The Phaserl


Flight to Safety, Papier-mâché Gold Story Fraying

from Jesse’s Café Américain:

“The paper gold in the London Bullion Market takes the familiar forms that bankers have turned into profit machines: futures, options, leveraged trades, collateralised obligations, ETFs . . . a storm of exotic instruments…

But one day the ties that bind this pixelated gold may break, with potentially catastrophic results.   So if you fancy gold at today’s depressed price, learn from Buba and demand delivery.”

Neil Collins, Financial Times

And if and when this reconvergence of appearance and reality does happen, I would look for the news to break over a weekend, or otherwise suddenly, like a thief in the night.

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