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
James CrightonSS121
Jun 7, 2016 - 2:48am

SS121 - 31.15

Will do my friend - but please remember, I already have lots of Ag and some Au - just check the pile next to me in the pic of me (lying on the banks)..........

SS121
Jun 7, 2016 - 1:37am

JC, on June 7th 2016 your BTC2AG index is green and 31.15 !!

Right now silver is $18.83 per oz. at the going ASE Monster Box rate.

Your BTC is/are $586.53 each

m e a n i n g . . . for each of your btc you could theoretically obtain 31.15 oz. of .999 pure Silver.

green=physical Silver is still available via the retail supply process for silver chart prices.

keep me posted my friend!

boomer sooner
Jun 6, 2016 - 11:38pm

Thanks AM

for pointing out Ronan's article. He and Koos do some mighty heavy lifting in the research area and dole it out for free.

I also would like to say THANK YOU to AM, Dr Jerome, Pining and Cal Law for the great articles for discussion! And lively discussions they have been.

canary
Jun 6, 2016 - 11:00pm

Dilemma

I've been shorting the S&P lately expecting a contraction based on lack of new liquidity from the Fed. But if Mr. Turk is right and the S&P senses inflation (besides almost daily VIX manipulation)....we may see new heights soon.

James CrightonAIJ
Jun 6, 2016 - 10:56pm

@AIJ - Clif read my chart !

Hey, AIJ, Clif read from the chart I plotted (and mentioned to you) ......

from the banks ................

jc

PS: note to SS121 - sorry mate, not selling my BTC yet ..... waiting for $3 million (with the central bank of Barbados).

AIJ
Jun 6, 2016 - 9:57pm

BTC / Really

clif ‏@clif_high

Ack! $14,000/BTC is nothing to what is coming! 2+ million $ without ANY further $ dilution!

ACKKKKK!

Double ACKKKK!

Key Economic Events Week of 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

streber
Jun 6, 2016 - 9:41pm

Bo Polny, Jun 4, 12 min

Before OCT 2016:

1. Au, Ag & Money printing explode

2. Bonds & World economy collapse.

MUST WATCH June 2016 ZERO HOUR! Bo Polny
ag1969
Jun 6, 2016 - 9:35pm

Rise Up!

RISE UP - [Official Video]
jaba
Jun 6, 2016 - 9:27pm

Argentus Maximus

You are most welcome. As you say $24 Billion sounds so much more impressive than $29 Million, which in todays crazy financial sector is barely a rounding error!

canary
Jun 6, 2016 - 8:39pm

Subscribe or login to read all comments.

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 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Forum Discussion

by SteveW, Jul 11, 2020 - 6:36pm
by SteveW, Jul 11, 2020 - 6:25pm
by TexasTonto, Jul 11, 2020 - 5:19pm
by ja1920voo, Jul 11, 2020 - 11:37am
by tork311, Jul 10, 2020 - 3:17pm