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

An update on SGE Vault Withdrawals and SGE Price Premiums

In 2016, withdrawals of gold from the Shanghai Gold Exchange totalled 1970 tonnes, the 4th highest annual total on record. This was 24% less than SGE gold withdrawals recorded in 2015, which reached a cumulative 2596 tonnes (See Koos Jansen’s  6 January 2017 blog at BullionStar “How The West Has Been Selling Gold Into A Black Hole” for more details of the 2016... Continue Reading

New Gold Pool at the BIS Basle, Switzerland: Part 1

"In the Governor’s absence I attended the meeting in Zijlstra’s room in the BIS on the afternoon of Monday, 10th December to continue discussions about a possible gold pool. Emminger, de la Geniere, de Strycker, Leutwiler, Larre and Pohl were present."      13 December 1979 - Kit McMahon to Gordon Richardson, Bank of England Introduction A central bank Gold Pool... Continue Reading

SGE Trading Volumes surged by 43% in 2016 led by OTC and Deferred Trading

The growing influence of the Shanghai Gold Exchange (SGE), the world's largest physical gold exchange, is a topic familiar to many. So it is not surprising that trading volumes at the SGE continued their dramatic rise in 2016, with a record 24,338 tonnes of gold traded across physical delivery and deferred settlement contracts. Volumes in 2016 were a staggering 43% higher... Continue Reading

Summer of 17: LBMA Confirms Upcoming Publication of London Gold Vault Holdings

Just over a week ago I wrote an article highlighting that the Bank of England has begun publishing monthly data on the total quantity of gold bars held within the Bank of England vaults in London. See “Bank of England releases new data on its gold vault holdings”. This new gold vault data was first released in early April 2017 and covers gold bar holdings at the Bank of... Continue Reading

Sweden’s Gold Reserves: 10,000 gold bars shrouded in Official Secrecy

In early February 2017 while preparing for a presentation in Gothenburg about central bank gold, I emailed Sweden's central bank, the Riksbank,  enquiring whether the bank physically audits Sweden's gold and whether it would provide me with a gold bar weight list of Sweden’s gold reserves (gold bar holdings). The Swedish official gold reserves are significant and amount to... Continue Reading

Death Spiral for the LBMA Gold and Silver auctions?

In a bizarre series of events that have had limited coverage but which are sure to have far-reaching consequences for benchmark pricing in the precious metals markets, the LBMA Gold Price and LBMA Silver Price auctions both experienced embarrassing trading glitches over consecutive trading days on Monday 10 April and Tuesday 11 April. At the outset, its worth remembering that... Continue Reading

German and Swiss Precious Metals Refiners join forces as Heraeus acquires Argor-Heraeus

German precious metals group Heraeus Precious Metals (HPM), part of the Heraeus industrial group, has just announced the full acquisition of Swiss precious metals refining group Argor-Heraeus. Heraeus is headquartered in Hanau, just outside Frankfurt. Argor-Heraeus is headquartered in Mendrisio in the Swiss Canton of Ticino, beside the Italian border. The Heraeus takeover... Continue Reading

Mexico’s Earmarked Gold Bars at the Bank of England vaults

Guillermo Barba, the Mexican financial and economic journalist, has recently published an article on his website confirming that through an information request that he had made to Mexico’s central bank, Banco de México (Banxico), the central bank has now released what amounts to a relatively comprehensive list of Mexico’s gold bars held in storage at the Bank of England... Continue Reading

More Bad News for the LBMA Silver Price, but an Opportunity for Overhaul

On Friday 3 March 2017, in a surprise announcement with implications for the global silver market, the London Bullion Market Association (LBMA) informed its members that the current administrator and calculation agent of its recently launched LBMA Silver Price auction, Thomson Reuters and the CME Group respectively, will be pulling out of providing their services to the... Continue Reading

Germany’s Gold remains a Mystery as Mainstream Media cheer leads

On 9 February 2017, the Deutsche Bundesbank issued an update on its extremely long-drawn-out gold repatriation program, an update in which it claimed to have transferred 111 tonnes of gold from the Federal Reserve Bank of New York to Germany during 2016, while also transferring an additional 105 tonnes of gold from the Banque de France in Paris to Germany during the same... Continue Reading

A Chink of Light into London’s Gold Vaults?

On 5 February, the Financial Times of London (FT) featured a story revealing that the London Bullion Market Association (LBMA) plans to begin publishing data on the amount of real physical gold actually stored in the London precious metals vaulting network. The article titled “London gold traders to open vaults in transparency push” can be read here (accessible via FT... Continue Reading

Lukewarm start for new London Gold Futures Contracts

The second half of 2016 saw announcements by three exchange providers for plans to compete in the London Gold Market through offerings of exchange-traded London gold futures contracts. First off the mark was the London Metal Exchange (LME) in conjunction with the World Gold Council with a planned platform called LMEprecious. There were rumblings of this initiative in the... Continue Reading

Ireland’s Monetary Gold Reserves: High Level Secrecy vs. Freedom of Information – Part 2

This is Part 2 of a two-part series. Part 1 of this series, "Ireland's Monetary Gold Reserves: High Level Secrecy vs. Freedom of Information - Part 1" published on 23 January, looked at initial attempts in 2011 and 2012 to extract basic information about Ireland's monetary gold reserves from the Central Bank of Ireland and the Irish Department of Finance. These attempts... Continue Reading

Ireland’s Monetary Gold Reserves: High Level Secrecy vs. Freedom of Information – Part I

This article and a sequel article together chronicle a long-running investigation that has attempted, with limited success to date, to establish a number of basic details about Ireland's official monetary gold reserves, basic details such as whether this gold is actually allocated, what type of storage contract the gold is stored under, and supporting documentation in the... Continue Reading
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