- The amount of gold in London's vaults dropped by 1/3 in the past year(!)
- Activity at the COMEX is flashing warning signs
- When to worry about physical defaults
- Simple math will win out: the West is fast running out of its bullion
An interesting piece of detective work was done by Ronan Manly at Bullionstar.com where he noted that the LBMA reported pronounced drops in the amount of gold stored in London vaults, which includes both gold held at the Bank of England as well as non-official vaults within the LBMA system.
To summarize his report, here’s the amount of gold reportedly held in London:
- April 2014 – 9,000 tonnes
- Early 2015 – 7,500 tonnes
- June 2015 – 6,250 tonnes
That means that 2,750 tonnes left London over the past 1+ year.
Does such a large number even make sense?
Well, sure, if we consider that just four countries cumulatively imported (or increased reserves) by ~4,500 tonnes since the beginning of 2014.
Confirming this is the handy chart below of gold flows as compared to…