tag:blogger.com,1999:blog-6089228851855763774.post5748310801838232066..comments2024-02-05T17:24:09.663+08:00Comments on Gold Chat: Allocated Gold at Bank of England declines 755 tonnesBron Sucheckihttp://www.blogger.com/profile/00530576934994289879noreply@blogger.comBlogger28125tag:blogger.com,1999:blog-6089228851855763774.post-56294869572074780162014-07-29T15:31:41.587+08:002014-07-29T15:31:41.587+08:00Graviola Sales,
Re Germany, see my posts http://g...Graviola Sales,<br /><br />Re Germany, see my posts http://goldchat.blogspot.com.au/2014/01/why-bundesbank-is-slowly-repatriating.html and http://goldchat.blogspot.com.au/2014/01/the-bundesbank-narrative-of-central.html<br /><br />That is the only information the BoE provides on its gold custody business.Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-60185719680441575362014-07-24T20:58:13.669+08:002014-07-24T20:58:13.669+08:00Thanks Bron of your re (01 July, 2014 08:06)
As y...Thanks Bron of your re (01 July, 2014 08:06)<br /><br />As you said: "The Bank provides custodial services for a range of <br />customers. As at 28 February <br />2014, total assets held by the <br />Bank as custodian were £594bn, <br />of which £140bn were holdings <br />of gold."<br />http://www.bankofengland.co.uk/publications/Documents/annualreport/2014/boereport.pdf<br /><br />But that is all information of the gold provided by BoE?<br />--<br /><br />Whats happening to the gold reserves around the globe?:<br />"A Russian Internet news site Iskra (“Spark”) based in Zaporozhye, eastern Ukraine, reported on March 7, that “Ukraine’s gold reserves had been hastily airlifted to the United States from Borispol Airport east of Kiev”.<br />http://www.globalresearch.ca/ukraines-gold-reserves-secretely-flown-out-and-confiscated-by-the-new-york-federal-reserve/5373446GraviolaTeam Finlandhttps://www.blogger.com/profile/17552781554024094803noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-85302641075328026102014-07-24T20:25:23.353+08:002014-07-24T20:25:23.353+08:00Hi,
An opinion needed.
What do you think is a reas...Hi,<br />An opinion needed.<br />What do you think is a reason, Germany cannot get its gold back from a private FED as they requested?<br /><br />"First the Bundesbank, now the Austrians? <br />The National Bank of Austria is demanding a full audit of Austria’s 150 tonnes of gold reserves on deposit in London at the Bank of England- 80% of the nations total gold reserves, after succumbing to pressure from the Austrian public.<br />In a public statement, Ewald Nowotny, Governor of the National Bank of Austria stated: “I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations”.<br />http://www.silverdoctors.com/first-the-bundesbank-now-austria-demands-audit-of-gold-reserves-held-at-the-bank-of-england/GraviolaTeam Finlandhttps://www.blogger.com/profile/17552781554024094803noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-52521778499956583022014-07-03T14:43:05.219+08:002014-07-03T14:43:05.219+08:00The chart provided in this post against the averag...The chart provided in this post against the average gold price is quite interesting and updated.Gold Trading Advisory Companyhttp://www.goldtradingtips.in/noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-30892909866782530132014-07-02T02:37:38.014+08:002014-07-02T02:37:38.014+08:00'if demand/supply/price would not work, either...'if demand/supply/price would not work, either there would be a shortage or huge stacks, but magically it fits.'<br /><br />Not too hot, not too cold, always just right? That's not magic, that's not luck, that's planning. If you don't know who the fool at the table is, the fool is you. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-58911064964218422432014-07-02T02:34:37.046+08:002014-07-02T02:34:37.046+08:00Why would you want to buy as much gold as possible...Why would you want to buy as much gold as possible?<br /><br />Because I understand its real value. <br /><br />If "you were the PBC", what is the difference to own 1000t versus 5000t?<br /><br />4000 tons; that's a lot. <br /><br />For what do you need gold, if you are a net exporter and can peg your currency at any point you want?<br /><br />For what do I need more dollars if I cannot spend them because I am a net exporter? <br /><br />Oh you want your own currency be pegged to gold? Well, that sounds stupid, to repeat the mistakes and problems the US committed 80/90yrs ago?<br /><br />Very stupid, so I don't do it; I buy gold with as much currency as I can get rid of. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-30042114216306995432014-07-01T22:04:41.527+08:002014-07-01T22:04:41.527+08:00"So all of the 300 tons annually is sold? Can...<i>"So all of the 300 tons annually is sold? Can we say then that gold is not in short demand?"</i><br /><br />good observation. Perfect proof that the price discovery mechanism works perfectly, despite what all tin foil head claim. Because if demand/supply/price would not work, either there would be a shortage or huge stacks, but magically it fits.AdvocatusDiabolihttps://www.blogger.com/profile/05290930478826481037noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-41332124594186450352014-07-01T15:33:51.810+08:002014-07-01T15:33:51.810+08:00"If I was China and wanted to buy as much gol...<i>"If I was China and wanted to buy as much gold as possible"</i><br /><br />Never heard of a person named China, do you?<br /><br />But, okay let's say "you are China", are you the communist party or old grandma, or PBC president? Anyway forget about those details for a second. Why would you want to buy as much gold as possible? <br />If "you were the PBC", what is the difference to own 1000t versus 5000t?<br />For what do you need gold, if you are a net exporter and can peg your currency at any point you want?<br />Oh, you want to get rid of dollars, fine, just peg your currency differently, or spend them on whatever, or just sell your dollars for your own currency, but why gold?<br />Oh you want your own currency be pegged to gold? Well, that sounds stupid, to repeat the mistakes and problems the US committed 80/90yrs ago?<br /><br />I mean, that is so amazing how people just copy some nonesense caught up at some gold bloggesphere to fit their confimation bias.AdvocatusDiabolihttps://www.blogger.com/profile/05290930478826481037noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-69493041742610778552014-07-01T10:58:06.099+08:002014-07-01T10:58:06.099+08:00If I was China and wanted to buy as much gold as p...If I was China and wanted to buy as much gold as possible, I wouldn't clean out the coin shops, or drive up ton premiums at Perth Mint. Better to buy at lower prices for many years. Everyone knows western minds don't like gold, but if they think you like it they will trade it up in price for the sake of sticking it to you. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-72029498906657224182014-07-01T10:40:48.066+08:002014-07-01T10:40:48.066+08:00Bron,
So all of the 300 tons annually is sold? C...Bron, <br /><br />So all of the 300 tons annually is sold? Can we say then that gold is not in short demand? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-43698752826944525862014-07-01T08:09:57.936+08:002014-07-01T08:09:57.936+08:00Anon,
Gold is not in short supply. It is worth no...Anon,<br /><br />Gold is not in short supply. It is worth noting that of the approx. 300t of gold the Perth Mint refines, most is sold as kilobars into Asia, rather than coins. We sell them in 500kg or 1 tonne lots to bullion banks. If you want a tonne no problem and the premium is quite low, considering you are buying $42 million worth in one go.Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-19345702045471171442014-07-01T08:06:39.983+08:002014-07-01T08:06:39.983+08:00Matti,
The BoE custody figures I get from reading...Matti,<br /><br />The BoE custody figures I get from reading the text of the BoE's annual report. For example, in the 2014 report on page 34 they have a note saying "As at 28 February 2014, total assets held by the Bank as custodian were £594bn, of which £140bn were holdings of gold."<br /><br />I don't know of any other source for the figures.Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-75908741835498116562014-06-30T19:52:46.667+08:002014-06-30T19:52:46.667+08:00WHY?
Because the people who could buy all of them...WHY?<br /><br />Because the people who could buy all of them don't do it. And since they could, and one way flow says they should, why don't they do it? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-19174950987834547222014-06-30T19:15:09.936+08:002014-06-30T19:15:09.936+08:00"Can you buy a ton of gold coins from your de...<i>"Can you buy a ton of gold coins from your dealer?"</i><br /><br />I dont know, have you, to claim that it is not the case/possible/the opposite? Where you got your "experience" to claim the opposite? KWN? gata? Silverdoctors? ROTFLOL<br /><br />But I doubt it, that it is a problem to order online a ton in a day.<br />Just as an example: PerthMint made 65000 of Kangoos-25yrs-coin. WORLDWIDE!!! Beautiful coin, probably collector premium in the future, still not sold out at all, available at 2% premium. Now tell me why?<br />Or for people that want to play save, MoinaieDeParis sells 250Euro-Gold-Coins for 250Euros (<=you cant loose!!!). Limited edition, still not sold out, since month. WHY?<br /><br />BTW, I tried to buy out the 20Ffr. classic gold coin for the fun of it, bought more than a thousand by now. WHY?<br />AdvocatusDiabolihttps://www.blogger.com/profile/05290930478826481037noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-83776372739179906362014-06-30T18:43:23.216+08:002014-06-30T18:43:23.216+08:00And about "hoarding", how comes that at ...And about "hoarding", how comes that at least in Germany you can get any kind of coin of any period of time, ~1850-2013, in almost unlimited quantity everywhere with minimum above spot?<br /><br />Can you buy a ton of gold coins from your dealer? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-62963425604348868702014-06-30T17:40:19.926+08:002014-06-30T17:40:19.926+08:00"why does somebody believe that therefore the...<i>"why does somebody believe that therefore the price of a future exchange/purchase will be higher?<br /><br />Because the gold is hoarded, not traded.</i><br /><br />The last 5000yrs. gold had been gold and primarily been hoarded (and dishoarded), so what did change lately so fundamentally about gold?<br />and about <i>Ohhhhhh dont you know the chinese......</i> BS, the chinese love to gamble, that's a fact. They probably love to become "greedy rich" even more than westerners, so personally I dont see that much of a difference.<br /><br />And about "hoarding", how comes that at least in Germany you can get any kind of coin of any period of time, ~1850-2013, in almost unlimited quantity everywhere with minimum above spot? Doesnt sound like something that is hoarded so tidely?<br />AdvocatusDiabolihttps://www.blogger.com/profile/05290930478826481037noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-85811175880612194642014-06-30T17:20:46.567+08:002014-06-30T17:20:46.567+08:00The UK actually has quite substantial gold reserve...The UK actually has quite substantial gold reserves - 395t or so from memory - what that shows is the Bank, which for some reason had a small separate reserve, no longer has it. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-67735751475215532012014-06-30T09:06:30.157+08:002014-06-30T09:06:30.157+08:00Yes, the UK has no gold reserves, which is differe...Yes, the UK has no gold reserves, which is different to BoE custodian gold holdings held for other central banks.Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-63602196674746624522014-06-28T18:44:50.022+08:002014-06-28T18:44:50.022+08:00why does somebody believe that therefore the price...why does somebody believe that therefore the price of a future exchange/purchase will be higher?<br /><br />Because the gold is hoarded, not traded. Flow is one way as evidenced by the lack of chinese bars in western ETFs, indian net buyers, etc.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-63073810652609442142014-06-27T21:55:33.292+08:002014-06-27T21:55:33.292+08:00"AdvocatusDiaboli makes a good point, and the...<i>"AdvocatusDiaboli makes a good point, and the answer is of course whether it is just a transfer or a sale."</i><br />no, absolutely not.<br />"The price" is the last ratio fiat and gold <b>had</b> been traded, <b>the last time in the past, bid&ask matched</b>. It might be an indication or suggestion for a (the next) trade in the future.<br />So what does it leave us with? Let's say, I have 1ton of gold in London and I sell it to some chinese at "current price", who takes it to whereever, why does somebody believe that therefore the price of a future exchange/purchase will be higher? It might be even the opposite, since now, there is a chinese already satisfied by my sale (his purchase), so one buyer less....<br /><br />Maybe that particular chinese person will be broke next week for whatever reason, desperately seeking a buyer, ready to dumb it at a discount?<br /><br />So IMHO all the chinese/indian blabalabalabaabbababa Eastward&Down is a bunch of BS of the highest degreee, a typical loser storry of some shoeshine confirmation bias whores.<br />AdvocatusDiabolihttps://www.blogger.com/profile/05290930478826481037noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-77278324692164924022014-06-27T16:16:33.079+08:002014-06-27T16:16:33.079+08:00AdvocatusDiaboli makes a good point, and the answe...AdvocatusDiaboli makes a good point, and the answer is of course whether it is just a transfer or a sale. Presumably some international banks aside though one would think there are few entities who could or would hold gold both in London and Shanghai. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-60099654854322588132014-06-25T16:04:49.350+08:002014-06-25T16:04:49.350+08:00I wonder if that actually matters. I mean, why sho...I wonder if that actually matters. I mean, why should the price of gold change, just because instead of holding my gold in London with whomever, but rather prefer to store it at XYZ east or west whatever?<br /><br />Better look at gold owners that continue to be forced to sell almost regardless of price, lucky people like e.g. these folks <a href="http://en.wikipedia.org/wiki/Burkina_Faso" rel="nofollow">selling 40t this year</a>AdvocatusDiabolihttps://www.blogger.com/profile/05290930478826481037noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-87872648380069145062014-06-23T22:26:12.740+08:002014-06-23T22:26:12.740+08:00Thanks, I couldn't remember what the audit rep...Thanks, I couldn't remember what the audit report said. While HSBC may not store GLD metal with BoE, the BBs do store with BoE to facilitate inter-BB clearing, so as other BB APs buy GLD and then redeem, HSBC would clear that by transferring gold at BoE to them, the other BBs may then be taking out of their BoE accounts and that is what we are seeing.Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-4956631568777092432014-06-23T19:33:56.227+08:002014-06-23T19:33:56.227+08:00the GLD audit certificate states that the audit wa...the GLD audit certificate states that the audit was done at the London Vaults of HSBC... all the gold was there - not at the BOE.<br /><br />all of the evidence to date suggests that GLD doesn't store gold at subcustodians long term - if at all... it's just to facilitate the creations/redemption process if necessary.Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-83420557911393173462014-06-20T17:23:34.294+08:002014-06-20T17:23:34.294+08:00I don't think ETF audits need to reveal where ...I don't think ETF audits need to reveal where the gold is, as long as it has all been counted. Bar lists may give some indication of location, but generally that level of detail would not be disclosed for security purposes (crooks might be able to work out when gold is moved between vaults). Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.com