Does "600" Plus or Minus Matter When We're Talking Tonnes of Gold?

38
Mon, Jun 6, 2016 - 8:22am

Late last year (September 2015) I posted and linked to Ronan Manly's Blog about The LBMA, Thomson/Reuters GFMS, and The 2000 Tonnes of Gold that Just Appeared in 2013.

(Link: https://www.tfmetalsreport.com/blog/7128/lbma-thompsonreuters-and-2000-t... September 8, 2015 )

Now if you, Dear Reader, or I myself ,were to suddenly gain (or lose!) several thousand tonnes of monetary metal - raw material for a Country's National Asset Holdings and it's Central Bank Currency Reserves- we would probably notice this fact pretty fast. And upon completing our tax returns, annual accounts, or just doing monthly management accounts, we would be highly likely to have the quantity and value highlighted clearly and without any doubt, vagueness, or lack of clarity in any way.

But the great and large and trusted institutions that actually do deal with gold, I mean really big gold exchanges, the purveyors of gold markets supply and demand data. Well ... how should I put this? They seem to have certain "tweaks" that come and go in their printed brochures, press releases and so on. And it's amazing how often central bank secretive transactions are never too distant from the errata, vagueness, or whatever adjective you personally prefer to use in describing the lack of precision in such large monetary numbers.

Now when I say the word "tweak" you might be forgiven in assuming some small adjustment, errata, correction upon arrival of more exact statistics and such like.

But this time it's 600 tonnes approximately.

That's 600 tonnes of gold.

Are you sitting up paying attention? That's quite a "tweak", isn't it? A sizeable tweak. A whopper. If we talk US dollar sized tweaks, it's 24 billion and 9 million of them!

This latest episode comes once again from Ronan Manly's latest Blog article at Bullionstar.dot com:

Apples and Oranges: An update on LBMA Refinery Statistics and GFMS

It's well worth a read. Thanks for the research Ronan!

I leave you to follow the links and read Ronan's full article. His final paragraph goes to the heart of the matter. Our respect and tolerance, and whether these are actually warranted in certain high profile institutions:

".... Overall, this series of communications from the LBMA leaves a lot to be desired, and undermines trust in LBMA issued data. It will be interesting to see whether the LBMA will surreptitiously alter its press release and brochure, or issue a correction and clarification, or leave the errors as is in the respective documents. "

That's it for now!

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

  38 Comments

  Refresh
coin collectress
Jun 7, 2016 - 12:42pm

Thank you Argentus

Thank you for bringing Ronan's article to our attention and adding your own comments for discussion.

Coin Collectress

Robert Lindargentus maximus
Jun 7, 2016 - 11:42am

Stronger than you think...

Hello My Friend, In my view you may be waiting too long. The January to May move up in the metals and shares was the kick off impulse to this leg up that we have started. The strength of that first impulse was quite big based on strong fundamentals not yet expressed by an upward price. So there are four years of pent up demand not yet expressed. The pent up is huge here. It now includes perhaps twenty trillion dollars of currencies that pay zero interest rate of return and many even lose 1-5% purchasing power each year. That's the competition. You have pension in the billions that must buy gold and silver if they are to meet their objectives and legal obligations. We all know about the shortages of physical metal and the steady, secular rising trend in demand for Eagles Maples and other coins. This shows the steady awakening by others to the truth of gold and silver. Gold and silver have new protection from the SGE and the admitted policies of Russia and China in valuing the metal politically and monetarily as well as economically to lessen US hegemony. As the DJIA and other establishment markets roll over (upside is very limited) investors are likely to take profits and reinvest them in another bull market i.e., gold etc. Far more people like bull markets than bear markets. The largest pools of cash are now on the sidelines waiting to enter the only market where there is a decent return...gold and silver. And I believe that we have already started the continuation of the Jan to May up move. Let’s interpret the holding of all support levels at this point as serious dip buying strong enough to overcome any tendency to manipulate prices lower. It has been strong enough and grab the metal and shares that other profit takers are giving up. The demand pool of world citizens that will need gold/silver to survive is perhaps a billion strong. That's quite a few customers for silver. This is a whole new ball game and any down retracements will be sideways or will be very shallow indeed. This has been the case. The cartel is now locked in with 400k or so contracts with someone on the short side. They will have to cover and thus will keep the dips small. The cartel is losing and we are winning. The Chinese want a steady rise so that everyone can see that this is an organically determined market price, not a Chinese minipulation. On the other hand they now have the power to stop flash-crashes that morph into downwaves. They will now protect the value of their large hoard...because they can The price is the scoreboard and we are just fifteen minutes into this new Super bowl. As you know, it's the big one and soon the whole world will be watching.

tyberious
Jun 7, 2016 - 11:00am
tyberious
Jun 7, 2016 - 10:59am

Sales Of American Gold

Sales Of American Gold Buffalo Coins Surge 95% in May

by Louis Cammarosano

Sales of American Gold Buffalo Coins Shoot Higher. U.S. Mint Sells 18,500s of the 24K one ounce gold coin in May. The U.S. Mint sold 18,500 one ounce American Gold Buffalo coins in May, up 95% from 9,500 sold in May 2015. Sales of American Gold Buffalo coins were down 5% from 19,500 sold in […]

tyberious
Jun 7, 2016 - 10:58am
Dirt_Reynolds
Jun 7, 2016 - 10:10am

@AIJ

You nailed it. Coke or Pepsi? Can I have a glass of water instead? This is the battle we truly wage.

AIJJames Crighton
Jun 7, 2016 - 9:17am

BTC

I agree JC, It's not an either or problem......

"A false dilemma (also called false dichotomy, false binary, black-and-white thinking, bifurcation, denying a conjunct, the either–or fallacy, fallacy of exhaustive hypotheses, the fallacy of false choice, or the fallacy of the false alternative) is a type of informal fallacy that involves a situation in which only limited alternatives are considered, when in fact there is at least one additional option"

https://en.wikipedia.org/wiki/False_dilemma

AlienEyes
Jun 7, 2016 - 5:20am

SD

"... the Chinese are saying they are already friendly with their neighbors".

If so, intimidation and threats are a damned strange way of showing it.

Visit the FAQ page to learn how to track your last read comment, add images, embed videos, tweets, and animated gifs, and more.

Safety Dan
Jun 7, 2016 - 3:16am

FULFORD: Rothschild Khazarian

FULFORD: Rothschild Khazarian mafia using delaying tactics but time is running out [Short Report]

June 6, 2016

The noose that is closing on the Khazarian mafia and the Rothschild family nexus controlling it is getting tighter. Having missed one deadline to meet with a representative of the White Dragon Society, a representative of Baron Jacob Nathaniel Rothschild is supposed to meet with a messenger from the White Dragon Society tomorrow (June 7th) in the US. If the Rothschilds miss this meeting or fail to reach an agreement in principle then, open season will be declared on that entire genocidal family group WDS, gnostic Illuminati and other allied groups promise.

Also, the official bankruptcy on May 2nd, 2016 of the UNITED STATES OF AMERICA Corporation has triggered high level negotiations between US and Chinese authorities this week. In Beijing a high level economic and diplomatic exchange is concluding on Tuesday.

https://news.xinhuanet.com/english/photo/2016-06/06/c_135416005.htm

Opening ceremony of China-U.S. high-level dialogue held in Beijing – Xinhua | English.news.cn

news.xinhuanet.com

Opening ceremony of China-U.S. high-level dialogue held in Beijing—

The economic discussions center on what parts of the American economic infrastructure the Chinese will be allowed to buy up, with the US threatening to close its markets to China as its main bargaining card to prevent a total Chinese take-over of the US economy. The other related topic of discussion will be exactly how much of their US Treasury holdings the Chinese will be forced to write off. Needless to say the Chinese will be asking for full payment in the form of US real estate, factories and other assets while the Americans will be asking the Chinese to take as big a haircut as possible.

As a preface to this meeting, there was the Shangri-La Dialogue, a high level 3 day regional security conference in Singapore that ended Sunday, June 5th. The military discussions there boiled down to the US trying to gather as many allies as possible under its wings on Chinese borders while the Chinese are saying they are already friendly with their neighbours so, the US military have no choice but to work with China for a “win-win” solution.

https://www.rt.com/usa/345410-carter-asian-nato-china/

https://news.xinhuanet.com/english/2016-06/05/c_135412934.htm

There was also an interesting, James Bond type side show to the security conference. Conflicting news reports coming out of Indonesia agree

https://benjaminfulford.net/

AlienEyes
Jun 7, 2016 - 3:02am

@ SS121

31.15 oz is about one ounce short of a kilo.

Subscribe or login to read all comments.

Become member and subscribe to Turd's Vault

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 1/18

1/19 10:00 ET Mother for SecTreas hearing
1/20 12:00 ET POTUS Inauguration
1/21 ECB meeting and rate decision
1/21 8:30 ET Housing Starts
1/21 8:30 ET Philly Fed
1/22 9:45 ET Markit flash PMIs (Jan)

Key Economic Events Week of 1/11

1/11 12:00 ET Goon Bostic speech
1/12 10:00 ET JOLTS job openings
1/13 8:30 ET CPI
1/13 1:00 ET Goon Brainard speech
1/13 2:00 ET Beige Book
1/14 8:30 ET Import price index
1/14 12:30 ET Chief Goon Powell
1/15 8:30 ET Retail Sales
1/15 8:30 ET PPI
1/15 9:15 ET Cap Ute and Ind Prod
1/15 10:00 ET Business Inventories

Key Economic Events Week of 1/4

1/4 9:45 ET Markit manu PMI
1/4 10:00 ET Construction Spending
1/5 Georgia U.S. Senate election
1/5 10:00 ET ISM manu PMI
1/6 US election certification
1/6 8:15 ET ADP Employment Report
1/6 9:45 ET Markit service PMI
1/6 10:00 ET Factory Orders
1/6 2:00 ET December FOMC minutes
1/7 8:30 ET Trade Deficit
1/7 10:00 ET ISM service PMI
1/8 8:30 ET BLSBS
1/8 8:30 ET Wholesale Inventories

Key Economic Events Week of 12/21

12/21 8:30 ET Chicago Fed
12/22 8:30 ET Q3 GDP final guess
12/22 10:00 ET Consumer Confidence
12/23 8:30 ET Durable Goods
12/23 8:30 ET Personal Inc and Spending
12/23 8:30 ET Core Inflation

Key Economic Events Week of 12/14

12/15 8:30 ET Import Price Index
12/15 8:30 ET Empire State Index
12/15 9:15 ET Cap Ute and Ind Prod
12/16 8:30 ET Retail Sales
12/16 9:45 ET Markit flash PMIs Dec
12/16 10:00 ET Business Inventories
12/16 2:00 ET FOMC Fedlines
12/16 2:30 ET Chief Goon Powell presser
12/17 8:30 ET Philly Fed
12/18 8:30 ET Current Account Deficit
12/18 10:00 ET LEIII

Key Economic Events Week of 12/7

12/8 8:30 ET Productivity & Unit Labor Costs
12/9 10:00 ET JOLTS jop openings
12/9 10:00 ET Wholesale Inventories
12/10 8:30 ET CPI
12/11 8:30 ET PPI

Key Economic Events Week of 11/30

11/30 9:45 ET Chicago PMI
12/1 9:45 ET Markit Manu PMI Nov
12/1 10:00 ET ISM Manu PMI Nov
12/2 8:15 ET ADP Employment Report
12/3 9:45 ET Markit Services PMI Nov
12/3 10:00 ET ISM Services PMI Nov
12/4 8:30 ET BLSBS
12/4 8:30 ET US Trade Deficit Nov
12/4 10:00 ET Factory Orders

Key Economic Events Week of 11/23

11/23 9:45 ET Markit flash PMIs
11/23 1:00 ET Goon Daly
11/23 3:00 ET Goon Evans
11/24 9:00 ET Case-Shiller home prices
11/24 10:00 ET Consumer Confidence
11/24 11:00 ET Goon Bullard
11/24 12:00 ET Goon Williams
11/24 12:45 ET Goon Chlamydia
11/25 8:30 ET Q3 GDP 2nd guess
11/25 8:30 ET Durable Goods
11/25 10:00 ET Personal Inc and Spend
11/25 10:00 ET Core inflation
11/26 US Market holiday

Key Economic Events Week of 11/16

11/16 2:00 pm ET Goon Chlamydia
11/17 8:30 ET Retail Sales
11/17 8:30 ET Import Price Index
11/17 9:15 ET Cap Ute and Ind Prod
11/17 10:00 ET Business Inventories
11/17 1:00 pm ET Chief Goon Powell
11/18 8:30 ET Housing Starts
11/18 1:20 pm ET Goon Bullard
11/19 8:30 ET Jobless claims
11/19 8:30 ET Philly Fed

Key Economic Events Week of 11/9

11/9 1:30 pm ET Goon Mester
11/10 7:30 am ET Goon Kaplan
11/10 10:00 ET JOLTS job openings
11/10 10:00 ET Goon Rosengren
11/11 Veteran's Day. Bond market closed.
11/12 8:30 ET CPI
11/12 11:45 ET Chief Goon Powell
11/12 2:00 pm ET Federal budget
11/13 7:00 ET Goon Williams
11/13 8:30 ET PPI
11/13 8:30 ET Goon Bullard
11/13 10:00 ET Consumer sentiment

Forum Discussion

by 11IMIX, 1 hour 25 min ago
by scoremore, 3 hours 27 min ago
by scoremore, 3 hours 35 min ago
by scoremore, 3 hours 39 min ago
by 11IMIX, 4 hours 18 min ago
randomness