Ronan Manly
BullionStar Blogs

Ronan Manly

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

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 figure 58% higher than in 2014. Since Münze Österreich, or... Continue Reading

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

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 on the NYSE. For within the space of... Continue Reading

SPDR Gold Trust gold bars at the Bank of England vaults

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 tonnes on 7 December 2012 before experiencing a... Continue Reading

Central Banks and Governments and their gold coin holdings

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, all hold an element of gold bullion coins as part of... Continue Reading

Apples and Oranges: An update on LBMA Refinery Statistics and GFMS

Last year I published two posts featuring the 2013 refinery production statistics of the London Bullion Market Association (LBMA) Good Delivery Refiners (gold and silver). The first post, "Moving the goalposts….The LBMA’s shifting stance on gold refinery production statistics", looked primarily at how, in May 2015, the LBMA had first published a 2013 gold refining output... Continue Reading

Spotlight on LPMCL: London Precious Metals Clearing Limited

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 trading markets in gold and... Continue Reading

LPPM – The London Platinum and Palladium Market

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 the London Platinum and Palladium Market (LPPM) association and... Continue Reading

Lars Schall Matterhorn Interview with Ronan Manly

I was recently interviewed by financial journalist Lars Schall on behalf of Swiss based Matterhorn Asset Management. Our interview covered the German and Russian gold markets, Venezuela's official gold reserves, the secrecy of the London gold market, and the outlook for the gold price, among a number of other topics. Matterhorn kindly granted me permission to post the audio... Continue Reading

Shanghai Gold Benchmark Price – New Kid on the Block

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 1, which means origin or beginning, and lucky number... Continue Reading

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

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 only members of the London Silver Market... Continue Reading

The Gold Vaults of Hong Kong: Brinks, Malca Amit, Loomis

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 substantial evidence of these kilobars either being... Continue Reading

SGX Kilobar Gold contract vs Trading with BullionStar

When Singapore Exchange (SGX) launched a physically-delivered gold kilobar contract in October 2014, there was much fanfare from the contract’s promoters (SGX, World Gold Council, IE Singapore and the Singapore Bullion Market Association) that the SGX Gold Kilobar would kick-start exchange-based gold kilobar trading in the Singapore gold market, while providing liquidity,... Continue Reading

Venezuela exported 12.5 tonnes of gold to Switzerland on 8 March 2016, via Paris

Following on from last month in which BullionStar's Koos Jansen broke the news that Venezuela had sent almost 36 tonnes of its gold reserves to Switzerland at the beginning of the year, "Venezuela Exported 36t Of Its Official Gold Reserves To Switzerland In January", there have now been further interesting developments in this ongoing saga. It has now come to light that on... Continue Reading

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

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 as well as consternation among the Gang of Three... Continue Reading
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