You are here
Robert Lambourne: BIS gold market intervention increased by 17% in July
By Robert Lambourne
Wednesday, August 8, 2018
Use of gold swaps and gold derivatives by the Bank for International Settlements, the gold broker for most central banks, increased by about 17 percent in July, according to the bank's monthly report:
https://www.bis.org/banking/balsheet/statofacc180731.pdf
The bank's June report is here:
https://www.bis.org/banking/balsheet/statofacc180630.pdf
The BIS' July Statement of Account gives summary information on its use of gold swaps and gold-related derivatives in the month. The information is not sufficient to calculate a precise amount of gold-related derivatives, including swaps, but the bank's total estimated exposure as of July 31 was about 485 tonnes of gold versus about 413 tonnes as of June 30.
... Dispatch continues below ...
Juggernaut Commences Inaugural Drill Campaign on Its Midas Property
Company Announcement
via Globe Newswire
Tuesday, August 7, 2018
Juggernaut Exploration Ltd. (JUGR.V) reports that it has commenced diamond drilling with the addition of a second rig for the Midas property located near Terrace, British Columbia, Canada. The IP geophysical program on its Midas property is also underway.
Based on new exploration results Juggernaut is ramping up the drilling with the construction of up to 20 pads across both properties targeting multiple new discovery zones with up to three or more holes per pad. ...
Dan Stuart, director, president, and CEO of Juggernaut, says: "The 2018 program is off to a great start and has already exceeded our expectations with multiple new mineralized zones being discovered so early on, further demonstrating the enormous untapped potential of both the Empire and Midas properties. Both properties are 100-percent controlled and located in a world-class geological setting in close proximity to infrastructure. We look forward to reporting drill results once assays have been received, complied, and interpreted." ...
For the remainder of the announcement:
https://globenewswire.com/news-release/2018/08/07/1547980/0/en/Juggernau...
That is an increase of about 72 tonnes or 17 percent.
The increase came as there increasingly appeared to be a correlation between the gold price and the valuation of the Chinese yuan, both of which fell substantially during the month.
The BIS refuses to explain what it is doing in the gold market and for whom, engendering suspicion that it is helping one or more of its members to manipulate the currency markets through deception.
To place the bank's use of gold swaps in context, its current exposure of 485 tonnes is higher than the gold reserves of all but 10 countries.
-----
Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
http://neworleansconference.com/wp-content/uploads/2018/07/NOIC_2018_Pow...
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
