Tag Archive: Bank of England

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.”  

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Bank of England releases new data on its gold vault holdings

An article in February on BullionStar’s website titled “A Chink of Light into London’s Gold Vaults?” discussed an upcoming development in the London Gold Market, namely that both the Bank of England (BoE) and the commercial gold vault providers in London planned to begin publishing regular data on the quantity of physical gold actually stored in their gold vaults.

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Sweden’s Gold Reserves: 10,000 gold bars (pet rocks) shrouded in Official Secrecy

In February 2017 while preparing for a presentation in Gothenburg about central bank gold, I emailed Sweden’s central bank, the Riksbank, enquiring whether the Riksbank 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 125.7 tonnes, making the Swedish nation the world’s 28th largest official gold...

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FX Daily, March 17: Dollar Remains Heavy

The dollar is softer against most of the major currencies to cap a poor weekly performance. The Dollar Index is posting what may be its biggest weekly loss since last November. The combination of the Federal Reserve not signaling an acceleration of normalization, while the market remains profoundly skeptical of even its current indications, and perceptions that the ECB and BOE can raise earlier than anticipated weighed on the dollar. The PBOC...

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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 time-period.

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Are Rate Hikes Bad For Gold?

Here are two different looks at Fed rate hikes since Volcker. The charts are the same, but one presentation is a lot funnier than the other. Let’s take the fist chart and see what correlations exist between rate hikes and the US dollar index.

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What Will Trump Do About The Central-Bank Cartel?

The US is by far the biggest economy in the world. Its financial markets — be it equity, bonds or derivatives markets — are the largest and most liquid. The Greenback is the most important transaction currency. Many currencies in the world — be it the euro, the Chinese renminbi, the British pound or the Swiss franc — have actually been built upon the US dollar.

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Gold Bullion Banks To “Open Vaults” In Transparency Push

London Gold Bullion Banks To “Open Vaults” In Transparency Push. London’s gold bullion market, which is centuries old, is said to be seeking transparency with plans to reveal how much gold bullion is held in vaults in and around London city according to gold bullion banks.

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FX Weekly Preview: Yellen nor Kuroda nor Carney will Take the Spotlight from Trump

Fed, BOJ, and BOE meet next week, each may adjust economic assessments in more favorable direction. Key challenge for many investors is the new US Administration. US employment, EMU inflation, Q4 GDP, and China's PMI are among the data highlights.

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Declassified CIA Memos Reveal Probes Into Gold Market Manipulation

The CIA recently released a series of declassified 1970s memos relating to the gold market and the newly created SDR. These memos give new insight how the CIA viewed the gold market, the perceived manipulation of gold and the potential for the SDR to become a gold substitute in the international monetary system.

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Gold Price In GBP Up 4 percent On Brexit and UK Risks

Gold Price In GBP Rises 4% On Brexit and UK Economy Risks. Pound fell 2% against gold yesterday after Theresa May created Brexit concerns. May's 'Hard Brexit' denial does not calm markets growing fears. Investors concerned about lack of government strategy and uncertainty. UK Prime Minister bizarrely blames media and "those who print things" for sterling depreciation. GBP gold builds on 31% gain in 2016 with 4% gain so far in 2017.

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Gold Rises In All Currencies In 2016 – 9 percent In USD, 13 percent In EUR and 31.5 percent In GBP

Gold gains in USD, GBP, EUR, CAD, AUD, NZD, JPY. Gold gains in CNY, INR & most emerging market currencies. Gold surges 31.5% in British pounds after Brexit shock. Gold acted as hedge and safe haven in 2016 … for those who need safe haven. Furthers signs of market having bottomed and bodes well for 2017. What drivers will gold respond to in 2017? EU elections and contagion risk, Geo-politics, terrorism, war and cyber war. Outlook for gold good...

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Nomi Prins’ Political-Financial Road Map For 2017

As tumultuous as last year was from a global political perspective on the back of a rocky start market-wise, 2017 will be much more so. The central bank subsidization of the financial system (especially in the US and Europe) that began with the Fed invoking zero interest rate policy in 2008, gave way to international distrust of the enabling status quo that unfolded in different ways across the planet.

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A Biased 2017 Forecast, Part 1

A couple weeks ago I was lucky enough to see a live one hour interview with Michael Lewis at the Annenberg Center about his new book The Undoing Project. Everyone attending the lecture received a complimentary copy of the book. Being a huge fan of Lewis after reading Liar’s Poker, Boomerang, The Big Short, Flash Boys, and Moneyball, I was interested to hear about his new project.

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Busy Week for the UK

The UK reports inflation, employment and retail sales this week. The BOE meets but will keep rates steady. The US 2-year premium over the UK is the highest since at least 1992 today.

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European Central Bank gold reserves held across 5 locations. ECB will not disclose Gold Bar List.

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 end of December 2015, these ECB gold reserves were valued on the ECB balance sheet at market prices and amounted to €15.79 billion.

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Carney’s Tenure: Brief Thoughts

Not only is Carney not resigning, but he agreed to stay a year longer than initially agreed. He will stay for the two years that Brexit is negotiated. Sterling rallied, but did not challenge last week's highs.

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FX Daily, November 03: Political Angst Drives Markets

GBP/CHF rates are trading below 1.20 on the exchange, providing those clients holding CHF with some of the best rates they’ve seen in the past six years. The Pounds woes have been well documented but with a key day of economic data releases ahead, is it all about to change?

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FX Daily, October 31: Respite for Market Nerves Lifts Peso, Rand, and US Dollar

he latest US political news before roiled thin pre-weekend markets, but cooler heads and more of them are prevailing today. Trump's fortune in the polls had bottomed prior to the re-opening of the investigation into Clinton's emails and the national polls have narrowed.

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