We have an inexplicable discrepancy between what’s happening in physical markets and paper markets. I think there is really something to it. We know that there is now some regulatory interest. The FCA (Financial Conduct Authority) in the UK is looking into it.
The German equivalent is also looking into this. It will be interesting to see where it all goes, but anything to shed light on the inexplicable trading patterns in the gold market is a step in the right direction. During Western hours of trading our paper markets have historically hammered gold.
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