It's another crazy day in the PMs with CDG and CDS up through the overnight and onto Comex as spreads between spot and futures widen once again. What the heck is going on here? Is all this "delivery stress" related simply to the threat of tariffs?
If you listened to Friday's podcast with Andy, then you heard me question him about whether or not were are being gaslit on this tariff stuff. Four years of record central bank gold demand and reports of China now taking as much as 100 metric tonnes per month. Four years of supply deficit in silver totaling over 700MM ounces. And yet...