BullionStar Blogs

COMEX & ICE Vault Reports Overstate Gold Inventories

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• Ronan Manly
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Gold futures trade in New York on both the COMEX & ICE exchanges. Both exchanges also utilize the same network of approved gold vault facilities located in and around New York City. However, neither the ICE vault report nor the COMEX vault report takes account of the other Exchange's registered gold. Therefore both reports overstate the true amount of eligible gold in each of the... Continue Reading

Gold Price Down, Chinese Demand Strong Despite Import Curbs

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• Koos Jansen

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From the moment Donald J. Trump got elected as the next President of the United States, on November 8, 2016, the price of gold tumbled 8 % in the remainder of the month – from $1,282 USD/oz to $1,178 USD/oz. Usually these cascades in the gold price go hand in hand with physical sell-offs in the West … Continue Reading

How to Trigger a Silver Avalanche by a Pebble

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• Ronan Manly
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UBS and other precious metals traders on how to wreak havoc in silver markets Written by Allan Flynn, specialist researcher in aspects of gold and silver. “An avalanche can be triggered by a pebble if you get the timing right" Earlier this year at April’s hearings for London Silver and Gold Fix lawsuits, the judge and … Continue Reading

Gold In London & Hong Kong Is Used To Settle COMEX Futures

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• Koos Jansen

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Physical gold located in Hong Kong and London is used to settle COMEX gold futures contracts through “Exchange For Physical” trading in the over-the-counter market. This post is a sequel to Understanding GOFO And The Gold Wholesale Market and COMEX Gold Futures Can Be Settled Directly With Eligible Inventory – in which Exchange For Physical … Continue Reading

Debunking GFMS’s Gold Demand Statistics

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• Koos Jansen

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What came to light as on odd discrepancy between GFMS’ Chinese gold demand and “apparent supply" has proven to be a tenacious cover-up by the oldest consultancy firm in the gold market. And not only does GFMS publish incomplete and misleading data on Chinese gold demand, all its supply and demand data is incomplete and misleading. … Continue Reading

The Value-Added Tax System In China’s Domestic Gold Market

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• Koos Jansen

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This post is part of the Chinese Gold Market Essentials series. Click here to go to an overview of all Chinese Gold Market Essentials for a comprehensive understanding of the largest physical gold market globally. This post was updated in 2017. In the Gold Survey 2016 by Thomson Reuters GFMS there is a complex illegal scheme described whereby criminals obtain VAT invoices … Continue Reading

Q1 - Q3 2016 China Net Gold Import Hits 905 Tonnes

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• Koos Jansen

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Withdrawals from the vaults of the Shanghai Gold Exchange, which can be used as a proxy for Chinese wholesale gold demand, reached 1,406 tonnes in the first three quarters of 2016. Supply that went through the central bourse consisted of at least 905 tonnes imported gold, roughly 335 tonnes of domestic mine output, and 166 … Continue Reading

November 2016 Gold Market Charts

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• Gold Market Charts
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This is the first installment in a new series of articles from BullionStar that put a spotlight on some of the most important areas of the global physical gold markets using illustrative Gold Market Charts from the website GoldChartsRUS.com.

These charts include the Chinese Gold Market, the flow of gold from West to East via the London and Swiss gold markets, the growth of... Continue Reading

The Gold Market – Where Transparency Means Secrecy

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• BullionStar
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The following speech, by BullionStar precious metals analyst Ronan Manly, was given to an audience during a Precious Metals Seminar held at BullionStar’s shop and showroom premises in Singapore on 19 October 2016. Introduction Good evening ladies and gentlemen, you are all very welcome to this event at BullionStar. This evening, I will be discussing the … Continue Reading

Gold Price Skyrockets in India After Currency Ban

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• BullionStar
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The following guest post was written by Jayant Bhandari in two parts. Part 1 was first published by Jayant on November 9. Part 2 was first published by Jayant on November 16. Parts 1 and 2 were originally published on the ‘Acting-Man.com’ website as “Gold Price Skyrockets in India after Currency Ban" and “Gold Price Skyrockets … Continue Reading

Chinese Banks Are Engaging in Synthetic Gold Leasing

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• Koos Jansen

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More proof the “precious metals assets" on Chinese commercial bank balance sheets have little to do with the “surplus” gold in China’s domestic market. The “surplus" in the Chinese gold market is the difference between withdrawals from the Shanghai Gold Exchange vaults and gold demand as measured by consultancy firms like the World Gold Council and Thomson Reuters... Continue Reading

ECB Gold Stored in 5 Locations, Won't Disclose Gold Bar List

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• Ronan Manly
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The European Central Bank (ECB), creator of the Euro, currently claims to hold 504.8 tonnes of gold reserves. These gold holdings are reflected on the ECB balance sheet and arose from transfers made to the ECB by Euro member national central banks, mainly in January 1999 at the birth of the Euro. As of the … Continue Reading

Dear U.S. Mint: Give Us the Fort Knox Audit Documents!

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• Koos Jansen

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Interim research update. As readers might have seen on these pages, since 2014 I’ve been investigating the inventory audits of the US official gold reserves, which should proof the existence of the metal that embodies the credibility of the world reserve currency. My first article showed the official narrative: all the bars of in total 8,134 tonnes of … Continue Reading

Bullion Banking 101 – Speech by BullionStar's Torgny Persson

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• BullionStar
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The following speech, by BullionStar CEO Torgny Persson, was given to an audience during a Precious Metals Seminar held at BullionStar’s shop and showroom premises in Singapore on 19 October 2016. Introduction What have I got here? It’s 87 grams of gold. As many of you know, we have our own bullion vault integrated in BullionStar’s … Continue Reading

Trump and Gold

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• BullionStar
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It was an event-filled and turbulent evening last night as the results for the 45th US presidential election rolled in, signalling that the majority of the American electorate had voted for Republican candidate Donald Trump. Trump received over 270 of the 538 electoral college votes needed to secure a majority. Trump will now be inaugurated as … Continue Reading

Swiss Gold Refinery Argor-Heraeus to be Acquired

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• Ronan Manly
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News has just emerged in the gold market that the giant Swiss precious metals refiner, Argor-Heraeus, has held discussions to be acquired, and that the likely outcome is an acquisition by a private equity group. This private equity group is believed to be London-based WRM CapInvest, part of Zurich headquartered WRM Capital. Other interested buyers are … Continue Reading

Gold Is Going To Play a Role in a New Monetary System

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• Koos Jansen

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In the Netherlands we have a financial newspaper that prints on pink paper and is named “Het Financieel Dagblad”. Basically it’s the Dutch equivalent of the Financial Times. A few weeks ago I was interviewed by two of their reporters, Joost van Kuppeveld and Lenneke Arts. Today the interview was published as part of a … Continue Reading

Bullion Banks Pass the Parcel On El Salvador's Gold Reserves

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• Ronan Manly
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Eighteen months ago I wrote a short synopsis of a gold sales transaction by the central bank of El Salvador wherein it had sold 80% (about 5.5 tonnes) of its official gold reserves. The title of the post was “El Salvador’s gold reserves, the BIS, and the bullion banks“. If you thought, why the focus … Continue Reading

Austrian Central Bank Claims To Have Audited Gold at BOE

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• Koos Jansen

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After years of gradually securing its official gold reserves (unwinding leases) the central bank of Austria claims to have completed the audits of its 224 tonnes of gold stored at the BOE. However, it refuses to publish the audit reports and the gold bar list. What could possibly be so sensitive to hide from public eyes? After the Germans … Continue Reading

BullionStar attends 2016 LBMA Conference in Singapore

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• BullionStar
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Introduction This year, the well-known annual conference of the London Bullion Market Association (LBMA) was held in Singapore between Sunday 16 October and Tuesday 18 October at the impressive Shangri-La Hotel. The conference attracts delegates and speakers from across the world of bullion, with representatives from precious metals refiners, mints, bullion banks, brokers, trading and... Continue Reading

The Great Physical Gold Supply & Demand Illusion

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• Koos Jansen

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Gold supply and demand data published by all primary consultancy firms is incomplete and misleading. The data falsely presents gold to be more of a commodity than a currency, having caused deep misconceptions with respect to the metal’s trading characteristics and price formation. Numerous consultancy firms around the world, for example Thomson Reuters GFMS, Metals … Continue Reading

Tracking ETF & BoE Gold Held in London

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• Ronan Manly
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Just over a year ago, gold researchers Nick Laird, Bron Suchecki, Koos Jansen and myself took a shot at estimating how much physical gold was accounted for in London within the gold-backed ETFs and under Bank of England custody. The results of that exercise are highlighted in September 2015 articles “How many Good Delivery gold bars are in … Continue Reading

The 'Independent' Chair of the LBMA Board

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• Ronan Manly
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In a recent article titled “Blood Brothers: The Bank of England and the London Bullion Market Association (LBMA)“, I charted the extremely close historical and contemporary relationship between the LBMA and the Bank of England. This article highlighted that: the LBMA was established in 1987 by the Bank of England the original bullion bank founding members … Continue Reading

How Constant Is Gold’s Purchasing Power?

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• Koos Jansen

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An often-perceived analysis in the gold community is that gold is the constant in our global economy. But is this true? Yes and no. Allow me to share my observations. Although gold has an exceptionally constant nature, and we have yet to see another currency that can compete with gold’s constant nature, the reality is, … Continue Reading

Blood Brothers: the Bank of England & the LBMA

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• Ronan Manly
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The London Bullion Market Association (LBMA) is a London-based, globally active, trade association for “the promotion and regulation of commerce relating to the London Bullion Market”. The “London Bullion Market” here collectively refers to the London Gold Market and the London Silver Market. The remit of the LBMA has very recently also been extended to … Continue Reading

From Gold Trains to Gold Loans: Italy's Huge Gold Reserves

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• Ronan Manly
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Italy’s gold has had an eventful history. Robbed by the Nazis and taken to Berlin. Loaded on to gold trains and sent to Switzerland. Flown from London to Milan and Rome. Used as super-sized collateral for gold backed loans from West Germany while sitting quietly in a vault in New York. Leveraged as a springboard … Continue Reading

Former SEC Official Eyes London Gold & Silver Fix Lawsuits

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• Ronan Manly
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Written by Allan Flynn, specialist researcher in aspects of gold and silver. Five months have lapsed without decision, since London gold and silver benchmark-rigging class action lawsuits received a cool response in a Manhattan court. Transcripts from April hearings show, in the absence of direct evidence, the claims dissected by a “very skeptical” judge, and criticized … Continue Reading

Infographic: India's Gold Market

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• BullionStar
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The Indian gold market is one of the world’s largest and most extensive gold markets, with an estimated 23,000 tonnes of private gold held within India’s borders. In India, gold is revered and held as a traditional form of savings and wealth preservation, particularly in the form of gold jewellery. With minimal gold mining production, … Continue Reading

Additional Gold & Silver Coins GST-Free in Singapore

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• BullionStar
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Starting 1 September 2016, the exemption of gold, silver and platinum coins from Goods and Services Tax (GST) in Singapore has been extended. The following coins, all available for ordering at BullionStar.com, are now available for purchase without any GST. The updated IRAS Guide on Exemption of Investment Precious Metals (IPM) can be found here. United … Continue Reading

Chinese Gold Bar Photos – Lost in Translation

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• Ronan Manly
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China is now in pole position as regards annual global gold mining output. Much if not all of Chinese domestic gold mining output is refined into standard gold by Shanghai Gold Exchange (SGE) approved refiners and then sold through the SGE. A lot of recycled gold in China also flows through the same refineries. As of … Continue Reading

China’s Rising Gold ETF Market: a Hybrid

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• Koos Jansen

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This post is part of the Chinese Gold Market Essentials series. Click here to go to an overview of all Chinese Gold Market Essentials for a comprehensive understanding of the largest physical gold market globally. This post was updated in 2017. In 2013 we’ve witnessed the inception of the Chinese gold ETF market. At first demand for the gold ETFs was neglectable, as … Continue Reading

IMF Gold Sales: Where 'Transparency' Means 'Secrecy'

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• Ronan Manly
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Welcome to the twilight zone of IMF gold sales, where transparency really means secrecy, where on-market is off-market, and where IMF gold sales documents remain indefinitely “classified" and out of public view due to the “sensitivity of the subject matter". Off and On Market Between October 2009 and December 2010, the International Monetary Fund (IMF) claims to … Continue Reading

Chinese Banks' Huge Precious Metals Holdings Explained

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• Koos Jansen

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This post is part of the Chinese Gold Market Essentials series. Click here to go to an overview of all Chinese Gold Market Essentials for a comprehensive understanding of the largest physical gold market globally. This post was updated late 2017. There has been much conjecture since 2014 about the increasing numbers in the “precious metals” category on the balance … Continue Reading

Why the Dutch Central Bank Refuses To Publish Gold Bar List

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• Koos Jansen

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My hunt for the gold bar list of the Dutch official gold reserves started in 2015. On September 26 of that year I visited a conference in Rotterdam, the Netherlands, called Reinvent Money. One of the speakers was Jacob De Haan from the Dutch central bank (DNB) Economics and Research Division – you can watch his presentation by clicking here. … Continue Reading

Is There Any Gold Bullion Stored at the U.S. Mint in Denver?

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• Ronan Manly
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Anyone with even a passing interest in US official gold reserves will probably recall that the US Treasury claims to hold its gold (8,133.5 tonnes) over four locations in continental United States, namely at three US Mint facilities in Fort Knox (Kentucky), West Point (upstate New York), Denver (Colorado), and at the New York Fed … Continue Reading

Song Xin: Increase Gold Reserves & Join SDR

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• Koos Jansen

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The Chairman of the China Gold Association and General Manager and Party Committee Secretary of China National Gold Group Corporation, the latter being China’s largest gold mining enterprise, is Song Xin and happens to be one of my favorite commentators in China. This gentleman made waves in July 2014 when he candidly wrote on Sina … Continue Reading

The World’s largest Precious Metals Refineries

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• BullionStar
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There are many precious metals refineries throughout the world, some local to their domestic markets, and some international, even global in scale. Many, but by no means all, of these refineries are on the Good Delivery Lists of gold and/or silver. These lists are maintained by the London Bullion Market Association (LBMA) and they identify … Continue Reading

The Power Of The Gold Community

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• Koos Jansen

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Since 2014 I’ve been investigating the alleged audits of the US official gold reserves. Of course my goal is to figure out if these audits are credible, or if they’re invented by the US government to silence the people that think gold has any value and forms the very material basis for a well-functioning monetary system. My … Continue Reading

Spectacular Chinese Gold Demand Denied by Mainstream Media

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• Koos Jansen

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Debunking the Thomson Reuters GFMS Gold Survey 2016 report. New information provides a more detailed perspective on the Chinese domestic gold market. In the Gold Survey 2016 report by GFMS that covers the global gold market for calendar year 2015 Chinese gold consumption was assessed at 867 tonnes. As Chinese wholesale demand, measured by withdrawals … Continue Reading

The Gold Price & Global Flows

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• Koos Jansen

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On a firmly rising gold price the UK is one of the largest net importers of gold in 2016. The gold price went up 25 % from $1,061.5 dollars per troy ounce on January 1 to $1,325.8 on June 31. Over this period the UK net imported 583 tonnes and GLD inventory mushroomed by 308 tonnes. In … Continue Reading

Infographic: China's Gold Market

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• BullionStar
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This Chinese Gold Market infographic guides you through the largest physical gold trading market in the world, China. An impressive 16,000 tonnes of gold are held within China’s borders. Did you know that the Chinese wholesale demand for physical gold was an astounding 2,596 metric tonnes in 2015? This was supplied by China mining more … Continue Reading

Stockpiles: the Key to Gold as a Store of Value & Safe Haven

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• BullionStar
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Much is written in the precious metals world about gold’s characteristics, as well as how the behaviour of the gold price allows gold to play the role of a unique financial asset that retains purchasing power over time, acts as a safe haven asset, diversifies risk, and provides hedging benefits. However, much of the material written … Continue Reading

More Paper Trading Ahead For London Gold & Silver Markets

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• Ronan Manly
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Today the London Metal Exchange (LME) and the World Gold Council (WGC) jointly announced (here and here) the launch next year of standardised gold and silver spot and futures contracts which will trade on the LME’s electronic platform LMESelect, will clear on the LME central clearing platform LME Clear, and that will be settled ‘loco London’. Together these … Continue Reading

Australia Confirms Our Analysis On Gold Exports to China

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• Koos Jansen

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Since 2015 I’ve stated the raw data published by the Australian Bureau of Statistics (ABS) on gold export to China mainland do not accurately reflect what is imported by China from the land of down under. In my previous post I’ve written Australia’s gold “export to China” should be adjusted by Hong Kong’s gold “import from Australia” as a … Continue Reading

“How Safe is Your Gold?” – Speech by Torgny Persson

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• BullionStar
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The following is the transcript of a presentation made by BullionStar’s CEO Torgny Persson on 14 July 2016 to an audience at the FreedomFest conference in Las Vegas, USA: Liberty is Prevailing Freedom, ladies and gentleman. Freedom is the right to think, speak and act the way that we want. I think I speak for … Continue Reading

GLD Sponsor Dodges Disclosure Details of Sub-Custodian

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• Ronan Manly
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In a July 11 BullionStar article, “SPDR Gold Trust gold bars at the Bank of England vaults”, I highlighted that the SPDR Gold Trust (GLD), in it’s Q1 2016 filing to the Securities and Exchange Commission (SEC), disclosed that during the January – March 2016 quarter, the GLD custodian HSBC had employed the Bank of England as … Continue Reading

Austrian Mint Sells 41 Tonnes of Gold Coins & Bars in 2015

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• Ronan Manly
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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 … Continue Reading

The Revolving Door at the GLD Gold Trust as Execs Flee

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• Ronan Manly
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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 … Continue Reading

Wrap-Up of Our Visit to FreedomFest 2016

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• BullionStar
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Saturday July 16 wrapped up BullionStar’s attendance at its first FreedomFest conference and convention in Las Vegas, Nevada. During the event from Wednesday July 13 through to the Saturday afternoon, the BullionStar team interacted with a wide-range of interesting event attendees, discussing topics ranging from the role of precious metals in investors portfolios, to the safety... Continue Reading

Rand Paul at FreedomFest 2016 & BullionStar’s New Game

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• BullionStar
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BullionStar continues its coverage of the FreedomFest conference in Las Vegas which it is attending and exhibiting at. For previous coverage see “BullionStar exhibiting at FreedomFest in Las Vegas" and “How Safe is your Gold?” – BullionStar CEO’s speech at FreedomFest“. Rand Paul’s Speech U.S. Senator Rand Paul, a Republican representative of Kentucky in... Continue Reading