You are here

Robert Lambourne: BIS gold derivatives down in March, back up in April

Section: Daily Dispatches

By Robert Lambourne
Tuesday, May 8, 2018

The Bank for International Settlements has just published, on the same day, its monthly statement of account for March 2018 as well as its monthly statement for April 2018:

From these statements it is possible to deduce that during March the BIS reduced by about 165 tonnes its use of gold swaps and other gold-related derivatives, but subsequently in April the bank's use of gold swaps and other gold-related derivatives increased by about 60 tonnes.

It seems that the BIS is continuing to trade actively in gold derivatives and the amounts disclosed each month have been following an irregular pattern.

... Dispatch continues below ...


A Network of Bullion Dealers Who Bid for Your Business

With a SmartMetals® account from the Hard Assets Alliance, you're always guaranteed the lowest prices for gold, silver, platinum, and palladium. When you buy bullion through your account, the alliance's network of trusted precious metals dealers launches into action -- and you'll be shown the lowest price for your purchase. Also amazing is the low-cost storage available to you in six non-bank vaults around the world.

Click here to learn more:

The information provided in the BIS monthly statements is not sufficient to calculate a precise amount of gold-related derivatives, including swaps, but it appears that the bank's total exposure as of April 30, 2018, was 420 tonnes of gold.

This compares to estimates of 360 tonnes, 525 tonnes, 580 tonnes, 450 tonnes, 600 tonnes, and 570 tonnes, respectively, at the February, January, December, November, and October month-ends and an audited swaps figure of 438 tonnes as of March 31, 2017.

When it comes to its activities in the gold market, the BIS provides little information on what it is doing, why, and for whom. This lack of transparency fuels suspicion that the bank's trading is related to official efforts to suppress the gold price.


Robert Lambourne, a consultant for GATA, is a retired business executive in the United Kingdom who studies the activity of the Bank for International Settlements in gold market.

* * *

Join GATA here:

International Mining Investment Conference
Vancouver Convention Centre East
Vancouver, British Columbia, Canada
Tuesday-Wednesday, May 15-16, 2018

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018

* * *

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: