Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Gold Bug

Like Tree1Likes
  • 1 Post By PMBug

Reply
 
LinkBack Thread Tools
Old 05-14-2020, 10:03 AM   #1
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,388
Liked: 2522 times
GLD gold vaulting is curious

Quote :
... buried deep within the latest SPDR Gold Trust (GLD) quarterly filing (10Q), filed on 8 May, we see the following admission from the Trust’s Sponsor, World Gold Trust Services (the US subsidiary of the World Gold Council):
Quote :
“Since April 15, 2020, gold was held by a subcustodian (the Bank of England), and the greatest amount of gold held on April 27, 2020 was approximately 45.91 tonnes or 4.4% of the Trust’s gold.”
This means that during April, HSBC used nearly 46 tonnes of gold stored in the Bank of England gold vaults to add to the SPDR Gold Trust, instead of using gold at HSBC’s own commercial London vault.

And why is this important? It’s important because it implies that:

a) there isn’t enough gold in the HSBC vault in London to fulfill SPDR Gold Trust basket creation requests from GLD Authorized Participants (APs).

b) that gold which is ultimately borrowed central bank gold at the Bank of England is being used as a source of GLD gold holdings.

c) that there are physical gold float shortages in the London physical gold market as well as liquidity problems of LBMA market makers in the London paper gold market.
...
More: https://www.bullionstar.com/blogs/ro...gld-gold-bars/

Houston London, we have a problem...
shinnosuke likes this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
curious fight on cutting county salaries Penn STS 1 10-02-2013 10:01 AM


All times are GMT -5. The time now is 03:51 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2020 Measuring Up. All Rights Reserved.