BIS Annual Report Again Verifies GATA's Calculations of the Bank's Gold Swaps

Last weekend the Bank for International Settlements published its annual report for the year ending March 31, 2025:

https://www.bis.org/about/areport/areport2025.pdf

It includes some detail on the gold transactions carried out by the bank and in particular at the bottom of Page 195 it confirms that the gold swaps outstanding on March 31 were 10 tons, reasonably close to the estimate published by GATA on May 23, 9.5 tons:

https://www.gata.org/node/23855

This table summarizes the level of gold swaps since the BIS began reporting them in its annual report as of March 31, 2010.

March 2010: 346 tons.
March 2011: 409 tons.
March 2012: 355 tons.
March 2013: 404 tons.
March 2014: 236 tons.
March 2015: 47 tons.
March 2016: 0 tons.
March 2017: 438 tons.
March 2018: 361 tons.
March 2019: 175 tons
March 2020: 326 tons
March 2021: 490 tons
March 2022: 358 tons
March 2023: 77 tons
March 2024: 72 tons
March 2025: 10 tons

The monthly estimates of the swaps published by GATA reveal a pattern of regular gold trading that is often substantial. This indicates a much closer official interest and involvement in the gold market by the BIS and its central bank members than they generally admit.

The BIS has given no explanation for its gold swaps since their existence was disclosed in the bank's 2009-10 annual report. Regular questions are asked of GATA about the purpose of the swaps, and as far as GATA is aware no further disclosures have been made since an article was published in the Financial Times on July 29, 2010. 

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