Ronan Manly

Venezuela says adiós to her gold reserves

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• Ronan Manly
• 1 Comments

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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

Central Banks’ secrecy and silence on gold storage arrangements

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• Ronan Manly
• 4 Comments

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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

Central bank gold at the Bank of England

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• Ronan Manly
• 14 Comments

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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

Six months on ICE – The LBMA Gold Price

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• Ronan Manly
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It’s now been 6 months since the LBMA Gold Price auction, the much touted replacement to the London Gold Fixings, was launched on an ICE Benchmark Administration (IBA) platform on Friday 20 March 2015. For anyone not au fait with the gold price auction, the LBMA Gold Price is a twice daily auction that produces … Continue Reading

How many Good Delivery gold bars are in all the London Vaults?….including the Bank of England vaults

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• Ronan Manly
• 14 Comments

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Each year in June, the Bank of England publishes its annual report which quotes financial data up to the end of February (its financial year-end). The Bank’s annual report also states the amount of gold, valued at a market price in Pounds sterling, that it holds under custody for its customers, which comprise central banks, … Continue Reading

Moving the goalposts….The LBMA’s shifting stance on gold refinery production statistics

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• Ronan Manly
• 1 Comments

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On Friday 31st July 2015, I released an article discussing the sale of Swiss gold refiner Valcambi to Indian jewellery company Rajesh Exports. In my report, in a section about Valcambi’s annual gold refining capacity, I made passing reference to 2013 gold refining production statistics that had been published by the London Bullion Market Association (LBMA) … Continue Reading

The Bank of England’s revealing views on Gold in 1988

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• Ronan Manly
• 2 Comments

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Below is an interesting 1988 discussion paper on gold, written by Bank of England staff. The original paper can be found in pdf here. The United Kingdom’s gold reserves belong to HM Treasury (HMT) and are held in the Exchange Equalisation Account (EEA), but managed by the Bank of England on behalf of HMT. The discussion paper … Continue Reading

Swiss Gold Refineries and the sale of Valcambi

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• Ronan Manly
• 6 Comments

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The normally low-key Swiss gold refining market has been thrown into the spotlight with the announcement that private company Valcambi, the world’s largest gold refinery, is being acquired by Indian group Rajesh Exports Ltd (REL), the world’s largest gold jewellery manufacturer. This acquisition is worth analysing for a number of reasons, namely will the Valcambi-Rajesh... Continue Reading

The pre-2015 London Gold Fixings – More technologically advanced than reported

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• Ronan Manly
• 1 Comments

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The financial media has recently pitched the transition of the London daily gold fixings to an ICE Benchmark Administration (IBA) platform as a quantum leap from an antiquated Victorian-era process to a futuristic 21st century electronic auction. For example, the Wall Street Journal recently said that: “Four of the banks…had participated in the conference call used to... Continue Reading

The funding model of the World Gold Council: GLD Fees and Gold Miner Dues

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• Ronan Manly
• 2 Comments

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In a little noticed development at the end of March 2015, World Gold Council (WGC) member company Newcrest Mining of Australia ceased to be a member of the WGC, thereby reducing the Council’s membership from 19 to 18 gold mining companies. Newcrest Mining is one of the world’s largest gold mining companies and Australia’s largest … Continue Reading

US National Archives web site releases diplomatic cables from 1978

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• Ronan Manly
• 0 Comments

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The US National Archives and Records Administration (NARA) has just released a new batch of diplomatic cables from the year 1978, which can be searched and browsed via the Access to Archival Databases (AAD) website at http://aad.archives.gov/aad/. These batches of cables are variously known as “State Department Cables“, “Diplomatic Records" or “Central Foreign... Continue Reading

Venezuela’s Gold Reserves – Part 2: From Repatriation to Reactivation

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• Ronan Manly
• 0 Comments

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This is Part 2 of a two-part series. Part 1, titled “Venezuela’s Gold Reserves – Part 1: El Oro, El BCV, y Los Bancos de Lingotes“, provided a historical overview of Venezuela’s gold and looked at where the gold, and the claims on gold, were located just prior to repatriation in 2011, especially the gold … Continue Reading

Venezuela’s Gold Reserves – Part 1: El Oro, El BCV, y Los Bancos de Lingotes

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• Ronan Manly
• 0 Comments

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Venezuela’s gold reserves have rarely stayed out of the financial news headlines over the last four years. From initial gold repatriation announcements in August 2011, through to gold shipments from Europe to Venezuela’s capital, Caracas, in late 2011 and early 2012, as well as the more recent negotiations on using gold in swaps and for … Continue Reading

El Salvador’s gold reserves, the BIS, and the bullion banks

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• Ronan Manly
• 4 Comments

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According to a Reuters report from 24 April, the central bank of El Salvador, Banco Central de Reserva de El Salvador (BCR), sold approximately 80% of its gold reserves during March 2015. This sale comprised 5.412 tons of gold and raised $206 million for the Bank. Reuters initiated its story based on updates to the … Continue Reading

The IMF’s Gold Depositories – Part 3, Gold Swaps and the Quality of the IMF Gold

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• Ronan Manly
• 2 Comments

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The International Monetary Fund (IMF) is authorized to use its gold holdings to engage in gold location swaps and has done so frequently in the past. This has involved gold location swaps with the entities who maintain the gold vaults where the IMF stores its gold, such as the Federal Reserve Bank of New York, … Continue Reading

London Gold Fixing website www.goldfixing.com taken offline

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• Ronan Manly
• 7 Comments

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(Update 23/03/2015: The www.goldfixing.com website was permanently switched off in the early morning of Monday 23rd March 2015) The last ever ‘Gold Fixing’ will take place on the afternoon of Thursday 19th March 2015 at 3.00pm. Following the last fixing, the www.goldfixing.com website of the London Gold Market Fixing Limited will be immediately and permanently … Continue Reading

Chinese Banks as direct participants in the new LBMA Gold and Silver Price auctions? Not so fast!

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• Ronan Manly
• 4 Comments

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There is a growing assumption in the financial media that a number of Chinese banks will be joining the new LBMA Gold Price auction as direct participants when the auction launches in London on Friday 20th March. This assumption is based on various sources, but primarily on a number of general comments made by the … Continue Reading

The Bank of England and the London Gold Fixings in the 1980s

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• Ronan Manly
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With the current structure of the London gold price fixings disappearing in the very near future, there is an unusual story that I’d like to share about the gold fixings. It concerns the Bank of England’s ‘gold activities’ in the daily London Gold Fixings during the 1980s, and my attempts to get the Bank to explain … Continue Reading

Spotlight on Greece’s Gold Reserves and Grexit

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• Ronan Manly
• 2 Comments

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With the Greek Government and the Troika back in the news right now, it’s a good time to take a look at Greece’s official gold reserves and examine how much gold Greece claims to hold, where this gold might be located, and explore the impact that the European bailouts or a Greek Euro exit might have … Continue Reading

The IMF’s Gold Depositories – Part 2, Nagpur and Shanghai, the Indian and Chinese connections

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• Ronan Manly
• 1 Comments

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Part 1 of the IMF’s Gold Depositories series explained the legal background as to why the IMF originally made the decision to hold gold at the Federal Reserve Bank of New York, the Bank of England, the Banque de France and the Reserve Bank of India. See Part 1 for details, but as a quick … Continue Reading

The Keys to the Gold Vaults at the New York Fed – Part 3: ‘Coin Bars’, ‘Melts’ and the Bundesbank

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• Ronan Manly
• 5 Comments

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Part 1 of this series reviewed Federal Reserve Bank of New York (FRBNY) publications that cover the Fed’s gold storage vaults in Manhattan, and illustrated how the information in these publications has been watered down over time. Part 1 also showed that the number of foreign central bank customers storing gold with the FRBNY has fallen substantially since the late … Continue Reading

The IMF’s Gold Depositories – Part 1, The Legal Background

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• Ronan Manly
• 3 Comments

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The International Monetary Fund (IMF) is the world’s third largest official sector holder of gold behind the United States and Germany. According to the Fund’s web site, as at October 2014 “the IMF holds around 90.5 million ounces (2,814.1 metric tons) of gold at designated depositories." The IMF’s gold holdings were accumulated between 1946 and … Continue Reading

The Keys to the Gold Vaults at the New York Fed – Part 2: The Auxiliary Vault

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• Ronan Manly
• 11 Comments

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The FRBNY’s Auxiliary Vault As mentioned in Part 1 of Keys to the Gold Vaults at the New York Fed, there are two gold vaults at the New York Fed, the main vault and the auxiliary vault. Very little is written anywhere about the FRBNY’s auxiliary vault, or the ‘aux vault’ as it has sometimes been … Continue Reading

The Keys to the Gold Vaults at the New York Fed – Part 1

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• Ronan Manly
• 10 Comments

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Over time, the Federal Reserve Bank of New York (FRBNY) has become increasingly less transparent in sharing information about its Manhattan gold vaults. I use gold vaults in the plural because there are two gold vaults at the New York Fed’s headquarters, namely, the main vault and the auxiliary vault. During the 1970s, New York … Continue Reading