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8 results for “LBMA chain of integrity” in Markets
Markets · 8 August 2026
Moving Bullion: The Logistics Nobody Prices
…sis. · A bar's value depends on an unbroken custody record; once it leaves the accredited chain it must usually be re-refined before it can re-enter at full value. · Physical gold moves mostly as belly cargo on scheduled passenger flights, which ties bullion logistics to airline…
Ingrid Sørensen · 15 min read
Markets · 2 August 2026
Who Actually Sets the Gold Price
…nter market and COMEX futures, with the two tethered by the EFP spread. · The twice-daily LBMA auction is a benchmark-setting mechanism for contract settlement, not the market itself. · Regional premiums in Shanghai, Mumbai and Istanbul are logistics and policy signals, not arbit…
Ingrid Sørensen · 16 min read
Markets · 11 September 2026
The Last Audit: What We Actually Know About the World's Official Gold
…ere and verified almost nowhere. Between the published number and the physical bar sits a chain of certificates, custodians and fifty-year-old count sheets. This is an attempt to walk that chain honestly. · Official sector gold holdings — around 36,000 tonnes — are reported by th…
Ingrid Sørensen · 22 min read
Markets · 17 August 2026
Paper Gold: What You Own When You Do Not Own Bars
…oves that the link between paper and physical is not a mathematical identity but a supply-chain reality. · What is paper gold? Any instrument that gives exposure to the gold price without the holder taking possession of metal. That includes exchange-traded funds, futures and opti…
Ingrid Sørensen · 23 min read
Markets · 18 August 2026
The Vault Beneath the City
…ults for a century, precisely because earmarking removes the custodian from the ownership chain. The gold is not the custodian's to seize, freeze or spend — except, as later sections of this piece will show, when politics finds a way around even that protection. · Inside the Bank…
Ingrid Sørensen · 22 min read
Markets · 20 June 2026
Bring It Home: Central Banks and the Great Gold Repatriation
…em must be shipped, re-assayed if its bars are not Good Delivery, and re-entered into the chain of custody before it can do anything at all. · Domestic vault capacity is the binding constraint on repatriation. Building it takes years and is rarely announced in advance. Interior o…
Ingrid Sørensen · 14 min read
Markets · 8 September 2026
The Real-Rate Trade: Why Gold Moves When Bond Yields Do
For two decades the gold price could be read off an inflation-linked bond screen. Then, somewhere after 2022, the relationship stopped behaving — and the argument about why has become the most consequ…
Ingrid Sørensen · 25 min read
Markets · 6 August 2026
Why Central Banks Started Buying Gold Again
For three decades official institutions were net sellers of bullion, and the policy consensus treated the metal as a museum piece. Then, quietly, the world's reserve managers reversed. The reasons are…
Ingrid Sørensen · 14 min read
