You are here

Ronan Manly: GLD keeps cadging central bank gold from the Bank of England

Section: Documentation

11:51p ET Friday, August 14, 2020

Dear Friend of GATA and Gold:

Bullion Star gold researcher Ronan Manly reports today that the biggest gold exchange-traded fund, the SPDR Gold Trust -- known by its stock symbol, GLD, and sponsored by the World Gold Council -- now has claimed for a second quarter to be holding gold at the Bank of England, and more metal in the second quarter than in the first.

GLD's transactions with the Bank of England, Manly writes, are disclosed by the fund's filings with the U.S. Securities and Exchange Commission.

Manly notes that it is highly unusual for the Bank of England to be acting as a subcustodian for GLD, whose gold ordinarily is supposed to be held by the fund's primary custodian, bullion bank HSBC, in HSBC's own vault.

... Dispatch continues below ...


Storage and Withdrawal of Gold with Bullion Star in Singapore

Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage rates are competitive.

For more information, please visit Bullion Star here:

GLD's rules, Manly notes, say gold held for the fund by a subcustodian is to be "promptly" transferred to the custodian's vault. But even if such transfers were made with the gold held for the fund at the Bank of England in the first quarter, and the fund's gold held at the Bank of England in the second quarter was different gold, it would seem that GLD is having trouble obtaining metal. It also would seem as if GLD is deceptively squaring its books for public appearances by borrowing central bank gold, which most gold vaulted at the Bank of England is.

Manly estimates that the gold GLD has claimed from the Bank of England's vault so far this year amounts to between 70 and 150 tonnes.

Such sneaky maneuvering by GLD would fit with recent reports from metals trader Andrew Maguire that the London gold market is impossibly tight and from GATA consultant Robert Lambourne's monthly reports about the increasing use of gold swaps and derivatives by the Bank for International Settlements, a gold broker for central banks and bullion banks.

Suspicion might be dispelled here if the GLD's sponsor, the World Gold Council, would answer questions about what's going on. But, not so surprisingly, Manly writes that the council won't say a word. The council is not on the side of gold producers and investors but the side of central banks and their bullion bank agents.

Does GLD really own and hold the gold it claims to have? Why should any investor want to risk finding out, especially when the ETF's own sponsor won't answer for it?

Somebody should try to convey this information to billionaire Ray Dalio, boss of the Brigdewater Associates hedge fund in Connecticut, who purports to be a gold advocate but whose fund puts its gold money mainly in GLD. GATA has tried to contact Dalio many times in many ways in the last couple of years but he refuses to acknowledge us, even as it is likely that his gold money is actually being used for gold price suppression. But maybe that's how Dalio really wants it.

Manly's report is headlined "GLD Continues to Source Gold at the Bank of England, and at an Escalating Rate" and it's posted at Bullion Star here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

Buyers can compose their case by choosing as many as four varietals from the list here:

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at

* * *

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: