BIS gold swaps fall in November but bank continues secret trading

Section:

By Robert Lambourne
Saturday, December 8, 2018

November saw a continuation of significant trading in gold swaps by the Bank for International Settlements.

After falling in August and September, the BIS' purchases of gold via gold swaps soared in October, falling back by around 64 tonnes in November.

The BIS publishes a monthly statement of account that provides enough information to estimate the bank's level of trading in gold swaps and other gold-related derivatives. November's statement is here:

https://www.bis.org/banking/balsheet/statofacc181130.pdf

When it comes to its activities in the gold market, the BIS provides little information on the reasons for what it is doing and for whom it is acting:

http://www.gata.org/node/17793

But it is evident that the bank continues to trade actively in gold swaps to source gold for its member central banks and other financial entities, as evidenced by the decrease in November following the increase in October.

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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.



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