-- Published: Thursday, 6 September 2018 | Print | Disqus
Gold swaps and gold derivatives undertaken by the Bank for International Settlements appear to have declined by about 24 percent in August, according to the bank's statements of account for that month and July:
The information provided in the BIS' monthly statements is not sufficient to calculate a precise amount of gold-related derivatives, including swaps, but the bank's total estimated exposure as of August 31 was about 370 tonnes of gold, down 115 tonnes from the approximately 485 tonnes as of July 31.
The bank's gold swaps and derivatives had increased by 17 percent from June through July. During this period the gold price fell by about $100 per ounce.
The BIS provides little information on what it is doing in the gold market, why, and for whom and refuses to answer questions about its activity in the market:
But it is evident that the bank continues to trade constantly in gold, and its secrecy engenders suspicion that the bank seeks to control the monetary metal's price on behalf of its member central banks.
Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.
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-- Published: Thursday, 6 September 2018 | E-Mail | Print | Source: GoldSeek.com