gata.org / By Robert Lambourne / January 12, 2017
Disclosures in the monthly statements of account published by the Bank for International Settlements since March 2016 indicate that in the last nine months of 2016 the bank increased substantially its use of gold swaps.
There is not enough information in the monthly reports to calculate the exact amount of swaps, but based on the information in the BIS’ December 2016 statement of account, the bank’s gold swaps likely stood in excess of 480 tonnes as of the end of the calendar year.
This is the BIS’ highest level of gold swaps recorded in recent times.
The BIS’ annual report for its financial year ended March 31, 2010, disclosed that 346 tonnes of gold were acquired through gold swaps from commercial bullion banks. A review of the previous use of gold derivatives by the BIS reveals that the transactions in 2009-10 were far more substantial than anything done by the bank in the years immediately leading up to that.
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