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 - 12:20pm
R man J
Sep 8, 2015 - 11:59am

Nice Quote on Markets "Soaring"

From September 22, 2014. I have this quote by my desk. It has helped keep me sane over the roughest 14 months for PMs ever.

As the date time frame of 2015.75 approaches the delusion to stay in equities and the delusion to stay away from precious metals will grow stronger by the day.

Don’t get sucked in to believing in the equity bull market of a lifetime only to have everything you have in paper ripped away from you when they crash all the world’s markets next year. The equity bull market is there for one thing and one thing ONLY and that is to attract every bit of real cash away from those who worked hard all their lives to get it and save it.

Marshall Swing

Sept. 22, 2014

September 23, 2015 is a big day.

Sep 8, 2015 - 11:52am
Sep 8, 2015 - 11:42am

About that wedge

Chuck, thanks

My own attempt at a drawing a wedge points to an interesting weekend ahead. Hmmm... Now what else is going on this weekend that purportedly will affect the world? Oh yeah--the beginning of the shemitah year AND the Jubilee year. I wonder if these Jewish bankers consider this date and this coming year significant?

Sep 8, 2015 - 11:29am

Great read from Charles - Why the markets could soar from here

Why the Market Could Soar From Here

Does the Fed really have a choice, given that the game is now for all the marbles?

We all know the global economy is slowing, so why would stocks soar from here? The basic answer was articulated by Chris Martenson: because this game is for all the marbles.

If the Powers That Be let markets melt down from here, where's the bottom? Where's the plan to bail out all the pension plans, banks, insurers, etc. that will be crippled by a full-blown market meltdown?

It would be a lot cheaper and less painful to prop up stocks at these levels (a 10% decline) rather than let them fall off a cliff to a 40% decline.

Many people dispute the idea that central planners can prop up the stock market once sellers panic. This is a worthy discussion, and the general point of disagreement is planners' ability to counter big-volume selling.

In other words, it may be possible to elevate markets in low-volume settings, but once selling picks up, planners lack the tools to stem the tide.

On the other side of the debate are those who wonder if the panic declines are as engineered as the lofting-ever-higher uptrend. What If The "Crash" Is as Rigged as Everything Else? (August 26, 2015)

Here is a daily chart of the S&P 500: the wedge could break either up or down, but the stochastics and MACD are somewhat constructive. It wouldn't take much of a rally to crank out a bullish cross in MACD.

The basic mechanism for pushing markets higher has been around since the 1920s. The game only requires two players colluding: one player buys everything at the ask and then some, pushing price higher. The second player picks up the baton and does the same, and then passes the baton back to the first player.

Once others see the rising trend, they start buying, and both players can sell a bit into the uptrend. When price reaches a line of resistance known to every technician (and trading bot), the players push price decisively through the resistance. This triggers more buying, and the players can sell a bit into the rally, until the next resistance line requires a push.

At some point, those who expected a drop and shorted stocks to profit from the decline will have to cover, i.e. buy back shares. This buying pushes price higher, a surge the players can accelerate with tag-team buying at critical levels.

As each level of resistance is surpassed, those tempted to sell start doubting the wisdom of selling in a new uptrend. Those who keep shorting at the next level of resistance are soon forced to cover (i.e. buy stocks) as each level of resistance is taken out.

At the end of this game, price is catapulted to new highs, forcing the last bears to cover. At this point, those who had their finger on the sell button are now congratulating their patience, and those who recommended buy the dip are proven correct.

The problem for technical bears is every technical system has been programmed into every trading program. Once you know that observers are keying on specific levels, the game boils down to blowing through those levels.

This has nothing to do with fundamentals or what should happen in a recessionary global economy. It has everything to do with managing news flow, expectations and the order book of insiders.

The Fed certainly has the power to drive a sword into the heart of equities by talking up tightening very aggressively. Maybe the Fed will slay the stock market at its meeting next week.

But what's the game plan to save everyone that's blown out of the water as a result of all that tough talk?

We aren't privy to the closed-door discussions, the informal talks and the game plan for proxies, dark pools of capital, etc., so we'll just have to see what happens. But it is a lot easier to reverse a 10% decline than a 40% decline. What would you do in the Fed's shoes? Let the market have its way, or crash it with tightening?

More to the point: does the Fed really have a choice, given that the game is now for all the marbles?

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

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..."

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>

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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 - 10:36am

Thanks Argentus

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

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