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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.

Zimbabwe’s new gold-backed currency: Can the ZiG restore confidence and stability?

Zimbabwe’s new gold-backed currency: Can the ZiG restore confidence and stability?

  • Date
  • author Ronan Manly
  • Comments 3 Comments

Zimbabwe's latest currency, the ZiG, is backed by gold and foreign exchange reserves, and has been launched amid hopes of stabilising the economy and reining in inflation.

Yet, amid public scepticism and the risk of overprinting, it remains to be seen whether the ZiG will be successful or end up doomed like its predecessors.
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Central Bank Gold Buying – Latest Trends and Developments

Central Bank Gold Buying – Latest Trends and Developments

  • Date
  • author Ronan Manly
  • Comments 2 Comments

Central banks have been one of the most important drivers of gold demand in recent times, collectively buying over 1000 tonnes of gold in each of 2022 and 2023. This trend is now continuing into 2024, with emerging market central banks being the main buyers. Continue Reading arrow

Surging Silver Demand to Intensify Structural Deficit

Surging Silver Demand to Intensify Structural Deficit

  • Date
  • author Ronan Manly
  • Comments 19 Comments

The physical silver market has been in deficit for 3 years now, with demand far exceeding supply. This trend is set to continue into 2024, and above ground silver stockpiles are quickly vanishing.

To make matters worse, Silver Institute / Metals Focus reports exclude many types of silver demand, which means that silver demand is even higher than the market thinks it...
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Gold Hits All-Time Highs Amid Huge Increase in Volatility
Why Have Chinese Banks Disappeared From LBMA Gold Auctions?

Why Have Chinese Banks Disappeared From LBMA Gold Auctions?

  • Date
  • author Ronan Manly
  • Comments 8 Comments

In a very strange development, which has gone practically unnoticed, all of the Chinese banks that were direct participants in the LBMA Gold Price auctions have recently disappeared.

The latest casualty is Bank of China, which bizarrely is said to have requested a self-suspension. Before that, ICBC and Bank of Communications disappeared.

With zero commentary from the...
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JP Morgan Traders Go to Jail, JP Morgan Exits DoJ ‘Sin Bin’
Poland’s Central Bank Ramps Up Gold Purchases

Poland’s Central Bank Ramps Up Gold Purchases

  • Date
  • author Ronan Manly
  • Comments 2 Comments

Poland’s central bank (NBP) now holds 300 tonnes of gold after entering the gold market for a fourth consecutive month during July, this time buying 22.4 tonnes of gold.

Between April and July, the NBP has now bought 71 tonnes of gold, and there’s more buying to come since the NBP wants to buy at least 100 tonnes of gold in total this year.

Over coming months,...
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Poland Bought 50 Tonnes of Gold Over 3 Months

Poland Bought 50 Tonnes of Gold Over 3 Months

  • Date
  • author Ronan Manly
  • Comments 1 Comments

Poland’s central bank (NBP) has been raising eyebrows after having purchased nearly 50 tonnes of gold over the three months between April and June.

But this is only half the story, as the NBP has a plan to accumulate 100 tonnes of gold this year. So expect further NBP gold buying during 2023.

Then the newly acquired gold is expected to be repatriated from London to...
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New Asahi Vault Added to COMEX Approved List

New Asahi Vault Added to COMEX Approved List

  • Date
  • author Ronan Manly
  • Comments 3 Comments

A new precious metals depository / vault has recently been added to the COMEX / NYMEX approved vault network in and around New York City. The depository is operated by Asahi Depository LLC, a subsidiary of Asahi Refining, Inc.

Asahi Refining runs precious metals refineries in Salt Lake City in Utah, and Brampton, Ontario, Canada, and now aims to expand into vaulting and...
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Gold Gains Hugely in Popularity Among American Investors

Gold Gains Hugely in Popularity Among American Investors

  • Date
  • author Ronan Manly
  • Comments 2 Comments

The latest annual survey by Gallup which asks Americans which is the best long-term investment has found that a huge 26% of respondents opted for gold.

This is the highest result for gold in Gallup’s annual asset class ranking poll since 2012, and corroborates evidence from the World Gold Council and US Mint that the American retail public are piling into gold.

With...
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Singapore Was the World’s Largest Central Bank Gold Buyer

Singapore Was the World’s Largest Central Bank Gold Buyer

  • Date
  • author Ronan Manly
  • Comments 1 Comments

Following a record year in 2022 for central bank gold buying, the gold buying by the world’s central banks in Q1 2023 is also the strongest first quarter on record.

Over the first quarter, the central bank of Singapore (MAS) has been out in front as the biggest gold buyer of Q1, adding an enormous 68.7 tonnes over the three month period January to...
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Sound Money Legislation Rapidly Gaining Traction in the U.S.

Sound Money Legislation Rapidly Gaining Traction in the U.S.

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  • author Ronan Manly
  • Comments 0 Comments

All across the United States there are Sound Money initiatives progressing at the State level which are bringing back gold and silver to their rightful place as real money.

These initiatives span everything from abolishing State sales taxes on gold and silver, to making gold and silver legal tender in US States.

With the level of news flow in this area accelerating...
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JP Morgan Gold Traders Plan to Appeal Their Convictions

JP Morgan Gold Traders Plan to Appeal Their Convictions

  • Date
  • author Ronan Manly
  • Comments 1 Comments

In 2022, when J.P. Morgan’s top gold traders (Nowak, Smith and Jordan) were unanimously convicted in federal criminal trials on multiple counts of manipulating COMEX precious metals futures prices, many thought that justice had been served.

But like the walking dead in a bad zombie movie, J.P. Morgan’s gold traders keep coming back, and are now set to appeal their...
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Singapore Boosts Gold Reserves to Nearly 200 Tonnes

Singapore Boosts Gold Reserves to Nearly 200 Tonnes

  • Date
  • author Ronan Manly
  • Comments 2 Comments

In a low-key announcement, the Monetary Authority of Singapore (MAS), has revealed that in January 2023, Singapore’s central bank bought a massive 44.6 tonnes of gold, boosting its gold reserves to 198.4 tonnes.

This is the largest central bank gold purchase of any country so far this year, but surprisingly, the news has received nearly zero coverage in the mainstream...
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Successful Newcrest Bid Would Extend U.S. Newmont’s Lead

Successful Newcrest Bid Would Extend U.S. Newmont’s Lead

  • Date
  • author Ronan Manly
  • Comments 1 Comments

US gold mining giant Newmont Corporation, headquartered in Denver, Colorado, is already the world’s largest gold producer, but now wants to grow even bigger having launched a takeover bid for Australia’s Newcrest Mining.

A combined Newmont-Newcrest would produce 8 million ounces of gold per year, twice that of nearest rival Barrick Gold of Canada.

This is the...
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Deutsche Bank Returning to LBMA After Nine Years

Deutsche Bank Returning to LBMA After Nine Years

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  • author Ronan Manly
  • Comments 3 Comments

Scandal ridden Deutsche Bank is preparing a comeback to the London precious metals markets with news that it is rejoining the LBMA and wants a seat at the daily gold and silver auctions.

However, it should not be forgotten that in 2014 this same Deutsche Bank panicked and fled the LBMA and London gold and silver markets precisely because regulators were investigating...
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Chinese Central Bank Accumulating Gold Again

Chinese Central Bank Accumulating Gold Again

  • Date
  • author Ronan Manly
  • Comments 2 Comments

China’s central bank (PBoC) has started to publish monthly gold ‘purchases’ again, claiming to have added 32 tonnes of gold in November and another 30 tonnes in December.

Similar to the last periods in which China ‘added’ to its gold reserves over both 2018 - 2019 and 2015 - 2016, this new round of monthly gold revelations is being done for strategic reasons, and will...
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Has GLD Been Failing to Disclose Gold Held at BoE in 2022?
FTX Fiasco Highlights the Modern Banking & Gold Market Ponzi
Gold Establishment Supports Central Bank Secrecy

Gold Establishment Supports Central Bank Secrecy

  • Date
  • author Ronan Manly
  • Comments 8 Comments

When the World Gold Council released a report this week claiming central bank gold demand in Q3 was at a record high of 400 tonnes, the data was very odd in that more than three quarters of the claimed demand figure was an ‘estimate’.

This estimate was from Metals Focus and is based on ‘confidential information’ so cannot be verified. Despite this, the mainstream...
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COMEX Deliverable Silver Far Less Than Imagined

COMEX Deliverable Silver Far Less Than Imagined

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  • author Ronan Manly
  • Comments 0 Comments

With the global demand for physical silver firing on all cylinders, and with silver inventories being rapidly drained out of LBMA and COMEX vaults in London and New York, the silver supply problem is actually bigger than most people realise.

Why? Because at least 50% of COMEX Eligible silver is held as a long term investment, and is not part of Deliverable silver supply. And...
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Qatar Ramps Up Gold Reserves as World Cup Approaches
London Silver Inventories Plummet as Metal Exits LBMA Vaults
Moscow World Standard to Destroy LBMA’s Gold Monopoly
JP Morgan Gold Trading Boss Found Guilty

JP Morgan Gold Trading Boss Found Guilty

  • Date
  • author Ronan Manly
  • Comments 9 Comments

The head of JP Morgan’s precious metals trading desk, Michael Nowak, and gold trader Gregg Smith, have been found guilty by a US federal jury of attempted price manipulation, commodities fraud, wire fraud, and spoofing precious metals prices over an 8 year period.

Nowak was also a Board member of the London Bullion Market Association (LBMA) up until his indictment by the...
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India's IIBX Bullion Exchange – Price Taker or Price Maker?

India's IIBX Bullion Exchange – Price Taker or Price Maker?

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  • author Ronan Manly
  • Comments 0 Comments

A new gold exchange called the Indian International Bullion Exchange (IIBX) has just been launched in GIFT City, Gujarat, India.

IIBX offers spot gold contracts backed by vaulted bullion, and trading will allow Indian jewellery companies to import gold via the Exchange.

But will IIBX help India become a gold ‘price setter’, or will one of the world’s largest...
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LBMA Silver Inventories Fall to Six-Year Low

LBMA Silver Inventories Fall to Six-Year Low

  • Date
  • author Ronan Manly
  • Comments 3 Comments

Physical silver inventories in the LBMA vaults in London have fallen for seven straight months and are now at their lowest levels since December 2016. Additionally, this is the first time since November 2016 that LBMA silver inventories have fallen below 1 billion ozs.

With ETFs in London accounting for nearly 65% of all LBMA silver holdings, and given the deficit in the...
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Gold Manipulator JP Morgan Still Influential at LBMA & COMEX
BIS, Central Banks Are Rigging Gold Market Using Paper Gold

BIS, Central Banks Are Rigging Gold Market Using Paper Gold

  • Date
  • author Ronan Manly
  • Comments 10 Comments

In a new article for British news and current affairs site Reaction, legendary gold sector executive Peter Hambro pulls no punches in claiming that the BIS and central banks are rigging the gold price.

They are doing so, says Hambro, to hide the perception of inflation, and are implementing the smashing of the physical gold price using the limitless ‘paper gold’...
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Russia Buying Gold Through Sovereign Wealth Fund

Russia Buying Gold Through Sovereign Wealth Fund

  • Date
  • author Ronan Manly
  • Comments 2 Comments

As conflicts intensify between Russia and the West, gold continues to be at the forefront of geo-politics.

As Russia prepares its State Fund of Precious Metals to be able to rapidly trade gold in the event of a military mobilization, the EU is talking of a new round of Russian sanctions that will target gold.

New Russian laws may soon also classify the size of...
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Czech Republic Joins Hungary & Poland in Gold Buying Binge
Inside the Portuguese Central Bank's Gold Vault

Inside the Portuguese Central Bank's Gold Vault

  • Date
  • author Ronan Manly
  • Comments 5 Comments

For the first time ever the central Bank of Portugal has allowed reporters to take photos of the gold bars in its vault in Carregado, just outside Lisbon. And the photos are impressive enough.

Apart from the 172 tonnes of gold claimed to be in this vault, the Portuguese claim to hold even more gold at the Bank of England. The trouble is, all of the Portuguese gold in London is...
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Lack of Audits Undermine Lebanon’s Gold Leadership Claim
Kremlin Confirms Plan to Back Ruble With Gold & Commodities
Where is the Russian Federation’s Gold Stored?

Where is the Russian Federation’s Gold Stored?

  • Date
  • author Ronan Manly
  • Comments 2 Comments

With weaponised sanctions targeting Russia’s foreign exchange reserves, the monetary gold reserves of the Bank of Russia have now taken on increased importance.

But where are these vast Russian gold reserves stored, a hoard which the Russian central bank claims to be 2299 tonnes? The popular belief is that ‘two thirds’ of this gold is stored in a vault in Moscow, and...
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China & Russia Teaming Up in the Gold Market

China & Russia Teaming Up in the Gold Market

  • Date
  • author Ronan Manly
  • Comments 2 Comments

Laying potential foundations for a Chinese - Russian cooperative system utilizing gold, the Shanghai Gold Exchange (SGE) and Russia’s National Financial Association are now actively collaborating to develop the Chinese and Russian gold markets.

Central to the cooperation on the Russian side is the National Financial Association’s precious metals market committee, which...
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Spotlight on Gold & Silver Mining Share Indexes – Part 1
Russian Ruble Relaunched Linked to Gold & Commodities
Russian Palladium & Platinum: Too Important to Sanction
U.S. Tees Up 'Stop Russian Gold Act'

U.S. Tees Up 'Stop Russian Gold Act'

  • Date
  • author Ronan Manly
  • Comments 4 Comments

On 7 March, in a coordinated fashion, the London Bullion Market Association (LBMA) and COMEX both simultaneous suspended all Russian gold refiners at exactly the same time as a Bill was introduced into the US Senate targeting the central bank of Russia’s gold reserves.

In essence, a war has now been declared by the West against Russian gold. These moves will have far reaching...
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The LBMA Fears Stoking the Russian Bear

The LBMA Fears Stoking the Russian Bear

  • Date
  • author Ronan Manly
  • Comments 3 Comments

Despite evidence that the LBMA accredited Russian refineries are in breach of UK-US-EU sanctions and the LBMA’s own rules, the LBMA is stalling in taking any action.

Is this due to the massive number of Russian refinery gold and silver bars held by the world’s largest precious metals ETFs in London, or is the LBMA terrified of unleashing a Russian flight to gold for world...
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LBMA a Deer in Headlights On Russian Gold Refiners Sanctions

LBMA a Deer in Headlights On Russian Gold Refiners Sanctions

  • Date
  • author Ronan Manly
  • Comments 5 Comments

As a raft of new sanctions from the US, EU and UK come out targeting Russia's financial system and banks, the LBMA has quietly removed the fact that Russian banks VTB and Bank Otkritie are LBMA members.

At the same time, the LBMA has said nothing about the large group of Russian refiners on the current LBMA Good Delivery Lists for gold and silver.

With the Western...
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Bloomberg Hit Piece On UAE Gold Triggers Strong Response
UAE Takes On LBMA With Launch of Gold Good Delivery Standard

UAE Takes On LBMA With Launch of Gold Good Delivery Standard

  • Date
  • author Ronan Manly
  • Comments 7 Comments

In a bid to boost its gold trading hub, the United Arab Emirates has taken the proactive step of launching an Emirates Good Delivery Standard for gold.

This initiative, while also deflecting criticism from the London-Swiss gold establishment, also puts UAE and Dubai into direct competition with the LBMA.

But will the “the consistent and unsubstantiated attacks”...
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Central Banks Coordinate Jawboning, Tapering to Prove Futile
Irish Central Bank Raises Gold Reserves by 33%

Irish Central Bank Raises Gold Reserves by 33%

  • Date
  • author Ronan Manly
  • Comments 4 Comments

The Central Bank of Ireland has quietly purchased 2 tonnes of gold, boosting its gold holdings by 33%.

While in absolute terms, this may not seem like a lot, the fact that it’s a Eurozone Western economy doing the gold buying is notable.

And with the Irish central bank governor now warning that the inflation coming down the pipe may be ‘something different’, the...
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Singapore Adds 26 Tonnes of Gold to its Reserves

Singapore Adds 26 Tonnes of Gold to its Reserves

  • Date
  • author Ronan Manly
  • Comments 4 Comments

Almost under the radar, Singapore’s central bank, the Monetary Authority of Singapore (MAS) has boosted it’s gold reserves by 20% via the purchase of more than 26 tonnes of gold.

While these MAS gold buying transactions are said to have occurred during May and June this year, the transactions are only now coming to light.

This is a major move by one of the...
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Bullion Banksters Pay $50 Million to Get Out of Jail Free
Gold Shines as Money in Venezuela Amid Hyperinflation

Gold Shines as Money in Venezuela Amid Hyperinflation

  • Date
  • author Ronan Manly
  • Comments 2 Comments

With inflation rates surging across the world and with talk of hyperinflation, it’s useful to look at one country whose currency has collapsed and which is in the midst of hyperinflation. That country is Venezuela.

And when the Venezuelan population loses trust in it’s fiat currency and the populace needs to find monetary alternatives, one of the alternatives that...
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Swiss Pressure Against UAE Gold Imports Causes Rebuttal
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