[Ed. Note: Repeat after me, “If I don’t hold it I don’t own it. If I don’t hold it I don’t own it.”]
from Zero Hedge:
… what has been different about the current negative GOFO episode is that while in the past GOFO spiked negative and promptly reverted to normal, short-end GOFO rates (1-3 Month) have been negative now for the longest period on record: 25 consecutive work days. And it’s only getting worse: after the 6 Month GOFO rate also slid below 0% in mid-July, only to recover positive for the next two weeks, as of today it has again turned negative for the second day in a row while the short-end procurement situation has gone from bad to worse …
… JPM’s gold bullion holdings have slid to fresh record lows and JPM has been forced to scramble to procure gold from both HSBC and Scotia. Is there anything else going on behind the scenes?
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