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Category Archive: 6a.) Ronan Manly (Bullionstar)

Main Author 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.

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Does the recent spate of Central Bank gold buying impact demand and price?

2018-11-05

2018-11-05

There has been a lot of media coverage recently about the re-emergence of central bank gold buying and the overall larger quantity of gold than central banks as a group have been buying recently compared to previous years. For example, according to the World Gold Council’s Gold Demand Trends for Q3 2018, net purchases of gold by central banks in the third quarter of this year were 22% higher than Q3 2017, and the highest quarterly level since Q4 of...

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

2018-10-18

2018-10-18

Hungary's new Gold Bars

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.

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LBMA Clearing and Vaulting data reveal the absurdity of the London ‘Gold’ Market

2018-10-02

2018-10-02

LBMA gold vaulting data report for end of June 2018: Published 1st October

The first day of each month sees the reporting of a number of statistics about the London Gold Market by the bullion bank led London Bullion Market Association (LBMA). These statistics focus on clearing data and vault holdings data and are reported in a 1 month lag basis for clearing activity and a 3 month lag basis for vault holdings data.

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As Emerging Market Currencies Collapse, Gold is being Mobilized

2018-09-03

2018-09-03

EM-cartoon

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.

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Annual Mine Supply of Gold: Does it Matter?

2018-08-21

2018-08-21

Cumulative Global Gold Production: 1835 to present day.

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 it peaks at maximum gold output and subsequently diminishes).

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Spotlight on the HUI and XAU Gold Stock Indexes

2018-08-02

2018-08-02

NYSE Gold BUGS Index (HUI)

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 knowing briefly what these indexes are and what they represent.

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Chinese Gold Market: Still in the Driving Seat

2018-07-20

2018-07-20

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.

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Gold’s Price Performance: Beyond the US Dollar

2018-07-04

2018-07-04

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 the last six months to around $1252.50, a drop of US $50.

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

2018-06-12

2018-06-12

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 ‘Popular Initiative‘.

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

2018-05-03

2018-05-03

US Federal Reserve Bank Gold Holdings, Mar 2016 - 2018

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 the popular Hürriyet newspaper in Turkey.

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

2018-04-22

2018-04-22

Commodity Futures Trading Commision

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 (COMEX).

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Central Banks Care about the Gold Price – Enough to Manipulate it!

2018-03-30

2018-03-30

Gold for Oil

In early March, RT.com, the Russian based media network, asked me for comments and opinion on the subject of central bank manipulation of gold prices. The comments and opinion that I supplied to RT became the article that RT then exclusively published on its website on 18 March under the title “Central banks manipulating & suppressing gold prices – industry expert to RT“. This article is now transcribed below, here on the BullionStar website.

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Why the World’s Central Banks hold Gold – In their Own Words

2018-03-22

2018-03-22

World Official Gold Holdings, February 2018

Collectively, the central bank sector claims to hold the world’s largest above ground gold bar stockpile, some 33,800 tonnes of gold bars. Individually within this group, some central banks claim to be the top holders of gold bullion in the world, with individual holdings in the thousands of tonnes range.

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US Gold Reserves, Of Immense Interest to Russia and China

2018-01-22

2018-01-22

Russia China Real Gold Standart

Recently, Russian television network RT extensively quoted me in a series of articles about the US Government’s gold reserves. The RT articles, published on the RT.com website, were based on a series of questions RT put to me about various aspects of the official US gold reserves. These gold reserves are held by the US Treasury, mostly in the custody of the US Mint. The US Mint is a branch of the US Treasury.

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Russia, China and BRICS: A New Gold Trading Network

2017-12-12

2017-12-12

Deputy Governors

One of the most notable events in Russia’s precious metals market calendar is the annual “Russian Bullion Market” conference. Formerly known as the Russian Bullion Awards, this conference, now in its 10th year, took place this year on Friday 24 November in Moscow. Among the speakers lined up, the most notable inclusion was probably Sergey Shvetsov, First Deputy Chairman of Russia’s central bank, the Bank of Russia.

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Neck and Neck: Russian and Chinese Official Gold Reserves

2017-10-17

2017-10-17

Russian Central Bank Gold Reserves, 1994 - 2016

Official gold reserve updates from the Russian and Chinese central banks are probably one of the more closely watched metrics in the gold world. After the US, Germany, Italy and France, the sovereign gold holdings of China and Russia are the world’s 5th and 6th largest. And with the gold reserves ‘official figures’ of the US, Germany, Italy and France being essentially static, the only numbers worth watching are those of China and Russia.

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The West lost at least another 1000 tonnes of large gold bars in 2015

2017-08-14

2017-08-14

Kilobars

Over the last number of years, one of the most interesting trends in the physical gold world is the ongoing conversion of large 400 ounce gold bars into smaller high purity 1 kilogram gold bars to meet the insatiable demand of Asian gold markets such as China and India.

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Unveiling the Silver in the LBMA London vaults

2017-07-09

2017-07-09

Pallet

Sometime in the coming days, the London Bullion Market Association (LBMA) plans to begin reporting the amount of real physical gold and silver that is actually stored in the network of LBMA vaults in London. This follows an announcement made by the LBMA on 8 May.

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Are the World’s Billionaire Investors Actually Buying Gold?

2017-06-24

2017-06-24

Roths

The 4 investors profiled in the infographic are: Jacob Rothschild (Lord), chairman of London-based investment trust RIT Capital Partners Plc, David Einhorn, president of Manhattan-based hedge fund firm Greenlight Capital, Ray Dalio, chairman and CIO of hedge fund firm Bridgewater Associates, Westport (Connecticut), Stanley Druckenmiller, chairman and CEO of Manthattan-based Duquesne Family Office (and formerly of Duquesne Capital Management).

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