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Ronan Manly

Ronan Manly

Ronan Manly is a precious metals analyst with BullionStar whose blogs
often cover current themes including what's going on in the
London gold market and the gold activities of central banks.

French central bank and JP Morgan team up to boost Gold Lending

French central bank and JP Morgan team up to boost Gold Lending

The gold lending market is arguably the most secretive and opaque market in the world with little known about its workings and less about its transactions and outstanding gold lending positions.

While London is the core hub for this secretive market, one of the giants of bullion banking, JP Morgan, has recently confirmed that it is facilitating central bank gold lending in... Continue Reading arrow

LBMA trading volume data confirms the paper gold casino in London

LBMA trading volume data confirms the paper gold casino in London

Following on nearly four years after the UK financial authorities released a report titled the Fair and Efficient Markets Review, the London Bullion Market Association has finally released a new report showing trading volumes in the London gold and silver markets.

While the new data confirms the long standing view that gold trading in London is predominantly synthetic paper... Continue Reading arrow

Bank of England refuses to return 14 tonnes of gold to Venezuela

Bank of England refuses to return 14 tonnes of gold to Venezuela

A number of news stories have circulated recently that Venezuela is having difficulty withdrawing 14 tonnes of its gold from the Bank of England vaults in London.

While official sources quoted in these articles offer explanations for the delay which are clearly bogus, and the real reason is one of politics, Venezuela's inability to withdraw its gold from the Bank of England... Continue Reading arrow

Does the recent spate of Central Bank gold buying impact demand and price?

Does the recent spate of Central Bank gold buying impact demand and price?

Central bank gold demand has hit the headlines recently due to additional central banks announcing gold purchases as well as an overall increase in the amount of gold which these banks as a group claim to be buying.

But it is dangerous for the media and the World Gold Council to group all central bank gold purchases into the same basket, since the motivations of individual... Continue Reading arrow

In surprise move, Central Bank of Hungary announces 10-fold jump in its gold reserves

In surprise move, Central Bank of Hungary announces 10-fold jump in its gold reserves

In dramatic news for the gold market, the central bank of Hungary has just announced that it has increased its strategic gold reserves by 10-fold from 3.1 tonnes to 31.5 tonnes. That's a 1000% increase. Not only that, but the Hungarian central bank has also repatriated all of this newly purchased gold to Hungary, some 28.4 tonnes, signalling the geo-strategic nature of this gold... Continue Reading arrow

Skepticism reigns about the True state of Chinese central bank gold reserves

Skepticism reigns about the True state of Chinese central bank gold reserves

When BullionStar ran a Twitter survey to find out what percentage of people believe the official Chinese claim about its central bank gold holdings, the results showed resounding skepticism about the official data. The pool garnered 2337 votes and a full 91% of respondents did not believe the official figure. But within the results there were some surprises. Given the level of... Continue Reading arrow

LBMA Clearing and Vaulting data reveal the absurdity of the London ‘Gold’ Market

LBMA Clearing and Vaulting data reveal the absurdity of the London ‘Gold’ Market

There are relatively tiny quantities of physical gold holdings in LBMA London vaults to underpin the huge amount of 'gold' trading that goes on in the London Gold Market. On an annualized basis, the equivalent of 1.5 million tonnes of 'gold' are 'traded' in London, however, there have only ever been about 190,000 tonnes of gold mined throughout history. So what is going on? Enormous... Continue Reading arrow

Paulson’s Shareholders Gold Council finally launches after initial delays

Paulson’s Shareholders Gold Council finally launches after initial delays

In September 2017 at the Denver Gold Summit, hedge fund Paulson & Co led by John Paulson pitched the idea for a 'Shareholders Gold Council' to address the ongoing under-performance of the gold mining sector and its poor shareholder returns. Initially earmarked for a launch in early July 2018, the establishment of the Council was delayed but has finally now happened. There are 15... Continue Reading arrow

As Emerging Market Currencies Collapse, Gold is being Mobilized

As Emerging Market Currencies Collapse, Gold is being Mobilized

As key emerging markets such as Turkey and Argentina see their currencies rapidly weakening, there is concern that an emerging markets currency crisis may be brewing. The Brazilian Real and South African Rand have also come under pressure, and in Asia the Indonesian Rupiah and Indian Rupee are now displaying weakness against the US Dollar. Add in the ongoing currency crisis in... Continue Reading arrow

The Shareholders Gold Council (SGC) – “Just don’t mention the Gold Price”

The Shareholders Gold Council (SGC) – “Just don’t mention the Gold Price”

A new Shareholders Gold Council, led by hedge fund Paulson & Co, has recently made headlines with proposals to put the spotlight on the gold mining sector and its underperforming share prices by using an alliance of institutional investors to apply pressure and accountability to gold mining company CEOs and Boards. All very well, but this Council's strategy has one major shortcoming in... Continue Reading arrow

Sovereign Money Referendum: A Swiss Awakening to Fractional-Reserve Banking?

Sovereign Money Referendum: A Swiss Awakening to Fractional-Reserve Banking?

In Switzerland, a country famous for its banking sector, a referendum calling for a ban on the ability of commercial banks to create money has just been held.

While approximately 75% of those who voted rejected the proposal, the fact that 25% of the votes (over 440,000 people) endorsed an end to fractional-reserve banking where commercial banks create money out of thin air... Continue Reading arrow

Turkey and Russia Highlight Gold’s Role as a Strategically Important Asset

Turkey and Russia Highlight Gold’s Role as a Strategically Important Asset

With political risks between national states on the rise, the locations in which the world's central banks store their gold reserves becomes more critical. Recent news that the Central Bank of Turkey moved all of the New York stored gold back to Europe highlights that the risks of gold confiscation are real and substantial. Likewise, Russia, the world's fifth largest sovereign gold... Continue Reading arrow

Spoofing Futures and Banging Fixes: Same Banks, Same Trading Desks

Spoofing Futures and Banging Fixes: Same Banks, Same Trading Desks

While the US CFTC and Department of Justice are bringing enforcement proceedings against investment banks and their traders for spoofing trades and collusive manipulation of prices in precious metals futures markets over the 2008 to 2014 period, there is a notable absence of prosecutions and penalties against the same banks for collusive manipulation of prices in the London Gold and... Continue Reading arrow

Central Banks Care about the Gold Price – Enough to Manipulate it!

Central Banks Care about the Gold Price – Enough to Manipulate it!

Senior central bankers are both terrified of and in awe of gold. Gold to these central bankers is like the sun to vampires.

Central bankers are terrified of gold since its an inflation barometer and an indicator of the relative strength of flat currencies. They are in awe of gold since these same central bankers respect and understand gold's value and power within the... Continue Reading arrow

Why the World’s Central Banks hold Gold – In their Own Words

Why the World’s Central Banks hold Gold – In their Own Words

The world’s central banks and monetary institutions are attributed to hold a combined 33,800 tonnes of gold between them. Why do these central banks hold so much gold and what are their motivations for doing so? BullionStar asked the top 40 central bank gold holders to explain why they hold gold as a reserve asset on their balance sheets. Many of these central banks replied, with a... Continue Reading arrow

LBMA Alchemy and the London Gold and Silver Markets: 2 Steps Back

LBMA Alchemy and the London Gold and Silver Markets: 2 Steps Back

For more than 3 years now, the London Bullion Market Association (LBMA) has promised to publish trade reporting for the London Gold and Silver Markets. After a series of broken promises in 2016, the heads of the LBMA stated categorically throughout 2017 that this trade reporting would begin in Q1 2018. Just as Q1 2018 is about to end, the LBMA has now announced there will be no... Continue Reading arrow

US Gold Reserves, Of Immense Interest to Russia and China

US Gold Reserves, Of Immense Interest to Russia and China

Recently, Russian television network RT published a number of articles on its website discussing US official gold reserves. These articles were based on extensive answers and opinions given to RT by BullionStar precious metals analyst Ronan Manly, and covered topics such as the location and quality of the US gold reserves, and how the accumulation of Russian and Chinese gold reserves... Continue Reading arrow

LME gold and silver Reference Prices: Will anyone notice?

LME gold and silver Reference Prices: Will anyone notice?

As the London Metal Exchange (LME) rolls out the publication of daily reference prices for gold and silver in London, the question must be asked, are they needed? The incumbent and dominant reference prices in the London precious metals market are the LBMA Gold Price and LBMA Silver Price. These LBMA prices are used to value everything from ETFs to OTC contracts, and, for better or... Continue Reading arrow

Neck and Neck: Russian and Chinese Official Gold Reserves

Neck and Neck: Russian and Chinese Official Gold Reserves

For the last 10 years, the Bank of Russia has been aggressively adding to its official gold reserves, especially since 2014. Russian official gold reserves now stand at 1779 tonnes, the world’s 6th largest sovereign gold stockpile. Meanwhile, China, the world’s 5th largest sovereign gold holder with 1842 tonnes, has mysterious not ‘officially’ added any gold to its reserves... Continue Reading arrow

LBMA Silver Price Benchmark – Changes, but no Wider Participation

LBMA Silver Price Benchmark – Changes, but no Wider Participation

On 2 October, ICE Benchmark Administration will take over the running of the daily LBMA Silver Price auction. This follows the mysterious decision in March of this year when CME and Thomson Reuters announced that they would be stepping down from administering and calculating this widely used silver price benchmark. While the tender process of appointing a silver auction administrator... Continue Reading arrow

Mnuchin’s PR Visit to Fort Knox proves nothing about the US Gold Reserves

Mnuchin’s PR Visit to Fort Knox proves nothing about the US Gold Reserves

On Monday August 21, Trump’s Treasury Secretary Steven Mnuchin, accompanied by the Senate’s Mitch McConnell, Kentucky Governor Matt Bevin, and Kentucky’s Rep Brett Guthrie took a hastily organized and rare visit to the US Mint’s gold depository in Fort Knox, Kentucky. This trip into the vault does not appear to have included any media representatives. According to reports... Continue Reading arrow

BullionStar quoted in Wall Street Journal article on New York Fed Gold

BullionStar quoted in Wall Street Journal article on New York Fed Gold

On 10 August, the Wall Street Journal published an article on its front-page about the New York Federal Reserve’s gold vault, and the central bank gold said to be stored there. The article featured a quote from Ronan Manly about this Fed stored gold. A short blog post has now been added to the the BullionStar website featuring this coverage by the Wall Street Journal, with some... Continue Reading arrow

BullionStar Presentation on Real Vision TV – Bullion Banking, ETFs & Physical Gold

BullionStar Presentation on Real Vision TV – Bullion Banking, ETFs & Physical Gold

During June, Real Vision TV filmed a presentation by BullionStar addressing some topical areas of the gold market. This presentation was originally produced exclusively for the subscription-based Real Vision audience and covers the fractional-reserve gold trading in the London Gold Market, some concerns and risks of gold-backed ETFs, and the benefits and attractions of real physical... Continue Reading arrow

LBMA Gold Vault Data – How low is the London Gold Float?

LBMA Gold Vault Data – How low is the London Gold Float?

The LBMA has just released its first update on the quantities of physical gold and physical silver stored in the LBMA vaulting network in London. This network comprises precious metals vaults of 7 commercial operators and also the Bank of England gold vaults. As of the end of March, there are said to be about a combined 7,450 tonnes of gold and 32,000 tonnes of silver across these... Continue Reading arrow

The West lost at least another 1000 tonnes of large gold bars in 2015

The West lost at least another 1000 tonnes of large gold bars in 2015

One of the most important trends in the physical gold world is the ongoing depletion of Western gold inventories to supply the relentless demand for high purity small bar denominations (such as kilogram gold bars). Most of this demand is coming from Asian markets such as China and India. Most of this supply is coming from the London gold market. Based on LBMA gold refinery production... Continue Reading arrow

CME Stays Silent on Cause of COMEX Silver Price Glitch

CME Stays Silent on Cause of COMEX Silver Price Glitch

Following an incident which caused a large rapid drop in COMEX gold futures prices last week, this week was the turn of COMEX silver where a short-lived and rapid ‘flash crash’ caused the price of COMEX silver futures prices to fall by more than 10% within 1 minute only to rebound strongly in the subsequent minute. While the CME Group which operates the COMEX has not provided an... Continue Reading arrow

Bullion Banks line up in London to support LME’s Gold Futures

Bullion Banks line up in London to support LME’s Gold Futures

The London Metal Exchange (LME) is about to launch a range of new gold and silver futures in the London market (LMEprecious). Crucially though, these gold futures do not deliver physical gold or silver. Instead they transfer around unallocated gold and unallocated silver, units of which are fractionally-backed in the London precious metals markets. This LME development is also backed... Continue Reading arrow

How many Silver Bars are in the LBMA Vaults in London?

How many Silver Bars are in the LBMA Vaults in London?

BullionStar has previously analyzed how many gold bars are in the LBMA London gold vaults. Now we turn our attention to how many real physical silver bars are in those same LBMA London vaults. The subject is topical because the LBMA is about to start reporting the total quantity of both gold and silver stored in its network of vaults in London. But whereas with gold, the vast majority... Continue Reading arrow

Are the World’s Billionaire Investors Actually Buying Gold?

Are the World’s Billionaire Investors Actually Buying Gold?

The mainstream financial media regularly records the interest in gold from some of the world’s most famous hedge fund managers. But are these legendary investors, all of whom are billionaires, actually buying real physical gold, or are they using paper proxies such as gold futures, gold-backed ETFs, or even gold mining stocks? This new article from BullionStar aims to find out, and... Continue Reading arrow

New Gold Pool at the BIS Basle: Part 2 – Pool vs Gold for Oil

New Gold Pool at the BIS Basle: Part 2 – Pool vs Gold for Oil

Following last week’s publication of “New Gold Pool at the BIS Basle, Switzerland, Part 1”, there now follows Part 2 of this two-part series. Part 2 continues to examine how in the early 1980s, the world's most powerful central bankers who met at the Bank for International Settlements (BIS) in Switzerland called for the launch of a central bank Gold Pool cartel so as to manipulate... Continue Reading arrow

An update on SGE Vault Withdrawals and SGE Price Premiums

An update on SGE Vault Withdrawals and SGE Price Premiums

With four months of gold withdrawal data now released by the Shanghai Gold Exchange (SGE) covering January to April, the year 2017 is shaping up to be one of very high gold demand in the Chinese market. SGE gold withdrawal figures are a suitable proxy to measure wholesale Chinese gold demand because nearly all gold entering the market is required to flow through the Exchange. SGE gold... Continue Reading arrow

New Gold Pool at the BIS Basle, Switzerland: Part 1

New Gold Pool at the BIS Basle, Switzerland: Part 1

Many people are familiar with the London Gold Pool which operated between 1961 and 1968 to control the price of gold in the London gold market. But very few people are aware that more than 11 years later, the same set of Western central banks, at central bank governor level, met in secrecy at the Bank of International Settlements (BIS) over an extended period during 1979 and 1980 and... Continue Reading arrow

SGE Trading Volumes surged by 43% in 2016 led by OTC and Deferred Trading

SGE Trading Volumes surged by 43% in 2016 led by OTC and Deferred Trading

Trading volumes on the Shanghai Gold Exchange (SGE), the world's largest physical gold trading venue, have nearly tripled over the last 3 years. Full year volumes for 2016 came in at over 24,300 tonnes, a 43% rise on 2015's 17,000 tonnes. The equivalent figure for 2014 was 9243 tonnes. Much of the growth in volumes is coming from OTC trading of the 1 kilogram 9999 fine gold contract,... Continue Reading arrow

Summer of 17: LBMA Confirms Upcoming Publication of London Gold Vault Holdings

Summer of 17: LBMA Confirms Upcoming Publication of London Gold Vault Holdings

The London Bullion Market Association (LBMA) has now confirmed that it will begin publishing gold and silver holdings data for the London based commercial precious vaults sometime during the summer of 2017. Details on this new data are still sketchy as the press release issued by the LBMA has not confirmed in what format the data will be issued, what historical time periods if any will... Continue Reading arrow

Bank of England releases new data on its gold vault holdings

Bank of England releases new data on its gold vault holdings

The Bank of England has just published new data on its website detailing month-end gold custody holdings for gold held within its vaults. This data covers every month for the last 6 years i.e. from January 2012 to December 2016. Going forward, the Bank of England will publish updates to this data with a 3 month lag. The new gold vault data will be very useful for seeing the ebbs and... Continue Reading arrow

Sweden’s Gold Reserves: 10,000 gold bars shrouded in Official Secrecy

Sweden’s Gold Reserves: 10,000 gold bars shrouded in Official Secrecy

In October 2013, the Swedish central bank, the Riksbank, for the first time revealed the storage locations of its sizeable gold bar reserves. Sweden claims to hold 125.7 tonnes of gold scattered across central bank gold vaults in New York, London, Canada, Switzerland and also in Sweden. At the time, the Riksbank also claimed it was going to start to physically audit this gold. Fast... Continue Reading arrow

German and Swiss Precious Metals Refiners join forces as Heraeus acquires Argor-Heraeus

German and Swiss Precious Metals Refiners join forces as Heraeus acquires Argor-Heraeus

Following the July 2015 acquisition of Swiss gold and silver Valcambi by Indian group Rajesh Exports, and the July 2016 acquisition of Swiss precious metals refiner Metalor Technologies by Japanese Tanaka Precious Metals, it has now been announced that German industrial group Heraeus, a leading precious refiner, has moved to fully acquire the giant Argor-Heraeus gold and silver refinery... Continue Reading arrow

Mexico’s Earmarked Gold Bars at the Bank of England vaults

Mexico’s Earmarked Gold Bars at the Bank of England vaults

In response to a Freedom of Information Request by Mexican financial writer Guillermo Barba, Mexico’s central bank Banixco, has just a released a quite comprehensive list of 7265 gold bars that it holds in the Bank of England’s gold vaults. This is unusual in that very few central banks ever allow publication of such a list. While the Banixco list does not include real serial... Continue Reading arrow

More Bad News for the LBMA Silver Price, but an Opportunity for Overhaul

More Bad News for the LBMA Silver Price, but an Opportunity for Overhaul

News that Thomson Reuters and the CME intend to abandon ship as administrator and calculation agent of the LBMA Silver Price auction has raised more than a few eyebrows, especially since they appear to be linking the exit to the introduction of new European Benchmark Regulations. Whatever the reason for their departure mid-way through their service provision contract, it now provides a... Continue Reading arrow

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