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Koos Jansen is a precious metal analyst from the Netherlands. Koos
mainly provides unique insights about Chinese gold market.
Koos Jansen
I was interviewed by Lars Schall on behalf of Matterhorn Asset Management, 4 November 2015. Please listen to the podcast below, or you can read the transcript provided with links for further reference. Wa talked about PBOC gold purchases, the London Bullion Market, The Shanghai Gold Exchange, the Silk Road Economic Project and much more! Continue Reading 
Koos Jansen
The very reason I became interested in gold after the financial crisis in 2008 was because of Dutch gold guru, author, journalist, entrepreneur, and fund manager Willem Middelkoop. When I started reading his books I was immediately obsessed with economics and the gold market – along with thousands of others across the world. Who would have … Continue Reading
Koos Jansen
I couldn’t resist translating this must read from 1993 in Dutch newspaper NRC Handelsblad (h/t @frankknopers) about the gold sales by the Dutch central Bank (DNB). Presumably, “a part” of the 400 tonnes sold at the time through the Bank For International Settlements went to the Chinese central bank. Although we don’t know for sure … Continue Reading
Koos Jansen
Withdrawals from the vaults of the Shanghai Gold Exchange (SGE), our measure of Chinese wholesale gold demand, accounted for 43 tonnes in week 47 (spanning from 30 November until 4 December). Year to date SGE withdrawals have reached 2,405 tonnes. SGE withdrawals in 2015 have broken every record, though Chinese (consumer) gold demand is not likely … Continue Reading
Koos Jansen
As part of the wide analysis of the Chinese domestic gold market I would like to share that since the seventies there is a special army in China dedicated to gold. It’s called The Gold Armed Police – if you can read Chinese have a look at this Wikipedia page. It’s no coincidence this army … Continue Reading
Koos Jansen
Here we go! A seminar about gold supporting the internationalization of the renminbi and China’s financial strength was held in Beijing on 18 September 2015. One of the keynote speakers was Song Xin, President of the China Gold Association (CGA), Chairman of the Board of China International Resources Corporation, President of China National Gold Group Corporation … Continue Reading
Koos Jansen
In the third quarter 9.5 million ounces (295 tonnes) of silver were sold in Maple Leaf Coins by the Royal Canadian Mint, according data released on Friday. Third quarter silver coin sales at the Canadian Mint were up 76 per cent from the third quarter in 2014 and up 40 % from the second quarter in 2015. The … Continue Reading
Koos Jansen
Withdrawals from the vaults of the largest physical gold bourse globally, the Shanghai Gold Exchange (SGE), accounted for 54 tonnes (in week 45 / 16 until 20 November), up 10 % from last week. Year to date SGE withdrawals have reached 2,313 tonnes, which is an all time record. Please make sure you’ve read The Mechanics … Continue Reading
Koos Jansen
First, withdrawals from the vaults of the Shanghai Gold Exchange (SGE), our best measure for Chinese wholesale gold demand, accounted for 49 tonnes in week 44 (9 – 13 November), up 9 % from the previous week. Year to date SGE withdrawals have reached 2,259 tonnes, which is already more than any previous yearly total. … Continue Reading
Koos Jansen
A reporter from Reuters asserts there is 2,000 tonnes of gold tied up in the Chinese gold lease market. Once again, we will debunk these fictitious statements. Kindly be advised to have read Mechanics Of The Chinese Domestic Gold Market and Chinese Gold Trade Rules And Financing Deals Explained before you continue. (More in depth information … Continue Reading
Koos Jansen
The amount of gold withdrawn from the vaults of the Shanghai Gold Exchange (SGE), which equals Chinese wholesale gold demand, accounted for 45 tonnes in the trading week that ended on 6 November. Year to date SGE withdrawals have reached an astonishing 2,210 tonnes, which is more than the full year record set in 2013 at … Continue Reading
Koos Jansen
According to the most recent data from Eurostat the UK has net exported 37.6 tonnes of gold to China in September, an all-time record. This figure is up 25 % m/m and up 280 % y/y. The UK started exporting gold directly to China in April 2014 when it shipped 5 tonnes to the mainland while for the first time bypassing … Continue Reading
Koos Jansen
The largest ever gold deposit in China has been found in the East China Sea, near the Sanshan Islands in the Shandong province, at a depth of 2,000 meters, the People’s Daily Online reported on Tuesday. The Shandong Provincial No. 3 Institute of Geological and Mineral Survey announced on Monday the massive gold deposit in … Continue Reading
Koos Jansen
Withdrawals from the vaults of the Shanghai Gold Exchange, a number by which we can measure Chinese wholesale gold demand, accounted for 47 tonnes in week 42 (26 – 30 October 2015). Strangely, this is a weak number if we compare it to the rest of this year. Still, 47 tonnes of gold equals 47,000 … Continue Reading
Koos Jansen
Much to my surprise speakers at the LBMA conference in Vienna (held from 18 until 20 October 2015) have been discussing how gold round tripping and gold leasing in China inflates withdrawals from the vaults of the Shanghai Gold Exchange (SGE). These Chinese Commodity Financing Deals (CCFDs), which gold round tripping and gold leasing can be labeled as, were presented at the conference... Continue Reading
Koos Jansen
Readers can download the original Chinese Measures for the Import and Export of Gold and Gold Products from the People’s Bank Of China (PBOC) here. Be advised the Measures for the Import and Export of Gold and Gold Products can be confusing if not connected to Chinese trade rules in general. In the translation below reference is being made … Continue Reading
Koos Jansen
At the LBMA conference in Vienna, which was held from 18 – 20 October 2015, the Executive Director of the Austrian central bank, Peter Mooslechner, was interviewed by Editor-in-Chief for Kitco News, Daniele Cambone. You can watch the interview here. This particular interview is interesting because the central banker from Austria made some exceptional remarks … Continue Reading
Koos Jansen
Another strong week for gold demand at the Shanghai Gold Exchange – China’s main physical gold bourse. From 19 until 23 October 57 tonnes have been withdrawn from the vaults of the Shanghai Gold Exchange (SGE), according to data released on Friday by the SGE. Year to date 2,119 tonnes have been withdrawn. With a … Continue Reading
Koos Jansen
Year to date withdrawals from the vaults of the Shanghai Gold Exchange (SGE) came in at a staggering 1,958 tonnes on 25 September 2015 – a record high – according to data released by the SGE on Friday. In week 38, which runs from 21 September until 25 September, 66 tonnes of gold were withdrawn … Continue Reading
Koos Jansen
We have some catching up to do in terms of discussing Chinese gold import in H1 2015 and how this relates to withdrawals from Shanghai Gold Exchange (SGE) vaults. For this post it’s advised you’ve read The Mechanics Of The Chinese Domestic Gold Market to have a basic understanding of the physical gold supply and … Continue Reading
Koos Jansen
There are a few analyses making rounds on the internet about gold owned by the People’s Bank Of China (PBOC). I’m always interested in these analyses, as I like to be aware of all knowledge available on this subject, but I rarely agree with them. The big questions that remain in the gold space are, … Continue Reading
Koos Jansen
Written by Peter Boehringer, initiator of the German campaign “Repatriate our Gold”. Frequent followers of the German public campaign “Repatriate our Gold“ already know how intensively we have been struggling since 2011 (and longer) with Deutsche Bundesbank to finally – after more than 50 years of external storage of Germany’s gold – get credible transparency... Continue Reading
Koos Jansen
Belgium sold 1,098 tonnes of its official gold reserves since 1978. For our global investigation how much physical gold central banks have stored at what location and how much is leased out, I decided to submit the local equivalent of a Freedom Of Information Act (FOIA) request at the central bank of Belgium, de Nationale Bank … Continue Reading
Koos Jansen
The central bank of Germany, the Bundesbank, has published the bar list of all German official gold reserves stored in Frankfurt am Main, London, Paris and New York. The list contains the bar numbers, melt or inventory numbers, the gross and fine weight as well as the fineness of the gold. German official gold reserves … Continue Reading
Koos Jansen
The People’s Bank Of China (PBOC) has added 16 tonnes of gold to its official reserves now totalling 1,694 tonnes in August 2015. The gain in August is the third monthly increment in a row after a period of silence by the PBOC since 2009. The change in reporting, the amounts reported and the fact the … Continue Reading
Koos Jansen
Originally published at the portal of the Swiss government (translated by Markus M. Muller): The Swiss Competition Commission has started a investigation against the two Swiss Banks UBS and Julius Baer plus the foreign financial institutions Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui. The Commission has gained possible evidence, that the banks may have colluded in … Continue Reading
Koos Jansen
Did the PBOC covertly buy 1,747 tonnes of gold in London? This BullionStar blogpost is part of a chronological storyline. Please make sure you’ve read The Mechanics Of The Chinese Domestic Gold Market, PBOC Gold Purchases: Separating Facts from Speculation and The London Bullion Market And International Gold Trade, or it will be difficult to understand … Continue Reading
Koos Jansen
Shortly after Ronan Manly released its epic post on 7 September 2015 about how much gold there is left in London, an email exchange started circulating among a small group of bloggers in a joint effort to figure out the apportionment between monetary and non-monetary gold in the capital of England. The group of bloggers consists … Continue Reading
Koos Jansen
Not often in financial markets is the future price of gold is lower than the spot price (live), but lately we’ve witnessed such an event in both the New York and London gold market. This is called backwardation, the opposite of contango. What causes backwardation and will it increase the price of gold? In my … Continue Reading
Koos Jansen
Last week I reported India had shipped in 126 tonnes of gold in August according to provisional data. Newswire The Economic Times today reports India has imported 138 tonnes of gold in August, which is 9 % more than my estimate. Year to date India has imported 666 tonnes of gold, up 69 % year on year. Annualized … Continue Reading
Koos Jansen
Just after my colleague Ronan Manly wrote a very extensive article on how much gold is left in London (not much), Petropavlovsk Chairman and Co-Founder Peter Hambro discusses gold at Bloomberg Television. He, like Manly, concludes there is very little physical gold left in London. From Mr Hambro: My baseline is they [the Chinese] have been buying … Continue Reading
Koos Jansen
In the month of August 2015, India imported 126 tonnes of gold and 1,400 tonnes of silver, according to data from Infodrive India. Gold import into India is rising after a steep fall due to government import restrictions implemented in 2013. Year-to-date India has imported 654 tonnes of gold, which is 66 % up year … Continue Reading
Koos Jansen
The UK net exported a record 32.4 tonnes of gold directly to China mainland in June 2015. In 2014 the conventional conduits of bullion flows to China, from all around the world first to Hong Kong and then to the mainland, have been replaced by direct exports. For example, the UK is exporting bullion directly to China … Continue Reading
Koos Jansen
Awareness about the concept of money is making a comeback. Gone are the decades in which the global citizenry was fooled to leave this subject to economists, governments and banks – a setup that has proven to end in disaster. The crisis in 2008 has spawned debate about what money is, where it comes from … Continue Reading
Koos Jansen
Written by Alexander Mirolyubov One of the most important factors driving the gold price is financial stress. When the latter is changing it always finds a resolution in the interest to the yellow metal. However, gold price adjustments can pass immediately or with some kind of delay.
This time lag is important to gold investors … Continue Reading
Koos Jansen
Developments at the Chinese central bank (PBOC) hint at more moves towards gold. The most important recent gold developments are; (i) the PBOC updated its official gold reserves from 1,054 tonnes to 1,658 tonnes on 17 July, (ii) the PBOC devalued the renminbi by approximately 3 % on 11 August, (iii) the PBOC again updated … Continue Reading
Koos Jansen
As always, please make sure you’ve read The Mechanics Of The Chinese Domestic Gold Market before continuing. Finally last Friday the People’s Bank Of China (PBOC) updated its official gold reserves, from 1,054 tonnes, a figure reported since 2009, to 1,658 tonnes. Most gold analysts expected a number substantially higher than what was just disclosed. In this … Continue Reading
Koos Jansen
Since 2007 China has the largest domestic gold mining output, since 2011 the Shanghai Gold Exchange has been the largest physical gold exchange and in 2013 and 2014 China was the largest importer. Now the Chinese seek to escalate pricing power. From the beginning of the liberalization of China’s gold market in 2002, the governor … Continue Reading
Koos Jansen
There has been much speculation about a slide from chairman and secretary-general of the China Gold Association Zhang Bingnan presented at the LBMA forum in Shanghai June 25, 2015. The slide states Chinese gold reserves are 9,816.03 tonnes, however, this refers to in ground mining reserves. I have never received so many emails and tweets as … Continue Reading
Koos Jansen
It’s remarkable the Greek tragedy has had no influence on the gold price in recent weeks. We’ve heard repeatedly Europe and Greece could not reach a deal for an extended bailout, are financial markets suffering from Euroscrisis fatigue? Team Dijsselbloem-Juncker states they stretched all they could and offered the Greek government a reasonable deal that … Continue Reading
Koos Jansen
The Curious Case Of Edmund C. Moy Former US Mint director Ed Moy has made numerous false and self-contradictory statements regarding the gold at Fort Knox – a facility managed by the US Mint. The is post is a sequel to A First Glance At US Official Gold Reserves Audits, Second Thoughts On US Official Gold Reserves Audits and … Continue Reading
Koos Jansen
Not surprisingly there is little official documentation on the recently launched Silk Road Gold Fund. However, the translation below (original article published on ifeng) provides an intriguing insight at what this Fund is about. On May 22 Chinese financial policy makers from the PBOC, Chinese gold industry executives from commercial banks, mining companies, the Shanghai Gold Exchange... Continue Reading
Koos Jansen
From June 8 – 12 withdrawals from SGE certified vaults in China mainland and CME Kilobar vaults in Hong Kong accounted 76 for tonnes. Withdrawals from the vaults of the Shanghai Gold Exchange (SGE) and Shanghai International Gold Exchange (SGEI) came in elevated for this time a year at 46 tonnes in week 23 (June 8 … Continue Reading
Koos Jansen
The Bank Of England (BOE) has recently released its annual report in which it’s disclosed the gold held in custody for a range of customers was 5,134 metric tonnes on February 28, 2015, down 351 tonnes (6 %) form the previous year. The data on gold in custody at the BOE is disclosed in billions of Great British … Continue Reading
Koos Jansen
Out of my interest in every participant in the gold market – not only physical gold advocates – I’ve interviewed gold futures trader Petko Bankoff from Bulgaria. Thanks Petko for your time to answer my questions! What’s your background? I graduated the High School of Maths and Natural Sciences with the specialty “Earth sciences and English … Continue Reading
Koos Jansen
Originally published by the LBMA. Tuesday 16th June 2015. LBMA Gold Price – Bank of China joins as new participant. The LBMA today is pleased to announce that the Bank of China has been approved by ICE Benchmark Administration (IBA) to participate in the LBMA Gold Price auction process, administered by IBA. On 20 March, … Continue Reading
Koos Jansen
I’ve found more detailed rules on the workings of the Chinese gold market regarding, (i) the use of onshore renminbi for contracts traded on the Shanghai International Gold Exchange (SGEI), (ii) gold sales of Chinese domestic gold mines. Previously I’ve written posts on these subjects that contained inaccurate information that I would like to correct. … Continue Reading
Koos Jansen
More false arguments – that should explain the difference between Shanghai Gold Exchange (SGE) withdrawals and Chinese gold demand as disclosed by the World Gold Council – are being spread in the gold space. The most recent argument is gold export from China. Since 2013 I’ve been writing the World Gold Council (WGC) is grossly … Continue Reading
Koos Jansen
China’s New Silk Road initiatives provide it with a way to use its huge pile of foreign exchange, and its gold-buying could lead to more balanced international monetary regime By Miriam L. Campanella and Koos Jansen Originally published on Caixin Online. The New Silk Road initiatives, also known as the “One Belt, One Road" plan, … Continue Reading
Koos Jansen
Last week I wrote how I can disagree with other media, be it mainstream or alternative, Chinese, Russian or English, on the reporting of the gold market. This week another perfect example came by, from Russian news outlet Sputnik International. According to this press agency the Russian Central Bank (CBR) currently holds 360 billion US … Continue Reading
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