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The Grant Williams Podcast

The Grant Williams Podcast Ep. 94 - Ronan Manly FULL EPISODE

The Grant Williams Podcast

Grant Williams

Business, Business:investing, Investing

4.81.6K Ratings

🗓️ 3 March 2025

⏱️ 56 minutes

🧾️ Download transcript

Summary

In the latest episode of The Grant Williams Podcast, Ronan Manly joins me for a deep dive into the fascinating world of the gold market. We explore its rich history and intricate structure, from the pivotal roles of the London Bullion Market Association (LBMA) and the COMEX futures exchange in shaping global trade, to the concept of ‘unallocated gold’ and the fractional reserve system that underpins much of the market.We also examine the recent surge in central bank demand for physical gold, a trend that’s straining delivery systems and causing delays at institutions like the Bank of England. Against a backdrop of rising geopolitical tensions, we discuss how these dynamics could signal a shift away from the US dollar-based monetary system, potentially positioning gold as a cornerstone of international trade or even as backing for new regional currencies.Finally, we tackle the possibility of a seismic event in the paper gold market—where pricing power might move from London to exchanges like Shanghai—leading to a divergence between paper and physical gold prices. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

Transcript

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0:00.0

Before we get going, here's the bit where I remind you that nothing we discussed should be considered as investment advice.

0:16.5

This conversation is for informational and hopefully entertainment purposes only.

0:20.6

So, while we hope you find it both informative and entertaining, please do your own research

0:25.5

or speak to a financial advisor before putting a dime of your money into these crazy markets.

0:30.8

And now, on with the show.

0:37.3

Welcome everybody to another edition of the Grant Williams podcast, coming thick and fast to begin the year,

0:43.1

because I've had so many great opportunities to have interesting conversations.

0:46.5

And I always said at the very beginning of this podcast that I wasn't going to stick to a set schedule

0:51.3

and find out that it was Tuesday, so I needed to find someone to talk to,

0:54.9

but rather have conversations as and when I thought they would be interesting for me.

0:58.7

And of course, by extension, interesting for you.

1:00.3

And I've had so many great opportunities that I think this may be my 12th or 13th podcast

1:05.0

since the start of the year, which is quite the run rate.

1:07.6

It will slow down, I promise you, if you're still trying to catch up. But every single one of these conversations I've found fascinating, and hopefully you have

1:14.2

too. Today's guest is a gentleman who I last interviewed 10 years ago, which I know that

1:20.0

he nor I can believe that amount of time has disappeared between our sitting down to talk to each other.

1:24.4

That's Ronan Manley. Ronan writes a subset called Bullion Brief. He's also been a prolific writer on the Bullion style website, as well as a contributor

1:32.2

to the must-read incrementum in Gold We Trust Report, which is published by my friends Ronnie

1:37.8

Sturfler and Mark Vallack every year from Incrementum. Ronan's done a lot of work on the

1:42.7

inner workings of the gold market and with the price

1:44.8

nearing $3,000 and an awful lot of crazy headlines around deliveries and wait times and all

1:51.5

kinds of conspiracy theories coming forth, I thought it was a perfect time for the people out

...

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