person involved in the issue; he’s just the
          only one who thinks he’s special and doesn’t need to follow the law.
          Shoot everyone of them and be done with it.

          ————-

          JKess

          anti-government treasnous ***heads..meet US army

        • Day Starr

          Tyler Durden: Curious what the fate of the petrodollar is? Look no
          farther than an Interfax update blasted moments ago by Bloomberg:
          “Gazprom Considers ‘Symbolic’ Yuan Bond Issue, Interfax Says.” Bloomberg
          adds that the gas giant is considering proposals from potential
          organizers to market bonds in yuan, Interfax reports, citing people with
          knowledge of the matter. Gazprom unlikely be able to gain more than
          $300m due to market volume, Newswire reports. There are no mandates or
          deal timelines yet. The bond issue may add new investors and become a
          “topical” public relations act amid tensions with the U.S. and the EU.
          Well, yes. It’s called “symbolic” for a reason. More importantly, it is a
          symbol of what happens when one can “create” money de novo without the
          presence of the world’s increasingly defunct reserve currency, either
          secured by gas or by future cash flows, i.e., unsecured.

          Zero Hedge: In a victory for banks, global financial regulators
          backed away from earlier guidelines that the firms had warned would
          destabilize the $693 trillion derivatives market. The Basel Committee on
          Banking Supervision’s final rule, released today, will require banks
          that broker swaps trades to set aside much less money to protect against
          a default versus a proposal published last year. The plan now applies a
          minimum 20 percent risk weighting to money deposited at clearinghouses,
          which are third-party guarantors that back the transactions, down from
          1,250 percent in the original proposal. The change takes effect on Jan.
          1, 2017.

          James Rickards (jimrickards): James Rickards, author of the new book,
          “The Death of Money,” foresees big inflation because the U.S. dollar’s
          buying power will shrink. Rickards predicts, “Imagine gas at $20 a
          gallon and bread at $10. That’s what we’re talking about.” So, if big
          inflation is coming, what about gold? Rickards says, “When I say the
          price of gold is going to $7,000 or $9,000 per ounce, which I expect it
          will, what I am really saying is the dollar is going to collapse 80% or
          90% or more.” It did in the 1970’s. None of this is unprecedented. It
          all happened before.” Rickards says, “When a collapse happens it will
          happen quickly. You won’t see it coming. There won’t be time to run out
          and buy gold, and it probably will not even be available at that stage.
          You need to prepare now.”

          Michael Snyder (The Economic Collapse) – Part 3 of 6. Signs that most
          Americans are completely unprepared for the coming economic collapse:
          #3 Another study found that less than one out of every four Americans
          has enough money stored away to cover six months of expenses. #4 Some
          people are actually trying really hard to get ahead, but admittedly that
          is really tough to do when we are all being taxed into oblivion. In
          fact, it was reported this week that Americans now spend more on taxes
          than they spend on food, clothing and housing combined.

          ****************

          Harvey’s comments on Thursday price action (basis 1:30 PM EST)

          Quote:

          Gold closed up $14.60 at $1320.10 (Comex to Comex closing time).

          Silver was up 28 cents to $20.08.

          In the access market tonight at 5:15 PM:

          Gold: $1319.00

          Silver: $20.05

          Wednesday, Apr 9th Gold and Silver Action (basis 1:30 PM EST)

          http://harveyorgan.blogspot.com/2014/04/april-10slight-downward-change-in-gld.html

          Total, Apr (Gold), May (Silver), Jun (Gold) Open Interest

          In silver:

          Quote:

          The total silver Comex OI surprisingly rose again by an astonishingly
          high 3,672 contracts as silver was down in price to the tune of 29
          cents yesterday. The total OI now rests tonight at 162,988 contracts. It
          is surprising that we are nearing record levels of open interest
          happening at the same time as silver is down 61% from its all time high
          of $49.00 per oz. There is no doubt that some entity is trying to corner
          the silver Comex. They are patient waiting for their signal to take
          delivery on all of their silver longs that they have dutifully collected
          over the past 2 years. The April contract month saw it’s OI
          surprisingly rise by 20 contracts up to 28. We had 2 notices served upon
          yesterday so in essence we gained 22 silver contracts or 110,000
          additional ounces will stand for the April contract month. The big May
          contract month saw it’s OI fall by only 376 contracts down to 79,035. We
          have 3 weeks before first day notice and the OI for May is extremely
          high for this time in the delivery cycle.

          In Gold:

          Quote:

          The total gold Comex open interest fell today by 1217 contracts from
          365,400 down to to 364,183 with gold down by $3.20 yesterday (during
          Comex hours..it rose in the access market after news on the beige book).
          The big active contract month is April and here the OI fell by another
          174 contracts to 847. We had 137 contracts served yesterday, so we
          lost another 37 contracts or 3700 oz that will not stand. The next non
          active delivery month is May and here the OI fell by 333 contracts down
          to 2,171. The next big active delivery month is June and here the OI
          fell by 2036 contracts. The OI for June stands at 229,364. The
          estimated volume today was pitiful at 122,244 contracts .

          [SIZE=”3″]Volume[/size]

          In Silver:

          Quote:

          The estimated volume today was an unbelievable 79,017 contracts. The
          confirmed volume yesterday was a monstrous at 83,498 contracts. (in oz,
          yesterday’s level is 417.4 million oz or approximately 50% of annual
          silver production globally. Thus in the last two days over 100% of
          annual silver production traded at the Comex. Makes sense to
          me!contracts.

          In gold:

          Quote:

          The estimated volume today was pitiful at 122,244 contracts. The
          confirmed volume yesterday was just as bad at 139,602. The CME has
          scared away many of the gold traders.

          Total, Apr (Gold), May (Silver), Jun (Gold) Open Interest

          In silver:

          Quote:

          The total silver Comex OI surprisingly rose again by an astonishingly
          high 3,672 contracts as silver was down in price to the tune of 29
          cents yesterday. The total OI now rests tonight at 162,988 contracts. It
          is surprising that we are nearing record levels of open interest
          happening at the same time as silver is down 61% from its all time high
          of $49.00 per oz. There is no doubt that some entity is trying to corner
          the silver Comex. They are patient waiting for their signal to take
          delivery on all of their silver longs that they have dutifully collected
          over the past 2 years. The April contract month saw it’s OI
          surprisingly rise by 20 contracts up to 28. We had 2 notices served upon
          yesterday so in essence we gained 22 silver contracts or 110,000
          additional ounces will stand for the April contract month. The big May
          contract month saw it’s OI fall by only 376 contracts down to 79,035. We
          have 3 weeks before first day notice and the OI for May is extremely
          high for this time in the delivery cycle.

          In Gold:

          Quote:

          The total gold Comex open interest fell today by 1217 contracts from
          365,400 down to to 364,183 with gold down by $3.20 yesterday (during
          Comex hours..it rose in the access market after news on the beige book).
          The big active contract month is April and here the OI fell by another
          174 contracts to 847. We had 137 contracts served yesterday, so we lost
          another 37 contracts or 3700 oz that will not stand. The next non active
          delivery month is May and here the OI fell by 333 contracts down to
          2,171. The next big active delivery month is June and here the OI fell
          by 2036 contracts. The OI for June stands at 229,364.

          Volume

          In Silver:

          Quote:

          The estimated volume today was an unbelievable 79,017 contracts. The
          confirmed volume yesterday was a monstrous at 83,498 contracts. (in oz,
          yesterday’s level is 417.4 million oz or approximately 50% of annual
          silver production globally. Thus in the last two days over 100% of
          annual silver production traded at the Comex. Makes sense to
          me!contracts.

          In gold:

          Quote:

          The estimated volume today was pitiful at 122,244 contracts. The
          confirmed volume yesterday was just as bad at 139,602. The CME has
          scared away many of the gold traders.

          Inventory Numbers

          In Silver Inventory:

          Quote:

          Today, we had good activity inside the silver vaults

          We had 0 dealer deposits and 0 dealer withdrawals:

          Today dealer withdrawals: nil oz.

          Total dealer deposit: nil oz.

          We had 3 customer deposits:

          i) Into CNT: 589,004.80 oz

          ii) Into Brinks: 200,713.10 oz

          iii) Into Delaware: 334,114.594 oz.

          Total customer deposit: 1,123,832.494 oz.

          We had 0 customer withdrawals:

          Total customer withdrawal: nil oz.

          We had 0 adjustments:

          Registered (dealer) silver: 53.436 million oz

          Total of all silver: 178.347 million oz.

          In Gold Inventory:

          Quote:

          We had 0 dealer withdrawals.

          Total dealer withdrawals: nil oz.

          We had 0 customer deposit today

          Total customer deposit: nil oz

          We had nil customer withdrawals:

          total customer withdrawal: nil oz

          Today we had 0 adjustments

          Thus tonight, we have the following JPMorgan inventory levels in gold:

          JPM dealer inventory remains tonight at 317,060.418 oz or 9.861 tonnes.

          Today, 0 notices were issued from JPMorgan dealer account and 0
          notices were issued from JPMorgan’s client or customer account. The
          total of all issuance by all participants equates to 16 contracts of
          which 3 notices were stopped (received) by JPMorgan dealer and 6 notices
          stopped by JPMorgan customer account.

          The Total dealer Comex gold remains tonight at 803,808.511 oz or
          25.00 tonnes of gold. The total of all Comex gold (dealer and customer)
          rests at 7,759,543.962 oz or 241.35 tonnes.

          Tonight, we have dealer gold inventory for our 3 majorbullion banks
          (Scotia, HSBC and JPMorgan) with their gold inventory resting tonight at
          only 19.514 tonnes:

          i) Scotia: 157,966.367 oz or 4.913 tonnes

          ii) HSBC: 152,404,838 oz or 4.740 tonnes

          iii) JPMorgan: 317,060.418 oz or 9.861 tonnes

          Total: 19.514 tonnes

          Brinks dealer account, which did have the lion’s share of the dealer
          gold, saw its inventory level rises tonight to 152,591.089 oz or 4.746
          tonnes. Several months ago they had over 13 tonnes of gold in its
          registered or dealer account.

          Delivery Notices

          In silver:

          Quote:

          The CME reported that we had 14 notices filed for 70,000 oz today.

          In gold:

          Quote:

          Today we had 16 notices served upon our longs for 1600 oz of gold.

          Contracts Left To Be Delivered + Month-To-Date Summary

          In silver:

          For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

          http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

          In silver:

          Quote:

          To calculate what will stand for this non active delivery month of
          April , I take the number of contracts served for the entire month at
          491 x 5,000 oz per contract or 2,455,000 oz to which we add the
          difference between the OI standing for April (28) minus the number of
          contracts served today (14) x 5,000 oz.

          Thus in summary:

          491 contracts x 5000 oz per contract (served) or 2,455,000 oz + (28)
          OI standing for April – (14) number of notices filed today x 5000 oz =
          2,525,000 oz. This is rather large for a non active delivery month.

          We gained 110,000 additional silver ounces today for the April silver contract month.

          In gold:

          Quote:

          In order to calculate what will be standing for delivery in April, I
          take the number of contracts served so far this month at 4423 x 100 oz =
          442,300 oz and add the difference between the number of OI for the
          front month (847) minus the number of notices filed today (16)

          OI Summary:

          4423 notices x 100 oz per contracts already served this April month
          or 442,300 oz + (847) the OI for the front April month – the number of
          notices served today (16) x 100 oz = 525,400 oz, the number of oz
          standing for the April contract month (16.34 tonnes). We lost 3,700 oz
          of gold that will not stand in the April contract gold month.

          Dealer Inventory Summary:

          i) The total dealer inventory of gold settles tonight at a level of 25.000 tonnes.

          i) a) JPMorgan’s customer inventory rests tonight at 1,030,042.709 (32.04 tonnes).

          ii b) JPMorgan’s dealer account rests tonight at 317,060.418 oz (9.861 tonnes).

          iii) The 3 major bullion banks (JPMorgan, HSBC, and Scotia) have
          collectively only 19.514 tonnes of gold left in their dealer account,
          and what is totally remarkable is the fact that little gold entered the
          dealer Comex vaults despite December and February and now April are the
          busiest months for the gold calendar. Another oddity is that the only
          gold that does enter the customer account are kilobars and kilobars are
          generally of demand from Eastern persuasion.

          Select Commodity Prices

          The Bloomberg Baltic Dry Index (BDI) was 1,029.00, down 3.02%. WTI
          May crude was 103.35 down 0.01. Brent crude was 107.46 down 0.52. The
          spread between Brent and WTI was 4.11 down 0.51. The 30 year US Treasury
          bond was down 0.0700 at 3.5000. The 10 year T-Note was down 0.0500 at
          2.6300. The dollar was down 0.11 at 79.41. The PPT/Dow was 16170.22 down
          266.96. Silver closed at 20.03 up 0.18. The GSR was 65.8063 down 0.3045
          oz of silver per oz of gold. CIA’s Facebook was 59.16 down 3.25
          (5.21%). May wheat was down 6.75 at 662.250. May corn was down 1.00 at
          501.25. June lean hogs were down 0.600 at 121.150. May feeder cattle
          were down 0.550 at 179.675. May copper was up 0.008 at 3.045. May
          natural gas was up 0.069 at 4.655. June coal was up 0.13 at 60.58.

          Thank you for reading the Harvey Report!

          There is much more on Harvey’s blog http://harveyorgan.blogspot.com.

          Goooood day!

          **************

          __________________

          http://www.tfmetalsreport.com/forum/4132/harvey-organ-should-be-interesting-read-toda

      • Day Starr

        This is DayStar (DS) with the Thursday Harvey Report.

        News and Commentary

        Jim Willie (via SilverDoctors): A global clash of nations is in full
        gear. The time is finally right. The urgency is acute. The banking
        system insolvency is widespread. The illiquidity has reached the
        surface. The geopolitical chessboard has busy movements of many pieces,
        even with a delayed check in Ukraine after a devious capture of the
        Cyprus castle but not the Syrian knight. The Saudi support via OPEC for
        the Petro-Dollar has fallen out of view, dragging its pummeled chin on
        the desert sands. The Eastern superpowers are marching arm in arm, ready
        to challenge the West. It seems the Western leaders, in particular the
        robot sock puppets of the Untied States, see the end of the USDollar.
        They appear to wish to lay blame on Russia for the death of the dollar.
        The global rejection began with the Iran sanction workarounds, where
        India bought Iran’s oil & gas, but paid with Turkish gold, delivered
        to Tehran banks. The global rejection will achieve escape velocity with
        the acceptance of Russian Rubles for its energy products. The global
        rejection will achieve additional escape velocity with the acceptance of
        Chinese Yuan payments for Saudi crude oil (then all OPEC oil). Coming
        is the launch of both the gold-backed Russian Ruble and the gold-backed
        Chinese Yuan. The global rejection will be final, and the funeral will
        be announced.

        Harvey: Gold and silver advanced today but still they were held in
        check by our banker friends. The world is beginning to understand that
        the Fed has no clue as to how they can get growth out of the USA
        economy. This is putting a torch under gold as the stupid bankers
        believe that more monetary stimulus is underway. You will note from
        China, even though they are having massive problems, the Chinese
        leadership will not engage in added stimulus. In other news, the big
        news Gazprom will price a new bond issue in yuan. This is not very good
        news for the USA dollar. Also tensions are escalating to a very high
        pitch in Eastern Ukraine. The front one month GOFO’s rates went into
        backwardation with a negative GOFO. However the rates are so low in all
        months, as it is still signaling a lack of London good delivery bars
        that the criminal bankers use to attack gold. GLD: Gold lost 0.26 tonnes
        today and stands at 806.22 tonnes. SLV: Silver was unchanged and stands
        at 10,228.97.

        SRSrocco (srsroccoreport): Something interesting took place at the
        Comex and Shanghai silver warehouses over the past month. Silver stocks
        at both these warehouses peaked at about the same time, March 10th.
        However, for the past month, a substantial amount of silver was removed
        from both warehouses. Total silver inventories at the Comex grew from
        160 million ounces in September of 2013, to 183.3 million ounces on
        March 11th. This was a 23 million oz build in seven months. In just one
        month after the Comex inventories peaked (March 11th), 6.1 million oz of
        silver were withdrawn. This is the largest one month decline in over a
        year. Now, if we look Shanghai Silver Stocks, we see the same trend.
        During the same time period the Comex saw its inventories decline 6.1
        million oz, the Shanghai silver stocks declined from 566 metric tons
        (March 10th) to 373 metric tons today. Thus, there was a net withdrawal
        of 193 metric tons of silver from the Shanghai inventories. We have 6+
        million oz withdrawals from both warehouses at the same time period. It
        will be interesting to see how events in the world unfold in 2014 as
        Russia and China develop their financial markets around the U.S. Dollar.
        I imagine silver at $20 an ounce will seem like a steal a few years
        down the road.

        • Day Starr

          Investment Research Dynamics: It is becoming increasingly clear – at
          least to me – that the U.S. economy is now a walking corpse. The housing
          market is about to go into free-fall like it did starting 2006. How do I
          know this? Because of the exhaustive analysis I’ve been doing on the
          housing market data and because the homebuilder stocks are now diverging
          significantly to the downside from the rest of the stock market. The
          homebuilder stocks behaved this way starting in mid-2005, about 6 months
          before housing market reflected the deteriorating fundamentals of the
          housing market back then. The homebuilder stocks similarly peaked in May
          2013. There is a big “accident” in motion for which impact could occur
          at any time. The stock market action from Friday thru Tuesday is an
          obvious signal. The quick reversal from its recent dead-cat bounce is
          another. The dollar is in big trouble and the Fed is trying desperately
          to fight that by suppressing the metals. When that fails, I bet we’ll
          see an escalation in military operations.

          SHTFplan: Word on the street from sources close to the militia
          movement is that up to 5,000 armed militia members will be arriving in
          Bunkerville, Nevada sometime today. SHTFplan.com Editor’s Note: It is
          apparent that the Federal government was under the impression that they
          could simply move into the ranch land surrounding Bunkerville, NV and
          have their way with the property and livelihood of the Bundy family.
          What they didn’t count on was the outcry from Americans across the
          country. And now things may be headed to the next level. As Kim Paxton
          of The Daily Sheeple notes, citizen militias in several states have been
          called up. Many members of those organizations are taking up arms and
          are making their way to Nevada. And it’s not just the citizen militias
          that are preparing to take action. The governor of Nevada has officially
          condemned the federal government’s actions, though he has yet to take
          any steps afforded to him under State law. Sheriff Richard Mack of
          Gilbert, Arizona has weighed in and calls the actions “terrorism.” At
          last count there were some 200 federal agents from various agencies on
          the ground in Nevada and it appears that hundreds, perhaps thousands, of
          armed militia members will soon arrive to confront them. The Federal
          government will no doubt step up their efforts, as they are facing the
          possibility of a widespread rebellion resulting from their actions
          against a private citizen whose only “crime” was to graze his cattle on
          the land his family has used for this purpose for over a century. It
          would not be at all surprising to see the President of the United States
          call up National Guard troops and more militarized law enforcement
          officials for fear of having this spiral out of control. A declaration
          of martial law to go along with already established First Amendment
          Areas is not out of the question. We may well be on the cusp of a
          serious stand-off involving thousands of people. Keep in mind that most
          of them will be armed. Given the circumstances, things could turn very
          bloody very quickly.

          Silver Doctors: Former Assistant Treasury Secretary, Dr. Paul Craig
          Roberts says, “Gold and the dollar are in a fight to the death.” Dr.
          Roberts explains, “The Fed, in order to save a handful of banks too big
          to fail that are the mindless deregulation of the 21st century, the Fed
          has had to create a tremendous number of new dollars. Despite the fact
          the price of gold has been pushed down since 2011, it still has about
          the highest rate of return of just about anything in the 21st century.
          The Federal Reserve, in order to protect quantitative easing, which is
          necessary to save the banks, began manipulating the gold price in a new
          and more intense way. They used their bullion banks to short the gold in
          the Comex futures market. The trouble with this policy is that it’s
          been going on long enough that it’s being recognized by people who
          formerly thought ‘the Federal Reserve would never do anything like
          that.’ Of course they would and people are catching on.” Dr. Roberts
          goes on to say, “This is why the Federal Reserve is so irresponsible.”
          So are the Fed and Obama Administration trying to crash the dollar on
          purpose? Dr. Roberts says, “No, they are just stupid and arrogant. . . .
          If you add up the IQ of the White House and you add up the IQ of the
          Fed and multiply it by a thousand trillion it might equal 50. These are
          stupid policies designed to completely destroy the U.S. dollar. . . . I
          don’t think the United States can win the war against gold.” DS: Dr.
          Roberts says O is irresponsible and stupid and backs it up by
          hyperbole. If frustration is the basis for saying the administration is
          stupid, when clearly their campaign and MOPE is not, and their
          operations to destroy the dollar are right out of Saul Alinsky’s Rules
          for Radicals (“There is only one way to kill capitalism – by taxes,
          taxes, and more taxes” – Karl Marx), I would say crashing the dollar is
          more likely purposeful rather than due to stupidity.

          Lawrence Williams (Mineweb): Silver investors will have been a little
          disappointed by the metal’s performance vis-a-vis the gold price
          following the latter’s gains after the release of the latest U.S. FOMC
          meeting minutes. The minutes suggested that the low interest rate regime
          may well continue longer than expected and resulted in a major boost to
          the stock market and a significant uptick in the gold price. But it had
          rather less impact on silver which initially remained stuck below the
          $20 mark, although this morning’s trade has at last see it move up above
          this mark. Perhaps European investors are less pessimistic about
          silver’s investment credentials. Now silver usually moves with gold, but
          in a more exaggerated manner so the silver investors could have been
          forgiven for expecting that the near 2% rise in the gold price since
          Tuesday would be accompanied by an even greater rise in silver in
          percentage terms. This may yet happen should the gold price continue its
          latest mini-surge, but silver has been more volatile and indeed the
          price actually fell back sharply on some adverse comment in the U.S.
          before recovering quite well in this morning’s trade… But over the same 3
          day period that gold rose the 2% mentioned above the silver price was,
          in effect, following a very sharp temporary dip yesterday. The prospects
          for silver to perform better than gold remain strong. However it should
          be borne in mind too that silver is a very small market in the overall
          scheme of things and thus perhaps more subject to potential market
          manipulation than for any other major traded metal we know as it does
          not take a lot of money to move the market up or down. This will
          continue to make investment in silver probably more risky than in gold –
          it’s not known amongst traders as the Devil’s metal for nothing.

          DS: There is a great deal of dark gold that has been
          sequestered in hidden hoards (e.g. the Knight’s Templar gold, Solomon’s
          treasure, Golden Lily, etc.) for millennia, and a lot of it briefly
          came to light during WWII. Some of this dark gold is probably being bled
          into the system to support the present gold market. Unfortunately for
          the elites, no such stashes exist for silver, as vast quantities of
          silver have been consumed in industrial processes, and that silver is
          unrecoverable at today’s prices. We also note that even though silver is
          a much smaller Comex market than gold, retail sales of silver are
          greater dollar wise than gold. The claim that silver is just an
          industrial metal because central banks don’t hoard it or don’t use it in
          monetary transaction is just a claim. Silver was used as a currency as
          late at the 20th century, and it probably still would be if the elites
          had not forced it out of circulation so they could steal the wealth of
          the world through a pure fiat system. Silver is hoarded as a monetary
          metal the world over by the same people that value gold as a store of
          wealth. The idea that silver is a primarily an industrial metal is pure
          MOPE. The facts speak for themselves, and the facts say people value
          silver as a store of wealth. On a different note, I had a thought today
          regarding the Chinese and their gold accumulation. China is clearly
          accumulating vast quantities of western gold while the West watches it
          disappear into Chinese vaults. I recently read an article about the
          Nationalist Chinese exporting their gold to the Fed before Mao Tse Tung
          and the Japanese could get it. Rumors of tens of thousands of tonnes of
          dark gold being shipped to the West in exchange for enormous amounts of
          US Treasury bonds and western repatriation of Yamato’s Treasure of
          looted eastern gold have floated around the web for decades. What if
          these rumors are more fact than fiction? Would not China wish to have
          the gold returned that was stolen from them? What if the replacement of
          this vast quantity of lost dark gold with economically visible gold was
          the price for China not crashing the fiat system? The flow of gold to
          China may in fact be a form of repayment for this lost gold.

          Hubert Moolman (HubertMoolman): We are about to see the end of our
          current international monetary system. Based on the evidence, this
          appears to be a certainty. The systematic build-up of this current
          monetary order went together with the gradual phasing out of silver from
          the monetary order. The rise of silver and the collapse of the monetary
          system is inescapably linked. Therefore, if the collapse of the
          monetary system is not orderly, then the rise of silver’s value will not
          likely be orderly. Collapse by definition suggests: to break or fall
          suddenly. This would suggest that when the time comes, silver will
          explode higher suddenly; for example, it could be possible that it rises
          $10, $20, $100 a day, until you can suddenly not buy it with fiat
          money. Interestingly, that actually means that silver and gold will
          reach the same price in fiat currency. So, if you are buying physical
          silver to hedge against the collapse of the monetary system, you are not
          buying it, and looking for the price to rise to about $30 at the end of
          this year. No, you are expecting a sudden explosion of price, you just
          do not know exactly when. The approach of the silver “stackers” is
          therefore, the best approach, given that a monetary collapse is
          inevitable. The rise of silver and the collapse of the monetary system
          is inescapably linked. Therefore, if the collapse of the monetary system
          is not orderly, then the rise of silver’s value will not likely be
          orderly. Collapse by definition suggests: to break or fall suddenly.
          This would suggest that when the time comes, silver will explode higher
          suddenly; for example, it could be possible that it rises $10, $20, $100
          a day, until you can suddenly not buy it with fiat money.
          Interestingly, that actually means that silver and gold will reach the
          same price in fiat currency. There are more indicators that support the
          likelihood of a sudden and massive spike in silver due to collapse of
          the monetary system.

          Jay Taylor (via The Gold Report): I don’t know about QE lasting
          forever, because nothing lasts forever, but the premise is largely
          correct, because the discontinuation of quantitative easing would be so
          painful it’s a pretty good assumption that it will continue for a long
          time to come. It will probably end only when the system breaks down,
          which is inevitable because it is becoming increasingly insolvent. The
          private sector too is dependent on the narcotic of easy money. As I say,
          QE and ZIRP won’t end until the system breaks down and forces the
          creation of a different monetary regime. What we call “the economy” is
          really more of a casino. The money that is created isn’t getting into
          the real economy. The Wall Street guys with the Ph.Ds in mathematics
          have built pick-pocketing machines that misallocate capital into their
          wallets, into endlessly bigger government and further military action on
          the part of the United States. It’s going to end very badly. All we can
          do is try to prepare as best we can to protect ourselves and our
          families. We saw the first hint of the break down of the system with the
          Lehman Brothers bankruptcy in 2008. Generally, the banking system goes
          first. They can pretend that they’ve fixed it, but I see that Citicorp
          just failed its stress test. After the banking system fails, the
          commercial system fails because you can’t stock the shelves in stores.
          Then you can’t pay the fire and police departments. Then you have chaos.

          Mark O’Byrne (GoldCore): Gold extended gains to a third session
          today, scaling to fresh two week highs above $1,320/oz. Silver surged
          2.5% to $20.26/oz. Gains were due to geopolitical tensions, dovish
          sounds from the Fed and the very poor exports data from China which led
          to concerns about the Chinese and global economy. Minutes from the
          Federal Reserve’s policy meeting which showed that officials were not
          keen on increasing interest rates anytime soon are also supporting gold.
          Low interest rates, which cut the opportunity cost of holding non
          yielding bullion above other assets, have been an important factor
          driving prices higher in recent years. Real interest rates are set to
          remain negative for the foreseeable future which will be supportive of
          precious metals. Silver continues to be favoured by contrarian investors
          who see it as oversold and very undervalued vis a vis other assets
          including gold.

          GoldCore on Bail Ins: The landmark EU agreement on a common rulebook
          for handling bank failures, including bail-ins, is in danger of
          unravelling over the fine print restricting when a state can intervene
          to rescue a struggling bank according to the Financial Times. Britain is
          facing objections from several other EU member states as it scrambles
          to revise a political deal, hastily reached in December. The FT reports
          that it is “an attempt to protect the Bank of England’s emergency role
          as covert lender of last resort.” The political stand-off over the bank
          resolution directive – including bail-ins of bank depositors – comes
          days before the European parliament is supposed to adopt the agreed text
          of the legislation. While London insists it is belatedly rectifying a
          technical discrepancy, other diplomats suspect it is revisiting a
          fundamental element of the reforms, which aim to spare taxpayers from
          the costs of bank failure. “This is a complete mess, a nightmare and we
          have to decide what to do fast,” one person involved told the FT. At
          issue is what form of support a state can provide to a lender in
          difficulty without triggering a so-called bail-in, where losses are
          imposed on bond holders who lent money to a bank and on depositors –
          both household and corporate. The British want to clarify that central
          banks can extend liquidity even when relying on a specific government
          guarantee, without triggering haircuts on bondholders. The position is
          acceptable to parliament but, since Friday, has prompted several member
          states to raise concerns. At this late stage any revisions to the text
          require unanimity. It is important to realise that not just the EU, but
          also the UK, the U.S., Canada, Australia, New Zealand and most G20
          nations have plans for bail-ins in the event that banks and other large
          financial institutions get into difficulty again. This seems likely
          given the lack of effective and real reform.

          James Turk (JamesTurkBlog): Turk points out that gold has moved up
          together with the S&P 500. Only through the manipulation of the
          central planners has gold decoupled from the stock market and had fewer
          gains. Turk believes, however, that the correlated movement will
          reemerge, and to make this correlation again, gold would have to double.
          Accordingly, the expert expects at least as good second quarter of 2014
          as the first. Over the next twelve months, the price could even be more
          than 100 per cent down to produce the trend favorable towards the Fed’s
          balance sheet again.

          Zero Hedge: Apparently doing away with diplomatic pleasantries, the
          Chinese have been directly clear with Chuck Hagel as he lays the
          groundwork for President Obama’s Asia trip later this month (scheduled
          to visit Japan, Malaysia, and the Philippines – all in direct
          territorial conflicts with China). As Reuters reports, “Obama needs to
          pay serious consideration to this issue when he comes to Asia… China
          has already put this message across during the meetings with Hagel,”
          said Ruan Zongze, a former diplomat with the China Institute of
          International Studies in Beijing, a think tank linked to the Foreign
          Ministry. “The United States is moving in a direction we don’t want to
          see, taking sides with Japan and the Philippines, and China is extremely
          unhappy about this.”

  • Takai321

    ABS may have plans to become an exchange. It appears they are not quite there yet.

  • Navigator

    “Allocated Bullion Solutions Pte Ltd (ABS) is a Singapore limited liability private company that provides its clients a platform to buy, store and sell precious metals with LBMA accredited partners”

    Excuse me but the LBMA? The same exchange that is allegedly being cleared of physical gold with shipment to China. I would never want any physical gold I owned affiliated with any LBMA vault.

  • Navigator

    In other news the US Mint is only minting 35,000 American Gold Eagle coins for 2014. Premiums for these are expected to rise dramatically.

  • Roacheforque

    I suspect ABS is merely another layer of the LBMA. The fact that gold is only quoted in dollars is the key. It needs to quote gold in the BRICs currencies to take advantage of the new Forex exchanges that will blossom with the new physical only gold exchanges. The dollar will be left out of this arrangement as a pricing mechanism. It is the currencies that are correctly priced by gold as a reference point that will form the new robust trading blocs and have relative exchange values that diverge from the old Forex debt currency exchange system. The new currency alignment will pivot its core values around the negotiated settlement of oil for gold, and these currency values will be extrapolated from this pricing mechanism, not the dollar.

    • In Gold We Trust

      I do think they have the ambition to trade in CNH. This pic was from their brochure not so long ago. Perhaps they need to step over some obstacles first.

      • I Run Bartertown

        I’ll just put it here. No need for the hat tips, just keep up the great food tips!

        http://www.express.co.uk/news/world/468675/Leading-politician-calls-for-Russia-to-ban-McDonald-s-poisonous-food-over-Crimea-row

        “Firebrand politician Vladimir Zhirinovsky, who is widely viewed to have close links to President Vladimir Putin, called for McDonald’s to halt serving “their poisonous food” in Russia.

        Earlier today, McDonald’s suspended work at its three outlets in
        the Ukrainian peninsula of Crimea, which was recently annexed by Moscow
        to widespread international condemnation.

        McDonald’s said the move was due to unspecified manufacturing reasons “beyond the company’s control”.

        The chain say they hope to resume work as soon as possible, but
        offered to help relocate staff to mainland Ukraine, signalling it did
        not expect its Crimean business to reopen in the near future.

        In response, pro-Kremlin figure Mr Zhirinovsky called for
        McDonald’s to shut all over Russia “so there is not a scent of them
        left”, saying he was ready to lead a campaign to force the closure.

        He added: “It’s very good that McDonald’s is closing its branches in Crimea. Let them close their branches over here too.

        “As a form of sanctions, they have agreed not to poison Crimeans in Crimea.”

        ——————————————–

        http://rt.com/news/russia-import-gmo-products-621/

        “Russia will not import GMO products, the country’s
        Prime Minister Dmitry Medvedev said, adding that the nation has enough
        space and resources to produce organic food.

        Moscow has no reason to encourage the production of genetically
        modified products or import them into the country, Medvedev told a
        congress of deputies from rural settlements on Saturday.

        “If the Americans like to eat GMO products, let them eat it then.
        We don’t need to do that; we have enough space and opportunities to
        produce organic food,” he said.”

        ———————

        http://rt.com/usa/china-gmo-corn-ban-120/

        “China has been blocking shipments of American corn from its
        market since November. This was caused by the presence of the MIR162
        genetically modified corn strain in the shipments. It was developed by
        the company Syngenta and has not been approved by the Chinese government
        since an application was submitted in March 2010.

        China has sharply increased corn imports since the late 2000s,
        with purchases increasing from 47,000 tons in 2008 to an estimated 5
        million tons last year. It was the third-largest importer of American
        corn before the imports of Syngenta’s GMO strain were blocked.

        US traders want seed companies to shoulder some of the losses.
        They also say seed companies should not introduce new varieties of seeds
        to farmers until they are approved by major markets, including China.”

      • http://roacheforque.blogspot.com Roacheforque

        I’m sure you have seen Koos, where the Comex now wishes to establish an Eastern presence to “help price gold” in these robust markets. Like a cancer the debt of paper gold spreads its pathology … but to what avail? The amount of physical in comex is DWARFED by the SGE. All paper this comex tiger. All paper.

  • Inrageous
  • http://www.gold.ie/ Mark O’Byrne

    Happy Monday Koos, Would like to clarify re my comments as I have since realised that I have had dialogue with one of the principles in ABS over the last year or two – Seamus Donoghue . I did not realise that this was the company he is involved with. Otherwise I would not have been so cautionary and negative in my comments. I can vouch for his bona fides and believe his company is legitimate. We are not and never have been in the business of bad mouthing or negative PR on competitors. Quite the
    opposite – as we do not see the competition as other bullion dealers but rather bullion banks, banks, others in the financial services industry and purveyors of paper gold . At the same time, we have a healthy distrust of bullion banks and I suppose it is testament to the ABS website that it has a corporate/ bank ‘feel’ to it that made me think they may be a bullion bank entity. I wish ABS best of luck with the new business and hope there are synergies that we can work on.
    Have a good week folks !

    • In Gold We Trust

      Thanks for your comment. This is getting more and more interesting. Some gold industry proffesionals, like you, do not doubt the intergrety of ABS, while others do. I hope you all can get closer to the facts by debating here. I don’t have much to add. Like I said before, the only sources I have is their site, the brochure, and my contact with their PR person Huan Qi.

      • http://www.gold.ie/ Mark O’Byrne

        Shows importance of informed debate and hence importance of your website

        • Zhanglan

          +1

  • Zhanglan

    I have visited ABS`s offices today and have sent the photos I took to Koos

    I have nothing more to add on this topic, other than to confirm that there is not the slightest shred of evidence that

    a. this is any kind of recognised or recognisable Exchange (either by name or on the ground) or

    b. there is anything questionable about this firm, its proprietors or its business model other than that according to its own brochure the technology platform has never before been used for precious metals trading

    • In Gold We Trust

      Would you mind sharing the pictures (or shall I), for the sake of the debate?

      • Zhanglan

        please do so (I cant as only have my phone to post,with)

        • In Gold We Trust

          I’ll put them up one by one so you can add your comment to each picture..

          • In Gold We Trust

            The front door?

          • In Gold We Trust

            ABS’ floor

          • In Gold We Trust

            Nameplate

          • Zhanglan

            The entire 28th floor is a suite of serviced- and virtual offices: there are no signs either there or in the lobby foyer indicating any kind of Exchange (nor indeed any kind of bullion activity)

          • Zhanglan

            PWC Building, adjacent to Telok Ayer MRT station and midway between Downtown and Chinatown

  • http://goldchat.blogspot.com/ Bron Suchecki

    What’s with this logic and resonableness here, away with you! This comment on the silverstackers forum sums it up well:

    “5 guys determine the gold price every day? And thats just the basics of bullion banking?!…they can just stop right there. they dont even need all these investigations. of course its fixed! Its even called the london gold fix!”

    Its got the word “fix” in it, there’s your proof :) What can you say to that logic?!

    As you say, this sort of stuff misinforms people and they make investment decisions based on that, which is the real criminality. The number of people who recommend modest allocations and portfolio rebalancing instead of perma buy arguments are few and far between.

  • In Gold We Trust

    Many from “Allocated Bullion Solutions” visit LBMA Forum Singapore 2014. http://www.lbma.org.uk/assets/events/Delegate%20List%2020140620.pdf

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