Gold researcher Ronan Manly today documents the flow of 400-ounce London good- delivery bars to Asia via refineries in Switzerland that convert them to kilogram bars. Manly concludes:
"Overall, within the 2013–15 period, that is about 4,200–4,600 tonnes of gold being converted into kilogram and other smaller-denomination high-purity gold bars and sent to markets in China, India, Hong Kong, and elsewhere in Asia. This is gold above and beyond mine supply and scrap supply.
"Where has all of this gold come from? Some of it is proven to be from gold-backed exchange-traded funds. Some is most probably from central bank vaults, in which case the central banks do not have the gold they claim to have -- which everybody knows anyway, as much central bank gold has been lent out and is merely a fiction on the central bank balance sheets.
"But there may also be other stockpiles of good-delivery gold bars that are feeding this huge trend. Until the London Bullion Market Association begins to publish its vault statistics, any gray-area unreported gold vault inventories in London are still being kept in the dark."
Manly's analysis is headlined "The West Lost At Least Another 1,000 Tonnes of Large Gold Bars in 2015" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly...t-another-10...
