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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.

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

Six months on ICE – The LBMA Gold Price

Six months on ICE – The LBMA Gold Price

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  • author Ronan Manly
  • Comments 0 Comments

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 arrow

How many Good Delivery gold bars are in all the London Vaults?….including the Bank of England vaults
Moving the goalposts….The LBMA’s shifting stance on gold refinery production statistics
The Bank of England’s revealing views on Gold in 1988

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

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  • author Ronan Manly
  • Comments 2 Comments

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 arrow

Swiss Gold Refineries and the sale of Valcambi

Swiss Gold Refineries and the sale of Valcambi

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  • author Ronan Manly
  • Comments 6 Comments

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 arrow

The pre-2015 London Gold Fixings – More technologically advanced than reported
The funding model of the World Gold Council: GLD Fees and Gold Miner Dues

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

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  • author Ronan Manly
  • Comments 2 Comments

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 arrow

US National Archives web site releases diplomatic cables from 1978
Venezuela’s Gold Reserves – Part 2: From Repatriation to Reactivation

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

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  • author Ronan Manly
  • Comments 0 Comments

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 arrow

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

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

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  • author Ronan Manly
  • Comments 0 Comments

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 arrow

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

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

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  • author Ronan Manly
  • Comments 4 Comments

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 arrow

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

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

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  • author Ronan Manly
  • Comments 2 Comments

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 arrow

London Gold Fixing website www.goldfixing.com taken offline
Chinese Banks as direct participants in the new LBMA Gold and Silver Price auctions? Not so fast!

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

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  • author Ronan Manly
  • Comments 4 Comments

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 arrow

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

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

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  • author Ronan Manly
  • Comments 0 Comments

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 arrow

Spotlight on Greece’s Gold Reserves and Grexit

Spotlight on Greece’s Gold Reserves and Grexit

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  • author Ronan Manly
  • Comments 2 Comments

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 arrow

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

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

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  • author Ronan Manly
  • Comments 1 Comments

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 arrow

The Keys to the Gold Vaults at the New York Fed – Part 3: ‘Coin Bars’, ‘Melts’ and the Bundesbank
The IMF’s Gold Depositories – Part 1, The Legal Background

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

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  • author Ronan Manly
  • Comments 3 Comments

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 arrow

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

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

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  • author Ronan Manly
  • Comments 11 Comments

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 arrow

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

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

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  • author Ronan Manly
  • Comments 10 Comments

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 arrow

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