About Ronan Manly

Ronan Manly is an investment professional and research analyst with an interest in the monetary gold market. His career has taken him from Dublin to London, New York, and Frankfurt, in roles spanning portfolio management, stockbroking, and technology, working for companies including Dimensional Fund Advisors and Morgan Stanley. In his time, Ronan has collected various economic and finance degrees, most recently a Master's in Finance from London Business School.

Although curious about the commodity and precious metals markets since the early 2000s, Ronan's interest in the monetary gold market was piqued in 2011 by a visit to the Bank of England archives to research Ireland's historic gold reserves, wherein he realised that there were scores of interesting files on gold in the archives, which prompted a number of further archive visits and a lot of subsequent reading. This led to a fascination for monetary gold and for researching, analysing and writing about the gold market.

Ronan's belief is that an understanding of the historic gold market in the twentieth century is one of the keys to understanding the current and future gold market, since, while some aspects of the market have changed, behind the scenes a lot remains the same, despite central bankers claiming otherwise. Given that the monetary gold market is opaque and shrouded in secrecy, the challenge is to conduct research and find facts in order to try to put the pieces of the puzzle together.

In this BullionStar blog, Ronan will, amongst other things, attempt to shine a light on both long forgotten and contemporary aspects of the global monetary gold market by bringing original material to the attention of readers.

Ronan Manly is on Twitter @ronanmanly

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All Posts by Ronan Manly

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

In one of the most profound developments in the central bank gold market for a long time, the Hungarian National Bank, Hungary's central bank, has just announced a 10 fold jump in its monetary gold holdings. The central bank, known as Magyar Nemzeti Bank (MNB) in Hungarian, made the announcement in Budapest, Hungary's capital. The details of Hungary's dramatic new gold... Continue Reading

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

One of the most mysterious and unresolved questions in the gold world centers on how much gold reserves the Chinese State, through the Chinese central bank, actually holds. Since October 2016, the People's Bank of China (PBoC), China's central bank, has continued to announce unchanged gold reserves each month and persistently claims that its official gold reserves remain... Continue Reading

Paulson’s Shareholders Gold Council finally launches after initial delays

In September 2017, news emerged of a plan to launch a broad-based "Shareholders’ Gold Council" to address poor shareholder returns and under-performance in the gold mining sector. This plan was spearheaded by well-known hedge fund Paulson & Co and its founder John Paulson. Initially earmarked for a launch in June 2018 or early July, BullionStar covered this new Council... Continue Reading

Chinese Gold Panda Coins now trading on the Shanghai Gold Exchange (SGE)

In an interesting development on Wednesday 12 September, the Shanghai Gold Exchange (SGE) launched trading of a new Chinese Gold Panda Coin contract on the SGE trading platform. With the addition of this listing, the SGE now offers physical trading of these famous Chinese gold bullion coins alongside its extensive range of physical gold bar and ingot trading contracts. As a... Continue Reading

As Emerging Market Currencies Collapse, Gold is being Mobilized

In recent weeks, global financial markets have been increasingly spooked by an intensifying crisis in emerging market currencies including those of Turkey and Argentina. Add to this the ongoing currency crisis in Venezuela and the currency problems of Iran. While all of these countries have economy specific reasons that explain at least some of their currency weakness, there... Continue Reading

Annual Mine Supply of Gold: Does it Matter?

The topic of how much extractable gold is left in the world has become increasingly discussed within the last few years. This is because of increased focus on 'peak gold' and also a concern about remaining levels of unextracted gold reserves. Peak gold is a term referring to the phenomenon of annual gold mining supply peaking (i.e. the rate of gold extraction increases until... Continue Reading

LBMA at the Movies: Golden Turkeys

In March of this year, the London Bullion Market Association (LBMA) released a series of short videos about various aspects of the London precious metals markets and the role the LBMA claims to plays in those markets. In the words of the LBMA: "LBMA, the Global Authority for Precious Metals, has released five short films highlighting the pivotal role it plays in the global... Continue Reading

Spotlight on the HUI and XAU Gold Stock Indexes

Probably the two best known gold mining stock indexes in the world's financial markets are the HUI and the XAU. HUI is the ticker symbol for the NYSE Arca Gold BUGS Index. XAU is the ticker symbol for the Philadelphia Gold and Silver Index. Both of these monikers make an appearance on many gold related websites and many general financial market websites as well, so its worth... Continue Reading

Chinese Gold Market: Still in the Driving Seat

With the first half of 2018 now behind us, it's an opportune time to look at whats been happening in the Chinese Gold Market. As a reminder, China is the largest gold producer in the world, the largest gold importer in the world, and China's Shanghai Gold Exchange is the largest physical gold exchange in the world. For various reasons such as cross-border trade rules, VAT... Continue Reading

Gold’s Price Performance: Beyond the US Dollar

With the first half of 2018 now drawn to a close, much of the financial medias' headlines and commentary relating to the gold market has been focusing on the fact that the US dollar gold price has moved lower year-to-date. Specifically, from a US dollar price of $1302.50 at close on 31 December 2017, the price of gold in US dollar terms has slipped by approximately 3.8% over... Continue Reading

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

One of the more interesting developments in the gold mining sector at the moment is the impending launch of an investor alliance called the Shareholders Gold Council (SGC) whose objectives focus on reversing the poor shareholder returns and underperformance that has been dogging the sector's leading gold mining stocks for some time now. This new 'Council', which will be... Continue Reading

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

On Sunday 10 June 2018, Switzerland's electorate voted on a referendum calling for the country's commercial banks to be banned from creating money. In a country world-famous for its banking industry, this was quite an interesting turn of events. Known as the Sovereign Money Initiative or 'Vollgeld', the referendum was brought to the Swiss electorate in the form of a... Continue Reading

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

On 17 April, Turkish news publication Ahval published a report stating that during 2017, Turkey withdrew 26.8 tonnes of gold that it had stored in the vaults of the New York Federal Reserve, and moved this gold under the custodianship of the Bank of England and the Bank for International Settlements (BIS). The source of the Ahval report was a Turkish language article from... Continue Reading

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

On 29 January 2018, the Commodity Futures Trading Commission (CFTC) Division of Enforcement together with the Criminal Division of the US Department of Justice and the FBI announced criminal and civil enforcement actions against 3 global investment banks and 5 traders for involvement in trade spoofing in precious metals futures contracts on the US-based Commodity Exchange... Continue Reading
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