Search
Search the whole magazine.
Full-text search across every article — headlines, decks, body copy, pull quotes, captions and FAQs — plus our editorial and legal policies.
8 results for “counterparty risk” in Markets
Markets · 20 June 2026
Bring It Home: Central Banks and the Great Gold Repatriation
…ntury it was rational to store your gold in someone else's basement. Then the calculus of counterparty risk changed, and reserve managers started chartering aircraft. · Overseas custody was a Cold War convenience: gold near a trading centre could be mobilised quickly. · Repatriat…
Ingrid Sørensen · 14 min read
Markets · 17 August 2026
Paper Gold: What You Own When You Do Not Own Bars
…uct: futures, unallocated accounts, ETFs and structured notes carry different custody and counterparty terms. · A physically backed ETF holds allocated bars in a custodian vault, but a retail holder owns fund shares, not title to a serial-numbered bar. · Unallocated bullion accou…
Ingrid Sørensen · 23 min read
Markets · 6 August 2026
Why Central Banks Started Buying Gold Again
…nencumbered 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, slow buyers; their flow sets a floor far more often than it sets a head…
Ingrid Sørensen · 14 min read
Markets · 8 August 2026
Moving Bullion: The Logistics Nobody Prices
…strand metal that is legally owned but administratively untouchable, which is a distinct risk from theft or fraud and is priced separately by insurers. · What is the difference between allocated and unallocated gold? Allocated gold is specific, serial-numbered bars held in custo…
Ingrid Sørensen · 15 min read
Markets · 8 September 2026
The Real-Rate Trade: Why Gold Moves When Bond Yields Do
…ivers, moving away from a US-centric model and towards one that incorporates geopolitical risk, sovereign reserve management, and price-insensitive physical demand from emerging economies. The era of the one-variable gold model is effectively over, replaced by a messier reality w…
Ingrid Sørensen · 25 min read
Markets · 11 September 2026
The Last Audit: What We Actually Know About the World's Official Gold
…ault to outsiders for a full independent count. · London: allocated accounts, unallocated risk · The Bank of England distinguishes between allocated gold, where specific serialised bars are recorded against a single owner and cannot be lent, moved or used without that owner's ins…
Ingrid Sørensen · 22 min read
Markets · 18 August 2026
The Vault Beneath the City
…erves following years of accumulation. Polish officials framed the move explicitly around risk diversification of storage location rather than distrust of London, and continued to hold a substantial remaining share of the country's gold abroad even after the transfer. The Polish…
Ingrid Sørensen · 22 min read
Markets · 2 August 2026
Who Actually Sets the Gold Price
…— it is telling you that physical metal cannot travel, not that the market has mispriced risk. · Does the Shanghai premium mean the price is wrong? No. It means the cost of getting an internationally accepted bar into a market with import licensing, a domestic exchange and its o…
Ingrid Sørensen · 16 min read
