The LBMA, Thomson/Reuters GFMS, and The 2000 Tonnes of Gold that Just Appeared in 2013

Tue, Sep 8, 2015 - 9:49am

Ha ha - The LBMA and Thomson Reuters GFMS look to have been outed by Ronan Manly at BullionStar.

Jesse sums it up in his blog post.

Interesting questions raised by an LBMA's quiet altering of already published gold supply data:

Where did 2000 tonnes of gold come from during 2013, the year in which the price of gold broke multi year support and after that found support at a lower price level?

So did western Central Banks sell some of their gold reserves "at market"? Or alternatively is this altering of data evidence of covert precious metal ETF fund asset stripping? If such an act took place and information was emerging in data showing a huge difference between gold refiners throughput and global gold mine output, then was action was taken to alter data to cover this up?

.... or is it just a case that recycling of gold was very very VERY large during 2013, a year in which the price of gold was not making highs? You see, headline making high price is usually what incentivizes the return of the peoples' gold to the recyclers, but 2013 just wasn't that kind of a year.

The LBMA added Thomson/Reuters GFMS name in their amended document. Implication is as a source. Another implication as distancing themselves from the origin of the ermm little error.


And Ronan Manly's earlier saved version of the ...err ... same ...file showing that 6601 tonnes of gold somehow changed into 4600 tonnes of gold, surely just a tiddly tiny difference:

Watch this one folks. It should be fun seeing how Thomson/Reuters GFMS explain it away and attempt to make it seem like, well, something routine, a boring errata correction, and not really worthy of our attention.

I won't quote Ronan Manly's concluding paragraph here and steal his fire, the link to his work is above. It's good reading material. At the very least check his conclusions out.

Enquiries to:

your daily newspaper's newsdesk first possibly, and then possibly to Thomson/Reuters GFMS

That's it for today!

Best of luck to you.

Argentus Maximus

The author posts daily commentary on the gold and silver markets in the TFMR forum: The Setup For The Big Trade. More information about the author & his work can be found here: RhythmNPrice. The author advises that he trades and holds market positions in accordance with his own opinions.

About the Author


Sep 8, 2015 - 9:51am


Dang, what a morning

Sep 8, 2015 - 9:56am

Thanks for this AM

Very much appreciate you posting this to the home page.

Sep 8, 2015 - 10:14am

You're welcome Craig. I hope

You're welcome Craig.

I hope you had a nice holiday weekend with friends, family, etc.

Sep 8, 2015 - 10:15am

4th ????

What the heck, I'll take it. Keep Stacking

Sep 8, 2015 - 10:18am


Here's the link to Jesse's summary of Ronan's article:

Sep 8, 2015 - 10:36am

Thanks Argentus

My my my, the lengths they will go to, and it's just pet rocks. What's the deal?

Sep 8, 2015 - 10:36am


Fishy dealings in gold markets? How can this be? What an outrage!!!

My wife was kind of depressed yesterday.
We were discussing the difficulties facing us as a nation and it just gets to you after a while.

  • Is there a future for our kids?
  • Will life as we know it be gone forever?
  • Will we be able to travel and see relatives in the future?
  • How will I react to losing my teaching job and spend my days tending gardens?
  • Will timing of a precious metals lift off we have all anxiously awaited coincide with a continued ability to sell at those prices? Or will we Americans watch Asian prices skyrocket while ownership and trading of metals is banned here in the US?

I do like to fondle my stack, but my intent has always been to trade most of it for land with good soil and well built housing that will provide an income options and a place to live for my family.

I seriously do not trust that those in power in this nation have anything good planned for us. They have hijacked the economy and are running it off the road with all of us sitting in the back of the pick-up truck, getting jostled around, trying to hang on to the sides and afraid of getting tossed out as the truck rolls into the ditch. Of course the elites will walk away from the accident, moving to NZ or somewhere leaving the country to fend for itself. Maybe then I can resurrect some hope.

So, to push back on the depression, we went on a date and saw the movie "A Walk in the Woods." I recommend it. Makes a middle-aged feller like me think about life and friendships. Provided lots of laughs. "Redford I recognize, but that was Nick Nolte?" I said to my wife as the credits rolled.

Then we got some ice cream. Oh! what luxury!
Now Rob Kirby is predicting "Dark Ages." Seems that all predictions range from bad to worse. Little economic hope on the horizon. Maybe we better get and old hand crank ice cream maker as part of our preparation. Time to plant some grapevines too, if I want a glass of wine in five years...
I sure hope simple pleasures are still an option for us in the future.

Sep 8, 2015 - 10:49am

markets this am

didn't see that coming (indexes up so much). I would be amazed if they hold. It certainly looks as if TPTB are intent on hyperinflation - doing whatever it takes - to push asset prices higher. I think we will see the stock prices slowly, then rapidly, reflect this in price failure.....a reversal today would be pushing us towards the latter..the insanity of the central planners is mind blowing........How would they teach ECON 101 today?

chapter 1: The first law of economics is higher asset prices create economic prosperity. A central bank must create money, then use that money to buy the stock of the company they wish to prosper. Then the company will rush into the market, hire employees and material, in turn, the newly hired will create valuable production......(sigh) wtf? over>

Sep 8, 2015 - 10:53am

other explanation

for today's rise. Janet, with her combination voice -part elmer fud,part bronx, part good fellas- called her hedge fund buddy..."Jacob, (giggle, giggle -as she twists her short hair between index finger and thumb), a widdle birdy towd me that rates may not rise after all.....I dunno, Stan runs the show......just sayin..."

Green Lantern
Sep 8, 2015 - 11:06am

Good eye AM!! hat's what you

Good eye AM!! That's what you call a "Gotchya!" It will be interesting to watch how they continue to reframe the situation and divorce them self of it. September is here!


Unrelated, and just worthy of noting, not much more, for those that follow gold newsflow. Another small post labor day story for those who still follow Junior mines in far away places.

Brent Cook is an upstanding man but this was the quickest about face he has had to do. Remember the days that risk meant some God forbidden country in Africa riddled with Ebola.

This morning incakolanews posted a note stating that:

"Management and workers at the Media Luna mine have been held hostage since yesterday by inhabitants of the Nuevo Balsas community, Cocula municipality, who are protesting about the pollution generated by the Canadian company in the Balsas River.”

The blogspot provided links to the Spanish articles describing the problems here: and here:

The company has not yet commented on the issues but presumably will when all the details are known.

The "de-risking” process is not going as well as we had hoped and I think it best to sell TXG at about break-even, stepping aside to see how this plays out. You may wish to wait on the company commentary on the issue. I suspect it will get resolved peacefully and result in some sort of payment to offset the locals' grievances.

That's the way I see it.

Brent Cook

Key Economic Events Week of 2/24

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Key Economic Events Week of 2/24

2/25 9:00 ET Case-Shiller home prices
2/26 10:00 ET New home sales
2/27 8:30 ET Q4 GDP second guess
2/27 8:30 ET Durable Goods
2/27 11:30 ET Goon Evans speech
2/28 8:30 ET Pers Income and Spending
2/28 8:30 ET Core Inflation
2/28 9:45 ET Chicago PMI

Key Economic Events Week of 2/17

2/18 8:30 ET Empire St Manu Idx
2/19 8:30 ET Producer Price Idx
2/19 8:30 ET Housing Starts & Bldg Perms
2/19 2:00 ET January FOMC minutes
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2/21 Fed Goons all day at Chicago Conf.
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Key Economic Events Week of 2/10

2/11 10:00 ET Job Openings
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2/12 10:00 ET CGP Hump-Hawk Senate
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2/14 9:15 ET Cap Ute & Ind Prod
2/14 10:00 ET Business Inventories

Key Economic Events Week of 2/3

2/4 10:00 ET Factory Orders
2/5 8:15 ET ADP Employment
2/5 9:45 ET Markit Service PMI
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2/6 8:30 ET Productivity & Unit Labor Costs
2/7 8:30 ET BLSBS
2/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 1/27

1/28 8:30 ET Durable Goods
1/28 10:00 ET Consumer Confidence
1/29 10:00 ET Pending Home Sales
1/29 2:00 pm ET FOMC Fedlines
1/29 2:30 pm ET Powell presser
1/30 8:30 ET Q4 GDP first guess
1/31 8:30 ET Pers Inc and Spending
1/31 9:45 ET Chicago PMI
2/2 10:00 pm ET Chiefs win SB LIV

Key Economic Events Week of 1/13

1/14 8:30 ET CPI
1/14 9:00 ET Goon Williams
1/15 8:30 ET PPI and Empire Fed
1/16 8:30 ET Retail Sales and Philly Fed
1/17 8:30 ET Housing Starts
1/17 9:15 Et Cap Ute and Ind Prod

Key Economic Events Week of 1/6

1/7 8:30 ET US trade deficit
1/7 10:00 ET ISM Services PMI
1/7 10:00 ET Factory Orders
1/8 8:15 ET ADP employment
1/9 8:00 ET Goon Chlamydia speech
1/9 1:20 ET Goon Evans 2:00 ET Goon Bullard
1/10 8:30 ET BLSBS
1/10 10:00 ET Wholesale Inventories

Key Economic Events Week of 12/16

12/16 8:30 ET Empire State Manu Idx
12/16 9:45 ET Markit flash PMIs Dec
12/17 8:30 ET Housing Starts and Bldg Perms
12/17 9:15 ET Cap Ute and Ind Prod
12/19 8:30 ET Philly Fed
12/20 8:30 ET Final guess Q3 GDP
12/20 10:00 ET Pers Inc and Spending
12/20 10:00 ET Core Inflation

Key Economic Events Week of 12/9

12/10 8:30 ET Productivity and Unit Labor Costs
12/11 8:30 ET CPI
12/11 2:00 pm ET FOMC fedlines
12/11 2:30 pm ET CGP presser
12/12 8:30 ET PPI
12/13 8:30 ET Retail Sales
12/13 10:00 ET Business Inventories
12/13 11:00 ET Goon Williams speech

Key Economic Events Week of 12/2

12/2 9:45 ET Markit Manu PMI
12/2 10:00 ET ISM Manu PMI
12/2 10:00 ET Construction Spending
12/4 9:45 ET Markit Services PMI
12/4 10:00 ET ISM Services PMI
12/5 8:30 ET Trade Deficit
12/5 10:00 ET Factory Orders
12/6 8:30 ET BLSBS
12/6 10:00 ET Wholesale Inventories

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