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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.

Summer of 17: LBMA Confirms Upcoming Publication of London Gold Vault Holdings
Bank of England releases new data on its gold vault holdings
Sweden’s Gold Reserves: 10,000 gold bars shrouded in Official Secrecy
Death Spiral for the LBMA Gold and Silver auctions?
German and Swiss Precious Metals Refiners join forces as Heraeus acquires Argor-Heraeus
Mexico’s Earmarked Gold Bars at the Bank of England vaults
More Bad News for the LBMA Silver Price, but an Opportunity for Overhaul
Germany’s Gold remains a Mystery as Mainstream Media cheer leads
A Chink of Light into London’s Gold Vaults?
Lukewarm start for new London Gold Futures Contracts
Ireland’s Monetary Gold Reserves: High Level Secrecy vs. Freedom of Information – Part 2
Ireland's Monetary Gold Reserves - High Level Secrecy vs FOI
Who Owns the World’s Largest Gold Hoards? – Not the Central Banks!
COMEX and ICE New York Gold Vault Reports both Overstate Eligible gold Inventories
Guest Post: How to Trigger a Silver Avalanche by a Pebble:

Guest Post: How to Trigger a Silver Avalanche by a Pebble: "Smash(ed) it Good"

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  • author Ronan Manly
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UBS and other precious metals traders on how to wreak havoc in silver markets Written by Allan Flynn, specialist researcher in aspects of gold and silver. “An avalanche can be triggered by a pebble if you get the timing right" Earlier this year at April’s hearings for London Silver and Gold Fix lawsuits, the judge and … Continue Reading arrow

European Central Bank gold reserves held across 5 locations. ECB will not disclose Gold Bar List.

European Central Bank gold reserves held across 5 locations. ECB will not disclose Gold Bar List.

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  • author Ronan Manly
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The European Central Bank (ECB), creator of the Euro, currently claims to hold 504.8 tonnes of gold reserves. These gold holdings are reflected on the ECB balance sheet and arose from transfers made to the ECB by Euro member national central banks, mainly in January 1999 at the birth of the Euro. As of the … Continue Reading arrow

Swiss gold refinery Argor-Heraeus to be acquired by Private Equity investors
Bullion Banks pass the parcel on El Salvador's gold reserves

Bullion Banks pass the parcel on El Salvador's gold reserves

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  • author Ronan Manly
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Eighteen months ago I wrote a short synopsis of a gold sales transaction by the central bank of El Salvador wherein it had sold 80% (about 5.5 tonnes) of its official gold reserves. The title of the post was “El Salvador’s gold reserves, the BIS, and the bullion banks“. If you thought, why the focus … Continue Reading arrow

Tracking the gold held in London: An update on ETF and BoE holdings

Tracking the gold held in London: An update on ETF and BoE holdings

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  • author Ronan Manly
  • Comments 2 Comments

Just over a year ago, gold researchers Nick Laird, Bron Suchecki, Koos Jansen and myself took a shot at estimating how much physical gold was accounted for in London within the gold-backed ETFs and under Bank of England custody. The results of that exercise are highlighted in September 2015 articles “How many Good Delivery gold bars are in … Continue Reading arrow

From Bank of England to LBMA - The 'Independent' Chair of the LBMA Board
Blood Brothers: The Bank of England and the London Bullion Market Association (LBMA)
From Gold Trains to Gold Loans – Banca d’Italia’s Mammoth Gold Reserves

From Gold Trains to Gold Loans – Banca d’Italia’s Mammoth Gold Reserves

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  • author Ronan Manly
  • Comments 2 Comments

Italy’s gold has had an eventful history. Robbed by the Nazis and taken to Berlin. Loaded on to gold trains and sent to Switzerland. Flown from London to Milan and Rome. Used as super-sized collateral for gold backed loans from West Germany while sitting quietly in a vault in New York. Leveraged as a springboard … Continue Reading arrow

Guest Post:
Chinese Gold Bar Photos – Lost in Translation

Chinese Gold Bar Photos – Lost in Translation

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  • author Ronan Manly
  • Comments 11 Comments

China is now in pole position as regards annual global gold mining output. Much if not all of Chinese domestic gold mining output is refined into standard gold by Shanghai Gold Exchange (SGE) approved refiners and then sold through the SGE. A lot of recycled gold in China also flows through the same refineries. As of … Continue Reading arrow

IMF Gold Sales - Where 'Transparency' means 'Secrecy'

IMF Gold Sales - Where 'Transparency' means 'Secrecy'

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  • author Ronan Manly
  • Comments 2 Comments

Welcome to the twilight zone of IMF gold sales, where transparency really means secrecy, where on-market is off-market, and where IMF gold sales documents remain indefinitely “classified" and out of public view due to the “sensitivity of the subject matter". Off and On Market Between October 2009 and December 2010, the International Monetary Fund (IMF) claims to … Continue Reading arrow

Is there any gold bullion stored at the US Mint in Denver?

Is there any gold bullion stored at the US Mint in Denver?

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  • author Ronan Manly
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Anyone with even a passing interest in US official gold reserves will probably recall that the US Treasury claims to hold its gold (8,133.5 tonnes) over four locations in continental United States, namely at three US Mint facilities in Fort Knox (Kentucky), West Point (upstate New York), Denver (Colorado), and at the New York Fed … Continue Reading arrow

The Charade Continues – London Gold and Silver Markets set for even more paper trading
GLD Sponsor dodges disclosure details of Bank of England sub-custodian in latest SEC filing
Austrian Mint sells 41 tonnes of gold coins and gold bars in 2015

Austrian Mint sells 41 tonnes of gold coins and gold bars in 2015

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  • author Ronan Manly
  • Comments 0 Comments

Earlier this year, the director of marketing and sales at the Austrian Mint confirmed to Bloomberg in an interview that the Mint’s combined gold bar and gold coin sales in 2015 had totalled 1.32 million troy ounces, a 45% increase on 2014, while the Mint’s silver sales in 2015 had reached 7.3 million ounces, a … Continue Reading arrow

Execs flee GLD – The revolving door at the SPDR Gold Trust Sponsor

Execs flee GLD – The revolving door at the SPDR Gold Trust Sponsor

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  • author Ronan Manly
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A remarkable but little noticed development has occurred behind the scenes of the SPDR Gold Trust (GLD) over the last 3 years. This development concerns the very high level of executive staff turnover at World Gold Trust Services, the New York based ‘Sponsor’ of the mammoth gold GLD gold-backed Exchange Traded Fund that is listed … Continue Reading arrow

SPDR Gold Trust gold bars being held at the Bank of England

SPDR Gold Trust gold bars being held at the Bank of England

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  • author Ronan Manly
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One of the most notable developments accompanying the gold price rally of 2016 has been the very large additions to the gold bar holdings of the major physically backed gold Exchange Traded Funds (ETFs). This is especially true of the SPDR Gold Trust (ticker GLD). The gold bar holdings of the SPDR Gold Trust peaked at 1353 … Continue Reading arrow

Central Bank & Governments and their gold coin holdings

Central Bank & Governments and their gold coin holdings

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  • author Ronan Manly
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Within the world of central bank and government gold reserves, there is often an assumption that these gold holdings consist entirely of gold bullion bars. While this is true in some cases, it is not the fully story because many central banks and governments, such as the US, France, Italy, Switzerland, the UK and Venezuela, … Continue Reading arrow

Apples and Oranges: An update on LBMA Refinery Statistics and GFMS
Spotlight on LPMCL: London Precious Metals Clearing Limited

Spotlight on LPMCL: London Precious Metals Clearing Limited

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  • author Ronan Manly
  • Comments 0 Comments

Within the last 2 months, there have been a series of developments in the London Gold Market, each of which has involved Chinese-controlled banking group ICBC Standard Bank Plc. On 4 April, the London Bullion Market Association (LBMA) announced that ICBC Standard Bank had been reclassified as a LBMA Market Making member for the OTC spot … Continue Reading arrow

LPPM – The London Platinum and Palladium Market

LPPM – The London Platinum and Palladium Market

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  • author Ronan Manly
  • Comments 1 Comments

The platinum and palladium markets arguably receive more focus during the third week of May than at any other time of the year. This is due to a series of events hosted in London known as London Platinum Week. London Platinum Week, which also covers other platinum group metals such as palladium, is coordinated by … Continue Reading arrow

Lars Schall Matterhorn Interview with Ronan Manly, April 2016
Shanghai Gold Benchmark Price - New Kid on the Block

Shanghai Gold Benchmark Price - New Kid on the Block

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  • author Ronan Manly
  • Comments 4 Comments

Exactly 19 months to the day after the International Board of the Shanghai Gold Exchange (SGE) held its first full trading session on 19 September 2014, the Shanghai Gold Exchange launched the Shanghai Gold Benchmark Price auction on 19 April 2016. In China, the number 19 is very auspicious since it consists of lucky number … Continue Reading arrow

HSBC’s London Gold Vault: Is this Gold’s Secret Hiding Place?

HSBC’s London Gold Vault: Is this Gold’s Secret Hiding Place?

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  • author Ronan Manly
  • Comments 2 Comments

HSBC’s main gold vault in London regularly comes under the media spotlight for a number of reasons. These reasons include: a) the HSBC London vault stores a very large amount of gold on behalf of gold-backed Exchange Traded Funds, primarily the well-known SPDR Gold Trust (GLD) b) along with the Bank of England vaults and … Continue Reading arrow

Deutsche Bank agrees to settle with Plaintiffs in London Silver Fixing litigation

Deutsche Bank agrees to settle with Plaintiffs in London Silver Fixing litigation

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  • author Ronan Manly
  • Comments 1 Comments

In a surprising development, a group of plaintiffs in an antitrust litigation case against Deutsche Bank, HSBC Bank plc, the Bank of Nova Scotia, and UBS AG, have just announced that Deutsche Bank is in the process of negotiating the formal terms of a settlement agreement with the plaintiffs. Deutsche Bank, HSBC and Scotia are the … Continue Reading arrow

The Gold Vaults of Hong Hong: Brinks, Loomis, Malca Amit and G4S

The Gold Vaults of Hong Hong: Brinks, Loomis, Malca Amit and G4S

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  • author Ronan Manly
  • Comments 0 Comments

The article “From Good Delivery bars to Kilobars – The Swiss Refineries, the GFMS data, and the LBMA" examined the mountain of evidence concerning the known Swiss conversion of Good Delivery bars into kilobars for export to gold markets in the East. As a further step in this process, it’s worth taking a look at the … Continue Reading arrow

SGX Kilobar Gold contract vs Trading with BullionStar
Venezuela exported 12.5 tonnes of gold to Switzerland on 8 March 2016, via Paris
The LBMA Silver Price – Broken Promises on Wider Participation and Central Clearing

The LBMA Silver Price – Broken Promises on Wider Participation and Central Clearing

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  • author Ronan Manly
  • Comments 10 Comments

On 28 January 2016, the midday LBMA Silver Price auction took 29 rounds to establish a final price of US$13.58 which was manipulated down by a whopping 6% below where silver spot and futures prices were trading at that time. This auction fiasco and price manipulation has caused deep concern among silver benchmark price users … Continue Reading arrow

The Gold Vaults of London: Malca-Amit

The Gold Vaults of London: Malca-Amit

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  • author Ronan Manly
  • Comments 1 Comments

Following on from the recent blog post “G4S London Gold Vault 2.0 – ICBC Standard Bank in, Deutsche Bank out“, which discusses the G4S precious metals vault located on Abbey Road in the Park Royal area of London, its instructive to also look at where the other London Gold Market vaults are located. According to … Continue Reading arrow

Update on Bundesbank Gold Repatriation 2015

Update on Bundesbank Gold Repatriation 2015

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  • author Ronan Manly
  • Comments 5 Comments

Deutsche Bundesbank has just released a progress report on its gold bar repatriation programme for 2015 – “Frankfurt becomes Bundesbank’s largest gold storage location“. During the calendar year to December 2015, the Bundesbank claims to have transported 210 tonnes of gold back to Frankfurt, moving circa 110 tonnes from Paris to Frankfurt, and just under … Continue Reading arrow

G4S London Gold Vault 2.0 – ICBC Standard Bank in, Deutsche Bank out

G4S London Gold Vault 2.0 – ICBC Standard Bank in, Deutsche Bank out

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  • author Ronan Manly
  • Comments 1 Comments

On 8 January 2016, Reuters broke the news that ICBC Standard Bank has purchased the lease on Deutsche Bank’s gold vault in London, and that ICBC Standard intends to become a member of the clearing syndicate, London Precious Metals Clearing Limited (LPMCL): “ICBC Standard Bank is buying the lease on Deutsche Bank’s London gold and … Continue Reading arrow

From Good Delivery bars to Kilobars – The Swiss Refineries, the GFMS data, and the LBMA
Venezuela says adiós to her gold reserves

Venezuela says adiós to her gold reserves

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  • author Ronan Manly
  • Comments 1 Comments

Five months ago in my article “Venezuela’s Gold Reserves – Part 2: From Repatriation to Reactivation“, I concluded that: “given the deteriorating state of Venezuela’s international finances and international reserves at the present time, it may be sooner rather than later before Venezuelan gold could be on the move again out of the country. One thing … Continue Reading arrow

Central Banks’ secrecy and silence on gold storage arrangements

Central Banks’ secrecy and silence on gold storage arrangements

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  • author Ronan Manly
  • Comments 4 Comments

Whereas some central banks have become more forthcoming on where they claim their official gold reserves are stored (see my recent blog post ‘Central bank gold at the Bank of England‘), many of the world’s central banks remain secretive in this regard, with some central bank staff saying that they are not allowed to provide … Continue Reading arrow

Central bank gold at the Bank of England

Central bank gold at the Bank of England

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  • author Ronan Manly
  • Comments 14 Comments

In a recent article, “How many Good Delivery gold bars are in all the London Vaults?….including the Bank of England vaults“, I considered how much gold is actually in the London Gold Market, and highlighted how the amount of gold stored in the London wholesale market has fallen noticeably in recent years. That article highlighted … Continue Reading arrow

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