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How Much Gold is on Loan Worldwide?

In: The Gold Cartel

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  • Dimitri Speck

Abstract

Gold sales and gold loans push the price down. The physical supply is increased to the same extent, regardless of whether a central bank sells 100 tons or lends them out. Lending is fast, the process doesn’t have to be laboriously moved through committees, it finances carry traders and the public doesn’t have to be informed about the amounts involved. While we are comparatively well informed about sales, there is by contrast, almost no information forthcoming from the central banks as to how much of their gold has been lent into the market. However, estimates do exist by third parties. Even if the central banks don’t publish the amount of gold on loan, their business partners, who borrow the gold, may well be doing so. Furthermore, one could attempt to estimate the annual supply and demand and the amount of gold that has been lent into the market based on the difference. Both approaches are possible, but the resulting estimates unfortunately lack precision.

Suggested Citation

  • Dimitri Speck, 2013. "How Much Gold is on Loan Worldwide?," Palgrave Macmillan Books, in: The Gold Cartel, chapter 0, pages 61-75, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-28643-7_16
    DOI: 10.1057/9781137286437_16
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