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8 results for “Reserves vs resources” in Markets
Markets · 20 June 2026
Bring It Home: Central Banks and the Great Gold Repatriation
…y. · Repatriation is driven less by distrust of custodians than by the demonstration that reserves can be immobilised. · Bringing gold home imposes real costs: vault construction, insurance, audit and lost liquidity. · The trend interacts with sustained official-sector buying, ti…
Ingrid Sørensen · 14 min read
Markets · 6 August 2026
Why Central Banks Started Buying Gold Again
…by emerging-market reserve managers rebuilding a domestically held, unencumbered share of reserves. · Gold's appeal to a reserve manager is that it carries no counterparty: it cannot be frozen by the issuer of another country's liability. · Central banks are price-insensitive, sl…
Ingrid Sørensen · 14 min read
Markets · 11 September 2026
The Last Audit: What We Actually Know About the World's Official Gold
…e else is currently using. The market reads all three as the first. A former central bank reserves manager, interviewed for this piece · What a physical audit actually involves · It is worth being precise about what the word 'audit' means in this context, because casual usage has…
Ingrid Sørensen · 22 min read
Markets · 18 August 2026
The Vault Beneath the City
…st of them foreign central banks, in vaults beneath Threadneedle Street. · Sovereign gold reserves are usually 'earmarked', not pooled: specific bars are allocated to a specific owner and never mixed with the Bank's own holdings. · Germany's 2013–2017 repatriation of 300 tonnes f…
Ingrid Sørensen · 22 min read
Markets · 8 August 2026
Moving Bullion: The Logistics Nobody Prices
Between the vault and the buyer sits an industry of armoured vehicles, sealed cargo, bonded warehouses and insurance clauses. It rarely makes news, and it is the reason a spot price in London can dive…
Ingrid Sørensen · 15 min read
Markets · 17 August 2026
Paper Gold: What You Own When You Do Not Own Bars
Most of the world's gold exposure is a contract, not a metal. Futures, unallocated accounts and exchange-traded funds each promise gold in a different way — and the differences only become visible whe…
Ingrid Sørensen · 23 min read
Markets · 8 September 2026
The Real-Rate Trade: Why Gold Moves When Bond Yields Do
…with an inflation-linked bond on a Bloomberg screen; it is deciding what fraction of its reserves should sit in an asset that no other government can freeze, sanction or decline to honour. That is a question about the legal and political properties of a claim, not about carry. I…
Ingrid Sørensen · 25 min read
Markets · 2 August 2026
Who Actually Sets the Gold Price
…· Central banks and ETF flows move the price in opposite directions on different clocks: reserves are slow and price-insensitive, funds are fast and price-chasing. · Lease rates and the gold forward rate are a quiet early-warning system for physical tightness, visible weeks befo…
Ingrid Sørensen · 16 min read
