While figures were never published, frank veneroso, at that time a leading independent gold analyst, gave a speech in lima in 2002 estimating central bank gold leases and swaps were between 10,000 and 15,000 tonnes. When i first got involved in gold, i came to the conclusion, based on frank venerosos book, the gold book annual 1998 jefferson financial, 1998, that the gold market was being. Veneroso brought gold market interventions to the attention of. Gold and silver prices reek of suppression its hard for me not to think its imminent. Frank veneroso did foundational work that led to the creation of gata gold antitrust action. The manipulation of gold prices was first noticed in the 1990s by frank aj veneroso, one of the worlds top investment strategists. If frank venerosos conclusions were even close to accurate back in 1998 frank veneroso published an outstanding report on the gold market in 1998 aptly titled, the 1998 gold book annual. Meanwhile, 6month ust bills yielded about 6% or more, giving bullion banks a fat profit over the lease rate. In the gold book annual 1998 we compared growth in the estimates of demands for gold of the wgc and gfms. This book is printed on paper suitable for recycling and made from fully. Frank veneroso, who wrote the brilliant gold book in 1998, told sprotts john embry and i many years ago that the gold price suppression. A superficially legitimate if ultimately slightly dubious business activity, namely the hedging of future gold.
Veneroso associates provides global investment strategy to money managers. A gold medalist in the 1972 munich olympic marathon, shorter was cheated of a repeat victory in 1976 when it was revealed years later that the east german winner. Frank veneroso elaborates on the gold bubble i am impressed by the courtesy of important people. Frank veneroso is the author of the gold book annual, probably the most comprehensive study and analysis of gold markets available today. In the gold book annual frank veneroso estimates the total at 8000 tons. Others who have found apparent malfeasance in the gold market include reg howe, james turk, and frank veneroso. When frank veneroso published a study on gold lending in 1998, many people probably heard the term gold carry trade for the first time. The gold newsletter stands as the oldest and most respected precious metals and mining stock advisory in the world.
Frank veneroso, who wrote the brilliant gold book in 1998, told sprotts john embry and i many years ago that the gold price suppression scheme was much bigger than you think. After reporting on his april 2007 presentation to world bank people see yesterdays post, gold bubble, i emailed frank veneroso, and have received a reply from him today. Books in this category will have a high current value to you compared with. Frank veneroso to speak on federal reserves role in. This contradictory situation is the single most important obstacle to a healthy gold mining industry. Gold derivatives, gold lending, official management of the gold price and the current state of the gold market by frank veneroso. All pages on this website are 19982020 gold charts. Heres how gata consultant frank veneroso explained the disparity back in 2005. Frank veneroso wrote a tremendous book in 1998 suggesting that, instead of having 36,000 tons of gold, the central banks really only owned about 18,000 tons, and that they had been supplying gold to the market. While figures were never published, frank veneroso, at that time a. Jefferson financial, promoters of this very conference, had published the gold book by my long time friend frank veneroso, a consultant to the world bank and other prestigious organizations. A convert, sort of, to the conspiracy camp gold anti.
A skeptical frank veneroso, of veneroso associates, told clients tuesday that even though the index is down some 32% from its high, reversion to the mean involves a decline of more than 40%. Frank served from 1992 to 1994 as partner in charge of global investment. Did you hear about the rumour that the rothschilds manipulated the gold price until the late 1970s. It is not the first time that gfms and world gold council statistics have come under pressure from the investment community. Gold markets are further manipulated by central banks leasing their gold. As more gold bullion came onto the market depressing the price of gold, veneroso believed the central. Why did veneroso associates assume in the gold book annual that the world gold council survey encompassed at the time roughly 80% of only those markets the council surveys and not all markets for gold use. From 1995 to 2000 and prior to 1991, through his own firm, mr. Gold supplydemand, gold derivatives and gold loans by. In his report, veneroso comes to the conclusion that the sale of gold by central banks has artificially suppressed the total volume of demand for gold by. Venerosos gold market model indicates that central bank loans. Everybody in the financial world has reached the conclusion that over time equity prices are consistent winners and that gold is irrelevant. Frank veneroso wrote a tremendous book in 1998 suggesting that, instead of having 36,000 tons of gold, the central banks really only owned about 18,000 tons, and that they had been supplying gold.
Editorials and essays by frank veneroso are available on the gold newsletter for a modest fee. Amp books and seminars amp gold and precious metals. Veneroso frank, gold book, book 1998, from 1991 to 1994 frank veneroso was the partner responsible for global investment policy formulation at hedge fund omega advisors. Gold has both private uses depletion uses and service uses and government uses. Goldseek november 1 relays frank venerosos assessment that central banks may have disposed of up to 50% of their gold bullion. Frank veneroso is arguably the foremost mind on gold supply and demand flows. We calculated that, for the years 19911996, the wgc. One of the worlds foremost financial analysts, venerosos clients have included the world bank, the organization of american states, sovereign nations and global money managers. You might want to read frank venerosos gold book which i used as my gold bible. Frank veneroso founded veneroso associates in 1995. In the german market he acts as a market strategist for the global policy committee of rcm, a global equity management affiliate of the allianz group.
The mind ramschladen page 5 personal blogs toytown. Frank veneroso is 78 years old today because franks birthday is on 11081941. In his analysis, he looked at supply and demand inelasticity and the likely market impact if central banks desisted from selling off gold to fill the 1,000. A home run for bill in radio interview gold antitrust. Read, highlight, and take notes, across web, tablet, and phone. Dear world gold council executives ainslie bullion. Official statistics are misleading while demand for physical gold remains extremely strong, prices on the comex have fallen precipitously. Terry smeeton of the bank of england stated at the australian gold conference in march of 1994 from frank venerosos gold book 1998. This is written up in chapter 2 of our gold book and i will put it up on gatas. Mr venerosos research suggests that actual, physical, global central bank gold holdings might be 30 to 50 per cent lower than reported. Frank veneroso aj, 78 portsmouth, nh background report. The gold market yellow peril finance and economics.
As i explained in the gold book, gold demand had been understated for years by gfms, the official keeper of the global gold statistics, as has been the flow of official sector gold. His 1998 gold book annual made the case that the consensus supply and demand view of the gold market established by gfms ltd. In his now celebrated the 1998 gold book annual, frank veneroso demonstrated the inconsistencies in gfms gold demand data and proceeded to show how they grossly underestimated demand. The tremendous increase in the price of gold over the following years vindicated his conclusions. Frank veneroso elaborates on the gold bubble broad oak. In derivative markets the price of gold can be easily moved up or down to the likes of big traders in the short to medium term. This amount cannot be covered in an orderly process. Frank found out the us government was taping his phone calls and ever since has shut up about what gata has to say. Sometimes frank goes by various nicknames including frank a venerosa, frank aj veneroso, frank a veneroso and frank a j veneroso. World gold council amp gold and precious metals portfolio.
We came to this interpretation by looking at the incomes of the countries that the wgc surveys and comparing their aggregate incomes to the aggregate incomes of. Frank venerosos utterances in this regard originated from information fed to him back in the 1990s about gold lending and swapping via central banks and bullion banks by bank of england gold head. Veneroso was an investment strategy advisor to global money managers and an economic adviser to institutions and. Veneroso serves as an investment strategy adviser to global money managers. However, it became a staple of deliberations about the gold market in subsequent years. In his book frank explained that the bullion banks of the world had secretly lent out many thousands of tonnes of physical gold in order to control the.
Gold derivatives, gold lending, official management of the. Eric sprotts open letter to the world gold council. We believe that fabricated demand and bar hoarding in the gold market has exceeded mine and scrap supply by a much larger. My former associate, frank veneroso, who wrote the 1998 gold book annual came up with an 8,000 tonne number about two years ago. When i got into the gold market back in 2000 i read frank venerosos gold book. He suggested that the central banks, who said they had 35,000 tons. In the gold book annual we added gold fields mineral services estimates of demands for gold in dental, electronics, decorative, industrial and medallions to. Frank veneroso, author of the industry bible, the gold book annual, and publisher of the gold watch fax service. Apparently, their book sales have plateaued, as saturation and competition in a low growth business have materialized. Thoughts on the price of gold koos jansen bullionstar. The estimations of wellknown gold expert frank veneroso, who published an outstanding report on the gold market in 1998 entitled the 1998 gold book annual. Veneroso inferred that central bank gold sales had artificially suppressed the full extent of gold demand to the tune of approximately.
831 1264 662 154 892 412 146 89 1037 589 40 916 1231 753 402 766 992 1319 292 507 213 929 729 599 1098 437 1348 1262 259 346 396 969