LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GDP Ain’t What it Used to Be!
By: David Haggith

The Case for Gold Keeps Getting Stronger As Negative Interest Rates Spread
By: Clint Siegner, Money Metals

Precious Metals Update Video: Gold consolidating
By: Ira Epstein

GoldSeek Radio: Gerald Celente and Bill Murphy
By: Chris Waltzek, GoldSeek Radio

SWOT Analysis: Gold Equities Have Room to Run…
By: Frank Holmes, US Funds

Technical Scoop: 200 Years - Gold/Gold Ratio, Precious Metals, equity, bond market updates and more
By: David Chapman

Gold Set to Correct but Internals Remain Bullish
By: Jordan Roy-Byrne CMT, MFTA

The Market Has Gone Nowhere In The Last Twelve Months
By: Avi Gilburt

Precious Metals Update Video: Gold weekly chart shows upside bias
By: Ira Epstein

Here's How to Tell Whether Bond Mania Is Out of Gas
By: Rick Ackerman, Rick's Picks

 
Search

GoldSeek Web

 
BIS' gold swaps rise slightly in June but are down sharply since last year

By: Robert Lambourne

 -- Published: Monday, 15 July 2019 | Print  | Disqus 

By Robert Lambourne

The Bank for International Settlements' has just published its statement of account for June and it indicate that the bank is still actively trading gold swaps, which the bank uses to gain access to gold held by commercial banks. But recent activity appears to be much reduced from the second half of 2018.

There is not enough information in the monthly reports to calculate the exact amount of swaps, but based on the information in the BIS’ statement for June, the bank's gold swaps stand at about 126 tonnes at the end of the month, up 48 tonnes from the approximately 78 tonnes as of May 31.

Swaps stood at 88 tonnes as of April 30, 175 tonnes as of March 31, 303 tonnes as of February 28, 247 tonnes as of January 31, 275 tonnes as of December 2018, 308 tonnes as of November 2018, 372 tonnes as of October 2018, 238 tonnes as of September 2018, and 370 tonnes as of August 2018.

In addition the BIS' annual report for the financial year to March 31 was also published recently. Following the bank's usual approach, the annual report discloses little about the reasons for the bank's activity in gold and in particular for gold swaps.

During its financial year just concluded the BIS did not sell any of its own gold, the first year for several years without any sales.

Use of BIS gold sight accounts for central banks increased in the financial year, which is also something of a change, since their use has generally declined in the last decade.

More background on the bank's medium-term history of using gold swaps is posted here:

http://www.gata.org/node/18825

On February 3 this year GATA published comments from a former gold industry executive describing the activities of the BIS in gold swaps in previous decades.

The former executive wrote: "Effectively this process created a supply of 'paper gold' -- sometimes but not always marked to market -- that had a depressing effect on the gold price":

http://www.gata.org/node/18828

The BIS refuses to explain its activity in the gold market -- its objectives and the underlying parties in interest --

http://www.gata.org/node/17793

-- and mainstream financial news organizations refuse to ask the bank about it.

-----

Saturday, July 13, 2019

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.

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019

https://neworleansconference.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16


| Digg This Article
 -- Published: Monday, 15 July 2019 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.