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Riksbank Denies IMF Data Showing Sweden Gold Reserves Up Sharp 18.3 Tons in January

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From GoldCore

Riksbank Denies IMF Data Showing Sweden Gold Reserves Up Sharp 18.3 Tons in January

Gold’s London AM fix this morning was USD 1,765.00, EUR 1,316.18, and GBP 1,113.28 per ounce.

Friday's AM fix was USD 1,778.50, EUR 1,328.23, and GBP 1,125.412 per ounce.


Currency Table – (Bloomberg)

Gold ticked higher initially in Asia before seeing slight price falls and that weakness has continued in European trading with gold lower in most currencies. 

G20 nations rebuffed calls from the euro area to boost the IMF’s bailout fund and this may have contributed to the slip which was also seen in Asian and European equities, U.S. index futures, oil and other commodities.

Markets await US home sales which come out at 1500 GMT.  Investors expect the ECB to inject another  massive half a trillion euros to banks in the 2nd tier of a three year long-term financing operation in the vain hope that this will allow European finance minister’s to solve the debt crisis.

At best it will bide time and it is a sign that debasement of the euro is set to continue with obvious inflationary implications.

Gold bullion prices gained 3% last week as concerns that the Greek bailout is another exercise in kicking the giant beer can down the battered road. Investors rightly expect further loose money policies which will support gold’s appeal as an inflation hedge.

Analysts are still bullish on gold especially with the very tense Middle Eastern situation and the crisis with Iran and Syria showing no signs of being resolved. 


Gold Spot $/oz Daily – (Bloomberg)

The dollar is near a 2 month low and the Japanese yen has fallen sharply in recent weeks which has gold in yen at its highest since September 2011.

For the week of February 21st gold futures and options are at their highest level in 5 months, US Commodity Futures Trading Commission data show.

Spot platinum, which rose to a 5 month high at $1,731.50 and surged 5% last week, has fallen 0.4 percent to $1,701.24.

Reuters noted that South Africa's Impala Platinum had agreed to rehire thousands of miners sacked for an illegal strike that halted production for more than a month at the world's biggest platinum mine, a leading union said on Saturday.

There are conflicting reports from the IMF and Sweden’s central bank, the Riksbank, this morning about an increase in Swedish gold reserves. 

The IMF data on central bank demand in January showed that Sweden raised its gold reserves by 18.3 metric tons to 144 tons in January.

The data on the International Monetary Fund’s website was gold bullish showing continued demand for gold by central banks internationally. Belarus added 5 tons to reserves, Kazakhstan raised reserves by 7.6 tons and Turkey increased gold reserves by 4.1 tons. 

They were two quite odd minor reductions in gold reserves. Mexico reduced bullion reserves by 0.1 ton and Tajikistan cut them by 0.3 ton, according to the IMF.

However soon after the increase in Sweden’s gold reserves was reported by Bloomberg, Sweden’s central bank gold reserves contradicted the IMF data and denied that they had increased their reserves. 

Joanna Gerwin, acting head of communication for the Riksbank, told Bloomberg that Swedish gold reserves were unchanged at 125.7 metric tons in January.

Officials at the IMF’s office in Paris said nobody in Europe was able to comment. Alistair Thomson, a spokesman for the IMF in Washington, didn’t immediately reply to a voicemail and e-mail from Bloomberg outside normal business hours.

Interestingly, the Riksbank sold 36.6 tons under the Central Bank Gold Agreement (CBGA) from 2007-2009. An increase in reserves of 18.3 tonnes is exactly half of the amount sold and would mean that the Riksbank had bought back half of the gold sold from 2007 to 2009.

Reuters have contacted the Swedish central bank to see what might be behind the discrepancy in what Bloomberg are quoting them as saying and the IMF figures themselves.  We have yet to receive an explanation from the Riksbank about what might have caused the discrepancy in gold reserve data.

However, a Riksbank spokeswoman told Reuters the central bank did not buy gold in January. "We don't know what has happened," the spokeswoman said, referring to the discrepancy in the figures.

We await clarity from the IMF and it will be interesting to see how the discrepancy is accounted for and explained.

This is an occurrence that we are likely to see occur in the coming months and years as western central banks realise the absolute folly of selling their gold reserves in recent years, including and especially the Bank of England, and begin to diversify their foreign exchange reserves by buying gold bullion again.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

OTHER NEWS
(Bloomberg) -- Barclays Capital Says its ‘Staying Bullish for Gold’
Barclays Capital said it’s “staying bullish for gold,” adding that its initial target for the precious metal is near $1,800 an ounce.

“We would prefer to buy dips against the recent $1,700 range lows and look for an eventual break above $1,800 to open our next target at $1,836,” the bank said in an e-mailed statement. The bank forecast the metal to average $1,875 an ounce during 2012.

SILVER 
Silver is trading at $35.11/oz, €26.21/oz and £22.15/oz. 

PLATINUM GROUP METALS 
Platinum is trading at $1,691.75/oz, palladium at $696.08/oz and rhodium at $1,475/oz. 

NEWS
(Reuters)
Gold slips as Europe concerns linger; oil supportive

(Reuters)
Gold traders book deals as prices off 10-week high

(Bloomberg)
Rising Oil Prices Could Send Gold “Much Higher,” UBS Says

(Bloomberg)
Video: Zoellick Says No `Silver Bullet' for Europe Crisis

COMMENTARY
(Max Keiser)
Keiser Report: Bubbling Economy

(Zero Hedge)
Buffett Letter To Shareholders 2020: "I told you to run away from gold. I was dead wrong."

(Los Angeles Times)
China refines its role in global gold market

(King World News)
Central Bank Buying Has Gold Shorts Trapped

(Future Money Trends)
FutureMoneyTrends Interview Chris Powell of GATA

(King World News)
Embry - Fending Off Collapse & Next Move for Gold, Silver, Oil

(JESSE'S CAFÉ AMÉRICAIN)
Tokyo Based Hedge Fund AIJ May Have Lost/Stolen All Customer Pension Fund Money

(Zero Hedge)
Grant Williams On The Simplicity Of Owning Gold

 

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Mon, 02/27/2012 - 08:59 | 2200086 GetZeeGold
GetZeeGold's picture

 

 

IMF.....we just found your gold.

 

The Swedes had it.......yeah.......sounds crazy.

 

 

Mon, 02/27/2012 - 10:17 | 2200283 Pladizow
Pladizow's picture

More shenanigans by the ponzi masters!

Mon, 02/27/2012 - 10:29 | 2200304 ratso
ratso's picture

This is not tricky. The IMF made a mistake.  Sweden's monetary system is fundementaly transparent.

Mon, 02/27/2012 - 13:29 | 2200892 HoofHearted
HoofHearted's picture

However, a Riksbank spokeswoman told Reuters the central bank did not buy gold in January. "We don't know what has happened," the spokeswoman said, referring to the discrepancy in the figures. She continued, "We bought all that gold but then we had a terrible boating accident. Didn't you see the cruise ship fall over near Italy. Last time we trust some drunk, lecherous boat captain."

See, gold is bad luck everywhere. All mine fell over in a canoe trip. Wait, maybe it's just shiny stuff and boating....

Mon, 02/27/2012 - 13:44 | 2200948 tmosley
tmosley's picture

Viking DNA, bitchez.

Mon, 02/27/2012 - 08:57 | 2200093 GeneMarchbanks
GeneMarchbanks's picture

Sweden!

Mon, 02/27/2012 - 08:58 | 2200094 The Swedish Chef
The Swedish Chef's picture

I doubt that Riksbanken is increasing it´s gold reserves. It would be a sensible move and central banks don´t engage in such actions. One would expect more from the worlds oldest central bank but in vain...

Mon, 02/27/2012 - 09:01 | 2200099 GetZeeGold
GetZeeGold's picture

 

 

Yeah.....I'm buying that from a food service worker....who just happens to be Swedish.

 

Nice try.

 

 

Mon, 02/27/2012 - 09:42 | 2200191 The Swedish Chef
The Swedish Chef's picture

Buying what and nice try at what? Help me out, I´m foreign. 

Mon, 02/27/2012 - 10:27 | 2200303 gmrpeabody
gmrpeabody's picture

It was probably only a weak attempt at humor. GetZ didn't mean anything against you.

However, if the Swedish CB was buying gold, they probably would not want to advertize the fact. Maybe a knee-jerk reaction to the story was a denial by them. Who knows?

Mon, 02/27/2012 - 09:03 | 2200101 Mr. Mandelbrot
Mr. Mandelbrot's picture

"I doubt that Riksbanken is increasing it´s gold reserves."

 

I doubt it too.  Now the elite and politically connected in Sweden using the central bank to increase THEIR gold reserves, I wouldn't doubt that . . .

Mon, 02/27/2012 - 09:43 | 2200194 midtowng
midtowng's picture

The very minor reductions in reserves can be easily explained: they probably used it to make coins to sell to the public.

Mon, 02/27/2012 - 08:59 | 2200095 ziggy59
ziggy59's picture

Now who benefits from BSing the public? I wonder how many other countries gold numbers were changed but never caught?

Mon, 02/27/2012 - 10:23 | 2200240 spanish inquisition
spanish inquisition's picture

Dude never got the memo about laundering the Dragon family gold into the system.

Mon, 02/27/2012 - 09:00 | 2200096 The Swedish Chef
The Swedish Chef's picture

Oh, I forgot...

 

Meatballs, BitcHeZ!

Mon, 02/27/2012 - 09:03 | 2200104 PaperBear
PaperBear's picture

Interestingly, the Riksbank sold 36.6 tons under the Central Bank Gold Agreement (CBGA) from 2007-2009. An increase in reserves of 18.3 tonnes is exactly half of the amount sold and would mean that the Riksbank had bought back half of the gold sold from 2007 to 2009.

Sell low buy high, except that is going much higher.

Mon, 02/27/2012 - 09:08 | 2200112 Jendrzejczyk
Jendrzejczyk's picture

Sweden just too embarrassed to admit they lost their newly acquired gold in a tragic boating accident?

Mon, 02/27/2012 - 09:09 | 2200116 GetZeeGold
GetZeeGold's picture

 

Dammit......darn, dang, darn, darn, darn, dangit.

 

 

Mon, 02/27/2012 - 09:23 | 2200144 The Swedish Chef
The Swedish Chef's picture

Boating accident.... There is talk that gold might have been lost in a tragic bailout accident. Our government just recently handed over a large chunk of money to the IMF. Perhaps in gold bullion? 

Mon, 02/27/2012 - 09:31 | 2200123 slewie the pi-rat
slewie the pi-rat's picture

why not just ask the worldGoldCouncil?  L0L!!!

here's goldCore from lastThurday:

Greece’s Lenders Have The Right To Seize National Gold Reserves
By: GoldCore

any further word as to whether "reuters" has figgered if this is "true" or not?  or should we just ass-u-me it is bullshit at this point?

Mon, 02/27/2012 - 09:11 | 2200124 Arvo Particleboard
Arvo Particleboard's picture

Deny it, lest you become a target of the U.S. Military.

Mon, 02/27/2012 - 09:23 | 2200145 keri
keri's picture

Gold fractional ownership ???

Mon, 02/27/2012 - 09:30 | 2200160 GetZeeGold
GetZeeGold's picture

 

 

Actually they're going with hypothecation......it's the future.

 

How much can I put you down for?

 

 

Mon, 02/27/2012 - 09:35 | 2200171 AU5K
AU5K's picture

when gold takes off to 5000 and beyond, i guarantee politicians will dramatically raise taxes on gold 'speculation' to make sure 'speculators' pay their 'fair share' from their 'windfall' profits.

Mon, 02/27/2012 - 09:44 | 2200197 Börjesson
Börjesson's picture

If Riksbanken are actually increasing the gold reserve, then they are doing so in secret. This is the official policy:

Investment policy for asset management 2012

[...] The purpose of the investment policy is to establish the framework within which the gold and currency reserve is to be managed. 

[...] The size of the gold reserve is to remain unchanged by units of weight (125.7 tonnes).

[...] This policy becomes effective on January 1 2012.

http://www.riksbank.se/Documents/Riksbanken/Lagar_regler_policy/2012/rb_...

 

Mon, 02/27/2012 - 09:56 | 2200232 Watson
Watson's picture

>>>
... gold bullish showing continued demand for gold by central banks internationally.
<<<

To me, CB actions are pretty much a reverse indicator:

BoE sold a piece of gold at the low (using a method itself guaranteed to produce a poor price);

ECB bought loads of Greek bonds;

etc., etc.

Watson

Mon, 02/27/2012 - 10:00 | 2200245 eddiebe
eddiebe's picture

Typical pencil necked asshole political appointed dick bankster shills. Sell our gold at rock bottom to their buddies and then buy it back after it triples or better. They even get paid for that. Great.

Mon, 02/27/2012 - 10:03 | 2200251 Sabremesh
Sabremesh's picture

Looks as if the American government probably had some choice words with the Swedes for going "off message".

I mean, for a central bank to buy gold is bad enough, but to make it a matter of public record? What are those dumb meatball eaters playing at!? Deny, deny, deny!

Mon, 02/27/2012 - 10:16 | 2200280 EvlTheCat
EvlTheCat's picture

IMF = Imaginary Manipulation Fraud

Mon, 02/27/2012 - 10:24 | 2200299 GregGH
GregGH's picture

I see someone has updated Wikipedia's list ....   http://en.wikipedia.org/wiki/Gold_reserve

Poor Canada .... in such a neighbourhood as this ....  ( hint - look way down the list ) ....

Greg ( yep - a Cdn )

Mon, 02/27/2012 - 10:34 | 2200322 earnulf
earnulf's picture

And is there any correlation between these "reported" increases in gold reserves and the bearer bonds from a week and a half ago?    Are they actually taking delivery of the metal or are they getting markers for gold that is hidden somewhere away from the 99.9 percent that don't need to know.

There are more things that are still hidden in the darkness and someone, somewhere is going to get a golden refraction from their light that could be a real game changer.     Just how much gold was pledged from China and elsewhere back in the 30's and what would it be worth today?

Mon, 02/27/2012 - 10:42 | 2200345 Bullwinkle Moose
Bullwinkle Moose's picture

I assume that when a central bank buys gold it takes physical delivery. So if all of these central banks from all over the world are buying physical gold, where is all of this gold coming from? After all, the only way to increase the physical gold supply is to mine, and mining comes nowhere close to making up these kind of gold supply numbers. Can anyone please help me out here.

Mon, 02/27/2012 - 11:19 | 2200451 Bansters-in-my-...
Bansters-in-my- feces's picture

So how come you can lease gold for negative .24% and silver can be leased as low as negative 0.44 % for one month.....

This sounds like a really good deal.

Maybe someone could direct me to who does this leaseing at these bargin basement prices,Thanks in advance.

 

Mon, 02/27/2012 - 11:40 | 2200516 loveyajimbo
loveyajimbo's picture

Strange... none of them loaded up on Wells Fargo?!?!?

Mon, 02/27/2012 - 11:43 | 2200521 Bansters-in-my-...
Bansters-in-my- feces's picture

Why would the IMF track countries gold reserves.

After all it is just a barbaric commodity....,,/sarc

Mon, 02/27/2012 - 11:47 | 2200530 DosZap
DosZap's picture

Screw Sweden and their paltry sums,

India,the worlds richest POOR nation, with 18,000 Tons in the Peoples hands.

More than all the rest fo the world combined.

Those dumb Indians.

Mon, 02/27/2012 - 12:39 | 2200690 SilverRhino
SilverRhino's picture

Bullshit.   Got a source for that number?

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