1. Same story, different day...........year ie more of the same fiat floods the world
    Dismiss Notice
  2. There are no markets
    Dismiss Notice
  3. Week of 6/24/2017 Closing prices & Chg Over Last Wk---- Gold $1256.40 Silver $16.64 Oil $43.01 USD $96.94
  4. "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"
    Dismiss Notice

The Bank of Mexico reveals its gold bar list

Discussion in 'Gold Silver (All things Metal)' started by Scorpio, Mar 7, 2017.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

    Joined:
    Mar 25, 2010
    Messages:
    23,734
    Likes Received:
    25,274
    Trophy Points:
    113
    The Bank of Mexico reveals its gold bar list
    Guillermo Barba | marzo 7, 2017

    [​IMG]

    The Bank of Mexico (Banxico) has become one of the first central banks in the world to reveal its gold bar list.

    In this space we have recommended that Banxico and any other investor with positions in gold as a store of value and financial insurance should maintain physical possession of its bars, or at least, store them in a secure vault on an allocated basis.

    Last December, thanks to an official Request for Information by means of the Transparency Law, Banxico informed us that:

    ‘Of the 3.881 million ounces of gold that the Bank of Mexico has at the end of October 2016, 98.95% are held in the United Kingdom, 0.0004% at the Federal Reserve Bank in the United States and the remaining 1.05 % in Mexico.’

    Banxico also told us that it had a total of 7,265 gold bars in allocated accounts at The Bank of England (BoE), which means that only about 2.9 million ounces are well identified with serial number, brand code, gross weight, assay and fine weight at that location.

    The rest –more than 930,000 gold ounces at the BoE- are still ‘held’ on an unallocated basis. These unallocated accounts are those in which the ‘owner’ has not been assigned specific gold bars but simple ‘rights’ to a certain amount of gold. That is why Banxico could not tell us how many ingots it owned in this last case.

    The Mexican central bank didn’t give us details on the number of bars or coins it has at the Fed nor at its main vault in Mexico City.

    In any case, the problem with unallocated accounts is that, there are in fact more ‘owners’ of the same gold than (unassigned) bars. This means that the same gold is sold multiple times, and in the case of a crisis in which those ‘owners’ demanded the delivery of the metal, there would not be enough gold for everyone.

    For this reason, a monetary authority, such as Banxico, should never have unallocated accounts since gold reserves are purchased to offset risk in fiat currencies, to not have another ‘paper’ risk.

    We hope that Banxico will correct soon this situation and not only have all of its gold reserves on an allocated basis but (at least) half of them in Mexican territory. Repatriation is the name of the game, a game that every central bank should play.

    Meanwhile, we are happy to share with you Banxico’s 7,265 gold bar list that it gave us through the document number LT-BM-18703. It’s a small step in the right direction, that of transparency. Congratulations, Mr. Carstens!

    We hope that from now on, other central banks will publish their own lists. Gold market participants have the right to confirm publicly that their bars are theirs and only theirs.

    Dowload the complete list here.

    [​IMG]
    Clic para ampliar

    E-mail: inteligenciafinancieraglobal@gmail.com

    http://www.guillermobarba.com/the-bank-of-mexico-reveals-its-gold-bar-list/
     
    Goldhedge likes this.
  2. 97guns

    97guns Gold Member Gold Chaser

    Joined:
    Jul 29, 2010
    Messages:
    1,370
    Likes Received:
    1,083
    Trophy Points:
    113
    Gender:
    Female
    Occupation:
    RETIRED
    Location:
    USA
    Everyone is playing musical chairs
     
  3. southfork

    southfork Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    13,741
    Likes Received:
    11,454
    Trophy Points:
    113
    So Mexico just admitted they had no gold it would seem
     
  4. SilverCity

    SilverCity Gold Member Gold Chaser

    Joined:
    Mar 31, 2010
    Messages:
    2,847
    Likes Received:
    2,269
    Trophy Points:
    113
    Occupation:
    retired aerospace
    Location:
    New Babylon
    I'll bet the Cartels have plenty of gold...

    SC
     
  5. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

    Joined:
    Jan 7, 2011
    Messages:
    11,231
    Likes Received:
    8,825
    Trophy Points:
    113
    Location:
    Florida
    Seems everybody is interested in counting their gold all of the sudden. Could mean inflation is on the horizon.
     

Share This Page