On August 1, we showed in charts how Shanghai’s physical gold market is nine times that of the COMEX, after remarking on the pace at which smart investors snapped up the physical registered as available, in warehouses affiliated with the US exchange: only 36mt remained.
By mid-December, the available gold fell to 18.69mt, and positioning in futures had seen some serious, and new shifts. Gold paper prices re-tested their June $1,180 low on December 31, as the 10 year US Treasury yield double tops at 3%, along with the Dow Jones Industrial Average peaking the same day.Now we sit at 2.82% as the Fed prints liabilities far in excess of good assets, while demand for dollars dies—not a mix destined for higher rates. The pitch is the same as the statist’s antagonism against gold.
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