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Ronan Manly

Ronan Manly

Ronan Manly is a precious metals analyst with BullionStar whose blogs
often cover current themes including what's going on in the
London gold market and the gold activities of central banks.

Gold Shines as Money in Venezuela Amid Hyperinflation

Gold Shines as Money in Venezuela Amid Hyperinflation

  • Date
  • author Ronan Manly
  • Comments 2 Comments

With inflation rates surging across the world and with talk of hyperinflation, it’s useful to look at one country whose currency has collapsed and which is in the midst of hyperinflation. That country is Venezuela.

And when the Venezuelan population loses trust in it’s fiat currency and the populace needs to find monetary alternatives, one of the alternatives that...
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Swiss Pressure Against UAE Gold Imports Causes Rebuttal
Poland Accelerates Gold Buying; Buying 100 Tonnes in 2022
India Quietly Accumulating Large Quantities of Gold

India Quietly Accumulating Large Quantities of Gold

  • Date
  • author Ronan Manly
  • Comments 3 Comments

India's central bank, the Reserve Bank of India (RBI), is now one of the world's largest gold buying, having stealthily accumulated 166 tonnes of gold since early 2018.

In total, the RBI now holds 724 tonnes of gold, with just under 300 tonnes stored in a secretive gold vault in Nagpur, India, and the rest held mainly at the Bank of England in London.

With China and...
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How CBDCs Will Enable Surveillance & Control

How CBDCs Will Enable Surveillance & Control

  • Date
  • author Ronan Manly
  • Comments 7 Comments

Central Bank Digital Currencies (CBDCs) are an ominous development that will soon be launched by central banks across the world.

Billed as a public interest technology innovation, the real aim of CBDCs is to provide central banks and governments with enhanced forms of surveillance and control.

CBDCs are the antithesis to monetary freedom, so it is critical to...
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Can Treasurers Afford to Ignore Palantir’s Gold Gambit?
Afghanistan’s Gold at NY Fed: 1,731 Old Bars Held Since 1939

Afghanistan’s Gold at NY Fed: 1,731 Old Bars Held Since 1939

  • Date
  • author Ronan Manly
  • Comments 0 Comments

Nearly 22 tonnes of Afghan central bank gold stored with the New York Fed has just been frozen by the US Treasury.

This Afghan gold consists of a total of 1731 old “non-Good Delivery’ gold bars, which have been in the New York Fed vault since 1939.

This is also not the first time this Afghan gold has been blocked, as it was also frozen between 1999 and 2001.
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The Trigger That Closed the U.S. Gold Window

The Trigger That Closed the U.S. Gold Window

  • Date
  • author Ronan Manly
  • Comments 4 Comments

While a lot will be written about the 50th anniversary of the US Government famously suspending the convertibility of US dollars into gold on 15 August 1971, there is far less, if any, coverage about what exactly triggered it and why the timing had to be 15 August.

Bringing together never before seen material, this article blows a lid on the British and the Bank of England...
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Gold Price Smash in Paper, But Physical Demand On Fire

Gold Price Smash in Paper, But Physical Demand On Fire

  • Date
  • author Ronan Manly
  • Comments 13 Comments

As COMEX gold trading opened for the week on Sunday 8 August, while New York, London, Singapore and Tokyo were all closed, huge volumes of selling hit the market to take down the gold price.

Who were the sellers and who did they represent, and does this intervention have central bank involvement?

While a price smash in the paper gold and silver markets may fool Wall...
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Brazil Refuses to Answer Questions About Gold Reserves

Brazil Refuses to Answer Questions About Gold Reserves

  • Date
  • author Ronan Manly
  • Comments 7 Comments

After buying 53.5 tonnes of gold over May and June, Brazil is now the third largest central bank gold buyer so far this year, and currently claims to hold 121 tonnes of the yellow metal.

However, following a series of questions being put to the Banco Central do Brasil (BCB) about this gold and where it is stored, the BCB has refused to answer every single question, citing...
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The Saga Continues For Venezuela’s Gold at the BoE

The Saga Continues For Venezuela’s Gold at the BoE

  • Date
  • author Ronan Manly
  • Comments 4 Comments

The legal fight over 31 tonnes of gold owned by Venezuela’s central bank (BCV) and stored at the Bank of England continues, and this month made it all to way to the Supreme Court in London.

At stake is who has the authority to withdraw the BCV gold, and who is the recognised president of Venezuela, Maduro or the US and UK backed Guaidó.

The ramifications of the...
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Has Macron’s Call For New IMF Gold Sales Been Slapped Down?
Thai Central Bank Buys 90 Tonnes of Gold in April & May
In Ongoing Saga, Dubai Stands its Ground With the LBMA

In Ongoing Saga, Dubai Stands its Ground With the LBMA

  • Date
  • author Ronan Manly
  • Comments 7 Comments

Following LBMA threats against the Dubai gold market last November, the DMCC executive chairman had the courage to point out the hypocrisy of the LBMA’s position.

While this criticism of the LBMA has continued into 2021, now Dubai & the UAE are also fighting back with proactive gold market initiatives that could see UAE become an even bigger competitor to London.
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Stealthy Central Banks at the London Gold Market's Heart

Stealthy Central Banks at the London Gold Market's Heart

  • Date
  • author Ronan Manly
  • Comments 4 Comments

Central bank gold operations lie at the heart of the London Gold Market under the watchful eye of the Bank of England, but you would be forgiven for not knowing this, because they don’t want you to know.

Never in the history of financial markets has there been a trading venue that has been more opaque, more secretive, and more impenetrable than the London Gold Market.
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Russia Lines Up State Fund For Military Mobilization

Russia Lines Up State Fund For Military Mobilization

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  • author Ronan Manly
  • Comments 0 Comments

With the imminent arrival of the massive Russian sovereign wealth fund, the National Wealth Fund, as a new gold buyer in addition to the firepower of Russia's central bank, it now looks like Russia is upping the stakes in it's grand game of geo-political and monetary chess. Indeed a game of 4D chess that uses golden pieces. Continue Reading arrow

LBMA Misleads Silver Market With False Claims

LBMA Misleads Silver Market With False Claims

  • Date
  • author Ronan Manly
  • Comments 5 Comments

It has just come to light that the LBMA silver holdings in London vaults have been overstated by 3300 tonnes since they were reported in early April. Is this incompetence, or a case of blatant deception?

Since London silver vault holdings are an international gauge into the availability of silver supply for the investor and industrial markets, a full investigation of the LBMA...
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LBMA Acknowledges Silver Buying Frenzy & Shortage Fears

LBMA Acknowledges Silver Buying Frenzy & Shortage Fears

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  • author Ronan Manly
  • Comments 4 Comments

A new report on investment silver from the LBMA is surprising in that it acknowledges the Silver Squeeze movement as having made a profound impact on silver ETF and bar and coin demand, and also startlingly admits that there were real concerns in February that London would run out of silver if ETF demand remained at an elevated level. Continue Reading arrow

Hungary Boosts Gold Reserves by 3,000% in Under 3 Years
ScotiaBank Sells Its New York COMEX Vault

ScotiaBank Sells Its New York COMEX Vault

  • Date
  • author Ronan Manly
  • Comments 5 Comments

As the multi-year saga of the ScotiaBank withdrawal from the precious metals markets continues, the latest installment finds Scotia selling its COMEX New York vault to MTB / MKS PAMP. This deal includes a transfer of all the gold and silver in the NY Scotia vault to the care of MTB.

Despite this deal, Scotia is still very much involved in precious metals, especially in London,...
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Orwellian CFTC Now Going After Reddit Silver Apes

Orwellian CFTC Now Going After Reddit Silver Apes

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  • author Ronan Manly
  • Comments 15 Comments

In an Orwellian development, US regulator the CFTC may be preparing to investigate retail traders for manipulation of the silver price.

As a reminder, this is the same CFTC that for many years and in multiple investigations, failed to find any evidence of bullion bank silver price manipulation, until that is, the DoJ’s prosecution of JP Morgan forced the CFTC to confront...
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ETF Firm Warns Buying Silver Will Harm Hedge Funds & Banks
#SilverSqueeze Hits London as SLV Warns of Limited Supply
85% of Silver in London Already Held by ETFs

85% of Silver in London Already Held by ETFs

  • Date
  • author Ronan Manly
  • Comments 21 Comments

While many eyes were on the mammoth iShares Silver Trust (SLV) last week, that is only part of the picture, as there are 14 other silver-backed ETFs which claim to store their silver in London.

Between them SLV and these other ETFs hold over 85% of all the silver in the LBMA London vaults. Which means that a few more days of very strong inflows into silver ETFs will create a...
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The Silver Squeeze vs. Wall Street Corruption

The Silver Squeeze vs. Wall Street Corruption

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  • author Ronan Manly
  • Comments 11 Comments

In unprecedented fashion, a #SilverSqueeze movement has rapidly grown to take on the financial establishment in the 'paper' silver markets of London and New York.

But if it is to have any chance of success, this #SilverSqueeze movement must attack the Achilles heel of the bullion banks. That Achilles heel is the availability of physical silver.
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The Very Early Bitcoin Exchanges of 2009 to 2011

The Very Early Bitcoin Exchanges of 2009 to 2011

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  • author Ronan Manly
  • Comments 1 Comments

With the rapid proliferation of crypto exchanges and decentralized finance on the blockchain, it’s hard to believe that the first Bitcoin exchanges didn’t even exist less than 12 years ago.

From New Liberty Standard to Bitcoin Market to Mt. Gox, this article uses website archives to take a look back at the pioneering exchanges of 2009-2011, their founders and connections...
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Inflation-Adjusted Gold & Silver Prices Are Staggering

Inflation-Adjusted Gold & Silver Prices Are Staggering

  • Date
  • author Ronan Manly
  • Comments 12 Comments

While the world is fixated with nominal price changes in gold and silver, it is real (inflation-adjusted) prices of the two metals which are arguably more important.

Even when using the rigged CPI data of the US Government, nominal gold and silver prices in US dollars are currently far below their real (inflation-adjusted) all time highs.

But when using the more...
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Behind the Headlines of Record Gold Stocks in London Vaults
2020 Was a Stellar Year For Gold & Silver Bullion Coin Sales

2020 Was a Stellar Year For Gold & Silver Bullion Coin Sales

  • Date
  • author Ronan Manly
  • Comments 0 Comments

2020 was a remarkably strong year for gold and silver bullion coins sales by the US Mint, Perth Mint and Royal Canadian Mint.

Gold sales increased by a massive 500% at the US Mint and more than doubled at the Perth Mint and Royal Canadian Mint. Silver sales doubled at the US Mint while the Perth Mint boosted silver sales by 42%.
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As 2020 Ends, Gold & Silver Record Best Year Since 2010
GLD 10-K Omits BoE Gold Holdings Data, CFO Resigns

GLD 10-K Omits BoE Gold Holdings Data, CFO Resigns

  • Date
  • author Ronan Manly
  • Comments 7 Comments

As the latest SPDR Gold Trust (GLD) annual 10-K statement hits the tape, there are a number of troubling developments which should concern the SEC and GLD investors alike. These include:

Why the GLD Sponsor CFO resigned on 29 September 2020, one day before financial year end of 30 September.

Why the latest GLD 10-K withholds data on how much gold the GLD held at the...
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LBMA Threatens to Blacklist Entire Gold Trading Centres
QE & Stimulus to Continue Even With a Trump Win

QE & Stimulus to Continue Even With a Trump Win

  • Date
  • author Ronan Manly
  • Comments 0 Comments

If the US presidential election is contested, appealed, and its outcome challenged, this will create near term market uncertainty, volatility and unrest. But whoever the victor, Fed QE and US government stimulus spending will continue, amid the associated destruction of the dollar and economy. All of which is gold price positive. Continue Reading arrow

Robert Pringle’s Comments on the 1999 UK Gold Sales
Revolving Door at the SPDR Gold Trust: 6 CFOs Since 2014
Planned in Advance by Central Banks: a 2020 System Reset
Deutsche Trader & Gold Fix Director Under DoJ Prosecution
London Gold Bait-and-Switch as LBMA Prepares Bigger Changes
LBMA-COMEX Collusion Intensifies

LBMA-COMEX Collusion Intensifies

  • Date
  • author Ronan Manly
  • Comments 9 Comments

A few weeks ago, in a very stealthy manner, CME Group in coordination with the LBMA, massively expanded the lists of approved gold and silver bar brands that can be delivered against the flagship COMEX GC 100 gold and SI silver contracts.

While this signals gold and silver bar delivery constraints at the COMEX, that is only half the story, as the real intention of these changes...
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GLD Escalates Sourcing of Gold at the Bank of England
The Sustainability of Today's Gold Bull Market vs. 2011
Gold & Silver Roar Higher: The Canaries in the Coal Mine
Rising Gold Prices Attract Global & Local Attention

Rising Gold Prices Attract Global & Local Attention

  • Date
  • author Ronan Manly
  • Comments 0 Comments

Zing News, one of Vietnam’s leading news and media platforms, this week published an article examining the reasons behind the strong upward move in the gold price and its sustainability, quoting extensively from BullionStar's input.

In Vietnam, which has a very strong tradition of gold ownership and use of physical gold in transactions, the Zing News digital newspaper has...
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COMEX Adds 730 Tonnes of Gold Since Late-March

COMEX Adds 730 Tonnes of Gold Since Late-March

  • Date
  • author Ronan Manly
  • Comments 2 Comments

Triggered by a COMEX-Spot spread blow out in the wake of a delivery failure in gold Exchange for Physical (EFP) transactions, an unprecedented 730 tonnes of gold has flowed into COMEX gold vaults between 24 March and 30 June, mostly into the vaults of JP Morgan and Brink's.

The chain of events can be traced back to the LBMA rush on 24 March to “facilitate physical delivery of...
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Central Bankers Play Musical Chairs at the LBMA

Central Bankers Play Musical Chairs at the LBMA

  • Date
  • author Ronan Manly
  • Comments 2 Comments

As a former Banque de France central banker joins the board of the London Bullion Market Association (LBMA) as an “Independent” director, replacing a former New York Federal Reserve central banker who also served on the same board as an “Independent” director, we must ask ourselves why have these central bankers so much interest in gold and the LBMA.

Particularly as the...
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The Curious Case of COMEX Gold Deliveries in April & June
Amid London Gold Turmoil, HSBC Taps BoE for GLD Gold Bars
LBMA Gold Price Benchmark Ignoring Market Conditions
U.S. Mint Closes West Point, Adding to Gold Coin Shortage
COMEX Drops Bombshell About 'Eligible' Vaulted Gold
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