@Jan Gold
Gold Analyst. I write stuff about gold, economics, and financial markets.
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Recent Notes
How The U.S. Treasury Can Cash In Big Using Its Gold Revaluation Account https://www.moneymetals.com/news/2025/02/14/how-the-us-treasury-can-cash-in-big-using-its-gold-revaluation-account-003838
Why Gold Will Continue to Shine in 2025 and Beyond
https://www.moneymetals.com/news/2025/01/17/why-gold-will-continue-to-shine-in-2025-and-beyond-003764
https://www.moneymetals.com/news/2025/01/17/why-gold-will-continue-to-shine-in-2025-and-beyond-003764
Europe Is Finalizing Preparations for a Gold Standard
Countries outside the eurozone but inside the European Union, i.e., those that one day might join the eurozone—like Poland, Hungary, and the Czech Republic, are positioning for a new gold standard.
To prepare for a monetary system based on gold, they are buying gold to equalize their reserves to the eurozone average. This balancing of gold reserves in Europe is a key topic I have written about extensively.
And now, additional evidence of these plans has come out, this time from Konrad Raczkowski, former Minister of Finance of Poland.
Raczkowski recently argued official gold reserves in Europe must be evenly distributed relative to GDP, which “in the near future … will be the new gold standard.” His statement adds to a vast body of proof regarding Europe’s preparations for a gold standard.
Full article: https://www.moneymetals.com/news/2024/11/08/europe-is-finalizing-preparations-for-gold-standard-003609
Countries outside the eurozone but inside the European Union, i.e., those that one day might join the eurozone—like Poland, Hungary, and the Czech Republic, are positioning for a new gold standard.
To prepare for a monetary system based on gold, they are buying gold to equalize their reserves to the eurozone average. This balancing of gold reserves in Europe is a key topic I have written about extensively.
And now, additional evidence of these plans has come out, this time from Konrad Raczkowski, former Minister of Finance of Poland.
Raczkowski recently argued official gold reserves in Europe must be evenly distributed relative to GDP, which “in the near future … will be the new gold standard.” His statement adds to a vast body of proof regarding Europe’s preparations for a gold standard.
Full article: https://www.moneymetals.com/news/2024/11/08/europe-is-finalizing-preparations-for-gold-standard-003609
Major Shift Revealed As Western Investors Suddenly Run to Gold
In the past two years, the East has been responsible for a momentous move upward in the gold price, decoupling it from the West’s pricing model. But Western investors have taken back the baton and have been driving gold higher since June 2024.
Tellingly, Western investors are abandoning their old pricing model, too. Instead of participating in the gold market for speculative reasons, they are now buying gold as a safe haven. This is highly bullish because Wall Street has little exposure to gold.
Meanwhile, on a net basis, the East is not selling. In this tight market, the gold price is sharply rising: year-to-date, it’s up more than 30%.
Full article: https://www.moneymetals.com/news/2024/10/22/major-shift-revealed-as-western-investors-suddenly-run-to-gold-003554
In the past two years, the East has been responsible for a momentous move upward in the gold price, decoupling it from the West’s pricing model. But Western investors have taken back the baton and have been driving gold higher since June 2024.
Tellingly, Western investors are abandoning their old pricing model, too. Instead of participating in the gold market for speculative reasons, they are now buying gold as a safe haven. This is highly bullish because Wall Street has little exposure to gold.
Meanwhile, on a net basis, the East is not selling. In this tight market, the gold price is sharply rising: year-to-date, it’s up more than 30%.
Full article: https://www.moneymetals.com/news/2024/10/22/major-shift-revealed-as-western-investors-suddenly-run-to-gold-003554
How France Secretly Repatriated All Its Gold Before Nixon's Dollar Devaluation
President de Gaulle of France initiated the secret operation “Vide-Gousset” and repatriated 3,313 tonnes of gold reserves from the vaults of the Federal Reserve in New York and the Bank of England in London from 1963 until 1966. De Gaulle feared America’s deficit in its balance of payments would rupture Bretton Woods and lead to a devaluation of the dollar against gold.
All France’s dollars were converted into gold and to avoid treachery the metal was repatriated over the course of three years. It took 44 boat trips and 129 flights to bring home more than three thousand tonnes of gold to the Banque de France in Paris.
France’s decision turned out extremely well. As was foreseen by the French, the price of gold in dollars increased sharply, from $35 to $800 dollars an ounce from 1968 until 1980—the dollar lost 96% of its value against gold. Countries that held on to their dollars were less fortunate.
More recently, after the Great Financial Crisis, the Banque de France repatriated 211 tonnes, upgraded all its bars to current wholesale standards, overhauled its vaults, revived Paris as a trading hub for institutional investors, and history repeats itself as we are in a gold bull market presently.
Full article: https://www.moneymetals.com/news/2024/10/05/why-france-repatriated-3313-tonnes-from-new-york-and-london-in-the-1960s-003516
President de Gaulle of France initiated the secret operation “Vide-Gousset” and repatriated 3,313 tonnes of gold reserves from the vaults of the Federal Reserve in New York and the Bank of England in London from 1963 until 1966. De Gaulle feared America’s deficit in its balance of payments would rupture Bretton Woods and lead to a devaluation of the dollar against gold.
All France’s dollars were converted into gold and to avoid treachery the metal was repatriated over the course of three years. It took 44 boat trips and 129 flights to bring home more than three thousand tonnes of gold to the Banque de France in Paris.
France’s decision turned out extremely well. As was foreseen by the French, the price of gold in dollars increased sharply, from $35 to $800 dollars an ounce from 1968 until 1980—the dollar lost 96% of its value against gold. Countries that held on to their dollars were less fortunate.
More recently, after the Great Financial Crisis, the Banque de France repatriated 211 tonnes, upgraded all its bars to current wholesale standards, overhauled its vaults, revived Paris as a trading hub for institutional investors, and history repeats itself as we are in a gold bull market presently.
Full article: https://www.moneymetals.com/news/2024/10/05/why-france-repatriated-3313-tonnes-from-new-york-and-london-in-the-1960s-003516
PBoC Gold Conduit Revealed—Chinese Central Bank Did Not Stop Buying Gold in May
This article is an analysis of how the Chinese central bank (PBoC) buys gold in London from Western bullion banks. Because the bullion banks take care of the gold transport for the PBoC, the shipments from London to Beijing are disclosed in UK customs data. The customs data reveals that the PBoC continued to buy gold in May—when it communicated to the market it discontinued buying—at a rate of 53 tonnes. The PBoC stated it stopped buying to dampen the gold price so it could acquire more gold.
https://www.thegoldobserver.com/p/pboc-gold-conduit-revealedchinese
This article is an analysis of how the Chinese central bank (PBoC) buys gold in London from Western bullion banks. Because the bullion banks take care of the gold transport for the PBoC, the shipments from London to Beijing are disclosed in UK customs data. The customs data reveals that the PBoC continued to buy gold in May—when it communicated to the market it discontinued buying—at a rate of 53 tonnes. The PBoC stated it stopped buying to dampen the gold price so it could acquire more gold.
https://www.thegoldobserver.com/p/pboc-gold-conduit-revealedchinese
Swaps, Leases, and Forwards—A Deep Dive into the Gold Wholesale Market
To gain a comprehensive understanding of the mechanics of the gold wholesale market, it's essential to be familiar with its key building blocks: swaps, leases, and forwards. In this article, we will explore these components and their interactions to be better equipped to evaluate developments in the gold market.
Read more: https://www.gainesvillecoins.com/blog/swaps-leases-forwards-deep-dive-gold-wholesale-market
To gain a comprehensive understanding of the mechanics of the gold wholesale market, it's essential to be familiar with its key building blocks: swaps, leases, and forwards. In this article, we will explore these components and their interactions to be better equipped to evaluate developments in the gold market.
Read more: https://www.gainesvillecoins.com/blog/swaps-leases-forwards-deep-dive-gold-wholesale-market
Today, on July 2, 2024, the central bank of the Netherlands (DNB) invited 12 journalists to have a look inside its new gold vault at the Dutch army base near Zeist. DNB stores 190 tonnes (one third) of its gold in this vault. The central bank states it invited the journalists to show the gold is there, how it is safeguarded and serves as the asset of last resort ("insurance"). Journalists couldn't bring cameras but video images were provided by DNB. rb.gy/dzyd85
Earlier, in May 2023, DNB said "gold is the ultimate anchor of trust. If the entire financial system collapses, you still have the gold and the gold retains its value." rb.gy/fduoz4
In October 2022, DNB Governor Klaas Knot mentioned, "the balance sheet of the Dutch central banks is solid because we also have gold reserves and the gold revaluation account is more than 20 billion euros," in response to a question about DNB's losses due to unconventional monetary policy. rb.gy/vcxpgx
In April 2019 it read on DNB's website: "Gold is the perfect piggy bank – it's the anchor of trust for the financial system. If the system collapses, the gold stock can serve as a basis to build it up again." Although this statement was removed several years later, it can still be read on the Internet Archive. rb.gy/tekm3i
DNB allowed journalist with their own cameras in its previous vault in Amsterdam in April 2016. rb.gy/g9fbpz This was a little while after DNB had repatriated 120 tonnes from Federal Reserve Bank of New York in November 2014. shorturl.at/Ur1ZI
DNB (as well as other European and Asian central banks) is clearly pro gold and prepared for a new gold standard. rb.gy/ex9flx
Earlier, in May 2023, DNB said "gold is the ultimate anchor of trust. If the entire financial system collapses, you still have the gold and the gold retains its value." rb.gy/fduoz4
In October 2022, DNB Governor Klaas Knot mentioned, "the balance sheet of the Dutch central banks is solid because we also have gold reserves and the gold revaluation account is more than 20 billion euros," in response to a question about DNB's losses due to unconventional monetary policy. rb.gy/vcxpgx
In April 2019 it read on DNB's website: "Gold is the perfect piggy bank – it's the anchor of trust for the financial system. If the system collapses, the gold stock can serve as a basis to build it up again." Although this statement was removed several years later, it can still be read on the Internet Archive. rb.gy/tekm3i
DNB allowed journalist with their own cameras in its previous vault in Amsterdam in April 2016. rb.gy/g9fbpz This was a little while after DNB had repatriated 120 tonnes from Federal Reserve Bank of New York in November 2014. shorturl.at/Ur1ZI
DNB (as well as other European and Asian central banks) is clearly pro gold and prepared for a new gold standard. rb.gy/ex9flx
Thailand Joins China in Driving Gold Bull Market
Shedding its long-standing price sensitivity to the price of gold, Thailand is currently a gold buyer driving the price up, just like China. Present changes in the global gold market, in which pricing power is shifting East, could be a precursor to a transformation in the international monetary order. Possibly, trade in the East will settle through a system connecting local CBDCs, while any remaining imbalances are transferred in gold. https://www.gainesvillecoins.com/blog/thailand-joins-china-driving-gold-bull-market
Shedding its long-standing price sensitivity to the price of gold, Thailand is currently a gold buyer driving the price up, just like China. Present changes in the global gold market, in which pricing power is shifting East, could be a precursor to a transformation in the international monetary order. Possibly, trade in the East will settle through a system connecting local CBDCs, while any remaining imbalances are transferred in gold. https://www.gainesvillecoins.com/blog/thailand-joins-china-driving-gold-bull-market
Chinese private sector gold imports accounted for 543 tonnes in the first quarter, while the People’s Bank of China (PBoC) added 189 tonnes to its reserves. Most of the PBoC’s purchases are “unreported.” China continues to be the marginal buyer in the gold market, driving up the price. I expect that China will remain a robust buyer of gold going forward in support of the price. https://www.gainesvillecoins.com/blog/strong-pboc-chinese-private-sector-buying-boosts-gold-price 
China Has Taken Over Gold Price Control from the West
https://www.gainesvillecoins.com/blog/pboc-secretly-bought-record-735-tons-of-gold-2023
https://www.gainesvillecoins.com/blog/pboc-secretly-bought-record-735-tons-of-gold-2023