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December 2023



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This article makes an interesting addition to the conversation about the state of the global financial markets:

Something changed three weeks ago and a series of events began. It all started with China announcing 600 additional tons of gold. This was followed by the IMF rebuff of China, the three yuan devaluations and three “coincidental” explosions. Then equity markets around the world (which were already weak) began to violently unravel and finally spilled over to the U.S.. This tested the PPT’s limits (which were apparently $23 billion last week). (PPT = Plunge Protection Team Richard)

There were other behind the scenes dots which I missed and would like to add here before theorizing. In the gold arena, the GLD inventory supposedly rose over the last two weeks even though gold was “weak” and being sold. This was against a backdrop of very deep backwardation going out a full six months in London. The current backwardation is further out in time and far larger in price than EVER before! These two data points are in exact divergence to a dropping gold price. Why would there be buying in GLD if gold was being panic sold? Also, if real gold was being dumped, how could it be in backwardation or shortage? Wouldn’t “sales” make product extremely plentiful?

There were several more major anomalies in gold. As of Friday, there were 63 August contracts still open …even though the contract went off the board. This has NEVER happened in 40 years! How is this possible? The day before on Thursday, there were 552 contracts open. Can someone please explain to me why the shorts would not have delivered gold (like they did in the old days) on the first or second delivery day rather than waiting to the last day? Someone has to pay for storage, why would the short want to pay for storage they are contractually able to deliver nearly 30 days prior and avoid the charges. Are they having problems sourcing gold? Just like several mints who have gone to rationing or halts of production …and exactly as the backwardation is suggesting?

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