POSX Continues to S(t)ink

As the US Dollar Index makes new lows for 2017, some are surprised that the Comex Digital Metals aren't charging higher. For an explanation, one simply needs to understand the HFT drivers that move price on a daily basis.

Lets start with the dollar as that's where the action is today. After making new 2017 lows yesterday, we knew that today would be a pivotal day. When Count Draghi issued some "clarification" earlier to his remarks of Tuesday, it seemed a clear attempt to help the dollar off the mat. Instead, the POSX has fallen further this morning and now rests at almost exactly 96 and very near the KEY LEVEL of 95.88 that was the Trump election night reaction lows. A break of this level on a closing basis would seem to be a VERY significant development.

So with the POSX at new 2017 lows, why isn't Comex Digital Gold at new 2017 highs. Well, for everyone here at TFMR, the answer should be simple. While paying slight attention to the dollar itself, far more important to the buy/sell decisions of the HFTs is the specific pair of USDJPY and changes in the bond market. These are the two key inputs. The POSX ranks a distant third in level of importance.

And where are the USDJPY and bonds today? They are moving in the exact opposite direction of where they need to go to prompt the HFTs to buy CDG. Even with the POSX down, the USDJPY is barely down today. And bonds are down, too, with the 30-year Long Bond off 4 bps at 2.78%. These two in tandem far outweigh the effect of the tumbling POSX and, thus, CDG is only up $2 as I type at $1249.

So let's sum up once again. If you want the price of Comex Digital Gold to move higher, then you need:

  1. Demand for the derivative to exceed available supply
  2. This demand comes primarily from the HFTs so you need them to be buying
  3. The HFTs primarily take their buying cues from USDJPY and bonds
  4. So, in order to get price to rise, you need a combination of a falling USDJPY and falling interest rates.

Here's something intriguing, however. We noted during yesterday's POSX decline that the USDJPY was actually moving higher...which meant that while weakening against the euro, the dollar was actually strengthening versus the yen. This is odd but it is also a persistent bit of divergence that dates back to mid-April. See below where the POSX is shown as a blue line and the USDJPY is displayed as a red line:

A number of things could explain this divergence from just a simple, straight-up "US $ is stronger than the yen" to something more nefarious like The G-3 (Fed, ECB, BoJ) pumping the USDJPY due to its impact on the HFTs that drive the US equity markets. Regardless, it's very simple to deduce that IF the USDJPY had continued to track with the POSX for the past 10 weeks, it would be closer to 106 than 112. And if USDJPY was 106, where do you suppose CDG would be trading today?

So again, at the end of the day, this isn't complicated. The intraday and daily price of digital gold tracks primarily the USDJPY and it is further impacted by changes to US interest rates as discovered in the bond market. Besides that, very little else matters so you should not be surprised or confused when "traditional" correlations no longer seem to be present. We are now in 2017...not 2007 or 1997. There are no "markets" anymore, just HFT playgrounds that are directly or indirectly driven through Central Bank manipulation and policy. To understand and predict the changing price of "gold", this is really all you need to know.

TF

66 Comments

silver66's picture

First

Regarding HFT, I mention this to clients when they are in for reviews and a surprising number have heard of the term and would like to understand what it means to them.

Thanks for the insightful daily analysis Turd

Silver66

hammerman's picture

where is everybody

cmon man.... this ain't rite

RickshawETF's picture

Thurd

Spoiler alert: Cryptos back in play . . .

CaptK's picture

BullionCoin: The New Gold Standard

The BullionCoin Exchange (BCX) and the Allocated Bullion Exchange (ABX) set out to unite the physical precious metals industry and global financial markets with the digital currency market. The achieved this through creating a seamless and fully integrated trading solution between their two marketplaces.

http://www.goldvu.com/bullioncoin.html

Dr. P. Metals's picture

RE: BullionCoin

I still don't get it. If you want "physical metal", why don't you just BUY physical metal? To me (first impressiononly), is this just marketing hype trying to leverage the "crypto buzzwords", or at best, simply another version of "GoldMoney" and their "credit cards"...

* how is The BullionCoin vaulted gold "priced"? (they claim: "Cannot be manipulated by banks, markets or investors"...really? Is it tied to MANIPULATED SPOT in ANY FORM or fashion??) <<<<<<< CRITICAL ELEMENT HERE!!!!!!!!!!!! NO-ONE HAS EVER SOLVED THIS ISSUE, NOT EVEN GOLDMONEY! This is the achillees heel of all these types of systems.

(sorry, caps and bold for emphasis...you cannot dismiss this issue). If spot is "manipulated" down to zero, your GoldMoney gold and silver would have been valued at zero (as they price YOUR gold at bankster SPOT)! So, how does BullionCoin "price" your gold that is vaulted?? Is it tied to Comex Paper Gold? COMEX? Derivatives? Subject to naked shorting, which would STILL affect your own holdings here?)

* who audits their holdings and vaults? And custodians?

* etc, etc, etc, etc, etc, etc...all the same usual questions immediately come up.

So why again not just hold YOUR OWN physical metals?

I'll read more, but it's not instantly something I'm quite "getting"...What am I missing?

What I'm guessing (and that's only a guess) is that if you put your gold on deposit with them (wink wink), they will give you a % of transaction fees that their system creates (if their particular crypto is adopted and used widely?) in relative percentage to the gold you deposit vs total gold on deposit? So you give them gold to buy a percentage ownership of their "crypto" system? Is that it?

And they think their crypto will be adopted and widely used more because they can claim there is gold behind it? That's a bit apples and oranges? i.e. when gold was behind the dollar, a USER of the dollar could get the GOLD. Does that mean someone USING their crypto could claim YOUR gold? I didn't think so, So it's not "backed by gold" in the same sense?

Edit: Again, all just questions that immediately come to mind. Not trying to poo-poo it, it's just that we've seen scam after scam after scam after scam come along in this "gold" market. I'm just typing things/questions that pop up to get conversation started. Hopefully others will take a look at this. Intriguing, but I feel like I'm missing something.

Edit 2: And how is this different from JPM creating a "SilverCoin crypto" backed by all their (supposed) silver physical metal? Couldn't JPM just do this tomorrow? (or others similarly)

Edit 3: And as I typed Edit 2, I couldn't help but wonder why JPM HASN'T done just what I wrote in Edit 2 LOL. It would be a huge winner (for them). They could let the physical price of silver rise dramatically, because they wouldn't have to "give any of it up" as people would just buy and use their "SilverCoin" crypto's instead (solves the run on physical silver from the bank issue). It would be "backed" by silver, but you couldn't "redeem" SilverCoin for silver. SilverCoin could go to $1MM/oz, and JPM would still hav all their silver, also valued at $1MM/oz. LOL...

Edit 4: and as I was typing Edit 3. I thought, ok, so MAYBE BullionCoin thinks that users will "force the valuation higher" (through demand) of their BullionCoin crypto coin, and therefore FORCE the gold holdings behind it (the coin) to therefore be priced "up" to match IT. If so, interesting...i.e. use the crypto craze to value the "crypto coin" part first, and drag gold vaulted behind it higher "as a result"? Can that even work? i.e. if people are willing to pay more for the BullionCoin crypto tokens than the gold behind it is worth, the gold behind it must move up in "value"/price to compensate? I still see a huge chicken and egg situation here in doing that...maybe smarter minds will come along now and chime in.

Edit 5: What prevents a "run on the gold" anyway? If users who vaulted gold suddenly all later decide they want their own physical gold back? Wouldn't the crypto just crash back to zero also? Or is that not allowed (getting your own gold back later)?

Edit 6: Why couldn't the biggest miners just do this with their own "mined gold"? E.g. Issue BarrickCoin, FirstMajesticCoin (and keep their gold and silver that they mined to themselves) and just sell the "crypto version" of their gold? This assumes (once again) that people really don't WANT their PHYSICAL gold in their possession. Same applies to BullionCoin? Is the tx fee sharing profit the carrot? And all of this would simply just represent a "share" (like in the miner stock) in "crypto" form anyway. It's not really any different, except in implementation and logistics (instead of buying a share of Barrick, you buy a "crypto coin" from Barrick). These are interesting thoughts BTW...LOL. MANY possibilities could open up here, and many would be ripe for fraud also, no different than today. But the concept is the same: "Instead of COMEX paper gold vs physical gold, you can get BarrickCoin/FirstMajesticCoin/BullionCoin instead of physical gold". It doesn't change the "it's not physical gold in your grubby little hands" issue that I can see.

Marcrward's picture

MtKander.com - a different POV

Turdites, I would like to introduce you to a news and analysis website that was launched yesterday.

http://www.mtkander.com/

I have been asked to contribute to provide my point of view...

About

Currently, there is a widespread lack of faith in the established media channels to deliver accurate information which is void of political or commercial agendas. In the case of world events such as foreign policy, regulation changes and conflict, emphasis being placed on these agendas often results in the true story slipping by unnoticed. Additionally, it has been argued that the majority of social media platforms perpetuate (perhaps even amplify) the spread of misinformation.

Because of this, internet has – as have many US based college campuses – turned into an echo chamber of a single ideology. Information, regardless of its validity,  is hidden from the public eye if it does not agree with the mainstream agenda, resulting in a lack of diversity which severely curtails our ability to challenge each other’s ideas and solve problems (together) in creative ways.

It is the Mt. Kander(MTK) team’s belief that ignorance is the greatest threat to not only sound and effective decision making, but mankind itself; and It is our goal to combat all echo-chambers which perpetuate this threat through frank, unbiased, agenda free information and high level analysis, which is free and easily accessible to all. Join us in our pursuit of wisdom through topics which make us feel uncomfortable so that together, we can grow.

-Mt. Kander Founding Team

Thor's picture

Chuck Butler sums it up...

Or, here’s your snippet:”Fed Chair Janet Yellen said Tuesday that banks are “very much stronger” and another financial crisis is unlikely anytime soon.
Speaking during an exchange in London with British Academy President Lord Nicholas Stern, the central bank chief said the Fed has learned lessons from the financial crisis and has brought stability to the banking system.

She also made a bold prediction: that another financial crisis the likes of the one that exploded in 2008 was not likely “in our lifetime.” The crisis, which erupted in September 2008 with the implosion of Lehman Brothers but had been stewing for years, would have been “worse than the Great Depression” without the Fed’s intervention, Yellen said.”

Chuck again… Whew! And to think that I was worried about all the debt, derivatives, low productivity, aging population, and a Central Bank hiking rates into a weakening economy! It’s amazing, almost like one of those holistic healers… Janet Yellen has put her hand over the economy and said, “you are healed”!

Marcrward's picture

Dr P

Gold is priced by Fiat Declarations from the CME Group.

We know Gold/Silver are the antithesis of Debt. If they diverge, then how can a certain number of Debt Digits acquire a given weight of Gold/Silver/Platinum/Palladium/list goes on and on.... only because someone wants those debt digits. they were born into a complex to manipulate their emotions to desire debt digits, a giffen good (since everybody else wants these you do too).

The Debt Complex just announces the numbers and the global population listens. 

I contest these fiat declarations are performed by an algorithm designed to manipulate your desire to hold the element Ag in your hand, and the rest follows.

canary's picture

OI (final)

Gold Future +3,766 (total 453,144)

Silver Future +1,500 (total 204,637).  July 17 lost 15,280 contracts (25,397 still standing).

AgAuMan's picture

Seven More Days....

And the pain will be over....   

.... And made it into the top 10 to boot....  lol

AGXIIK's picture

There's a fool born every minute

The relentless cavalcade of 'scams' including the present day stock market, precious metals, Bitcoin n' cryptos and.  moving back a few years, the Madoff Ponzi, a dozen or so prior to that including MF Global, all the way back to Tulip Bulbs, are all part of the GREAT DECEPTION.  This has been going on for centuries and is usually backed on the larger scale by TPTB, Puppeteers or their ilk.  

THE GREAT DECEPTION  is not a novel term or something I coined, it's simply one grand iteration after another that plays on the fears of intelligent people who can be conned by way of their intelligence or low IQ types who always fall for some variation of the 3 card monte game because their emotions and greed overcome all impulse control.

There are very few people who can step back, reflect on the actions of a particular market, see how their trading biases playing into these themes, decide to not play based on emotions and steel themselves to trade on their terms and only on their terms.

These few traders become vastly wealthy by being as unemotional as a stone as they work their trades based on decades of experience, a consummate knowledge of how the market ebbs and flows can be predicted with great precision.

Until a person can do this they always buy high, sell low and be preyed upon by those  who know that this is completely predictable and amateurs are completely gullible.  

The great traders know the cycles that cover 5, 7, 25 and even 50-100 years.  They wait and bide their time before making their bid, knowing the light weights, the tyros and gullible will trade into the master's plans and make that one trader in 1,000 wealthy beyond measure.  Those who enjoy this level of wealth rarely share that knowledge or their trading platforms.  

The rest sell subscriptions to overpriced trading rags that ply on the fears of the gullible or opine relentlessly about how this, that or the other thing is going to happen;  make the subscriber a millionaire on 3 trades in 2 years. Some are foolish enough to note both the price AND THE DATE of the event yet are never held accountable for their fraud.  Then there are those even lower down the food chain of morons and mouth breathers than the newsletter pimps such like Agora and Bonner, to name two  But I digress

I am not one of those master traders---far from it. My losses can be counted in the millions.  But with a large enough stack of gold and silver to weather any cycle, price fluctuation or storm,  bought with what remained of my stack of paper, it's taken me 50 years to figure this out; go to one main asset class, restrain from pressing the trade button and be long and strong in precious metals.  Everything else is bullshit

Like a friend on Silver Doctors once said

I got my stack and everything else is bullshit.  I take a page from his book.

That certain knowledge allows me to sleep well at night and with some confidence that silver and gold will see their near inevitable up cycle

Around 1826, my good friend Voltaire said:  'Paper money eventually returns to it's intrinsic value---- zero'  

I'd buy the man a beer if he was still alive

But for now and, until Voltaire rejoins us at the TFMR bar and grill, it's as much fun hanging around  with Turd and his gang here at the watch tower as it would have been with Voltaire and his crew

IMO, that crowd includes any life form that drinks alcohol, an absolutely indispensable commodity when dealing with the insanity of our time.

With all that said, I can remain liquid and sane ( with  a good 18 yr old scotch ) longer than anyone can remain solvent and irrational.  

Ooops 

Precious metals were not meant to be lumped into the general category of scams.   My reason was that PMs were pimped relentlessly as the holy grail of wealth preservation and capital appreciation at a time when the outside forces were hammering the dollar based price down. That is a function of buying high instead of studying the long market price gauges for silver and gold.   Those who bought silver at $35 see their holding worth half that today.  But they still have their ounces, pounds or tons of same. Those buying at $17 will have twice as much. But everyone will have a stack.  And that's the requisite for wealth protection from this stacker's viewpoint

Dr. P. Metals's picture

I'm trying to think

if I "care" if a crypto is "backed by gold or silver". I don't think I do. I use a crypto for:

a) convenience and widespread utility (let's just assume one of the cryptos has reached that stage for the sake of discussion).

b) tx speed (can I move "Money" (wink wink) from point A to point B quickly)

c) security (can't be stolen/hacked easily, can't be diluted to infinity by printing easily)

It's true some now are being used/purchased as "investments", but I think this phase will soon pass, and then it will be "hey, so what's in the crypto for me". The only super important things I can see are a/b/c/ above. I might add:

d) relatively stable value (lolololoz...I didn't want to add this as it will sidetrack this discussion,). But if a "coin" between the 5 minutes (or day) you purchase it and use it drops in value by 90% or so, it won't be likely adopted for very long.

We've been so "weaned" off physical ANYTHING that I don't really think the masses even care if a crypto is "backed by metal" or not. Therefore I'm not sure that that ALONE will cause any change in anything. And by "we've" I'm speaking of myself and gen x'ers, millennials and pretty much anyone born 1960 or later (which is the VAST majority of people today), since they were only 11 by the time "gold standards" had ceased. They don't know any better. I'm not using it derogatively, just thinking if I even myself care about "metal backing" a crypto. I don't think I do personally.

I mean, so what if it IS backed by "metals"...what exactly does that mean for me? How does it benefit me? It only benefits me if I can claim said metals, quickly, easily, securely, and so forth...whenever I should so choose. And even that won't be felt as a need by the wider masses (99.9% of people).

Anyway, if this is what AM had in store, I think it is actually interesting (as it causes one to think about some things), but I'm not quite yet seeing the "ah ha" moment... It still all just feels like an attempt to leverage crypto marketing hype to make something sound bigger/badder/better than it really is in reality. And if no-one cares about "metal backing", then that hype won't last.

I "suppose" you could say you're a "part owner" of a gold backed crypto "system" if you put gold into it initially, and call yourself an "owner"...if it gets ubiquitous and globally adopted/used and spits out tx fees, then yes, you're finding a way to make gold spit off some yield. That could be interesting...but a lot of things are in the way of smoothly sailing to that spot. It's not different conceptually than having a share of Visa and having Visa pay dividends in concept however.

And you're ALWAYS subject to company/executive/operator/vaulting operator/custodian/auditor fraud and games in any and all of these cases. And what happens if you put Noz of Gold into something like BullionCoin and they are bought out or decide to sell themselves (and your gold) by/to JPM or other entity later LOLZ. Do you just get a thanks for playing letter in the mail?

Edit: Or is BullionCoin just a "trading platform" between suppliers/producers (i.e. miners) and their customers? Just trying to bypass COMEX pricing, using "crypto's" instead of paper (futures) contracts?

Dr. P. Metals's picture

@AGXIIK

yes, good stuff, one thing however, modern society cannot survive/conduct itself if everyone has to physically exchange metals. Can you imagine the 1 million person line/queue outside of your LCS each day just trying to conduct transactions?

Modern society will collapse if that is the mechanism, and billions will starve (as this means barter is being done across billions of people? barter on that scale is never gonna happen with enough success to sustain current life).

Not making excuses FOR fiat anything, just pointing out logistics. There doesn't seem to be any good answer (anywhere). Either you get fiat 100% fraud, or 100% physical metals.

There doesn't ever seem to be anything in between those two poles. I think "metal backed fiat" (e.g. gold backed dollars < 1971, etc) and "metal backed cryptos" (??) are attempts to fill the middle, but both suffer still from huge unmitigated fraud and are susceptible to all sorts of chicanery by the operators of said mechanisms. Maybe cryptos are less immune, but I don't think so.

104365's picture

Breaking News!!!!!

Janet Yellin RIP, just passed away last night.  In other news..... There was a Force Majore on the Comex repricing Gold to $3,800 and Silver to $215.  Stock market is in free fall as there are ever increasing  margin calls. Insurance company's and pensions are in full panic mode stopping all payouts.  Bank Holiday declared.

Who would have thought?

Got Metal?

Angry Chef's picture

How Much Conquer Will the US Allow Itself after Dividing the...

...People of the Middle East
 

http://journal-neo.org/2017/06/27/how-much-conquer-will-the-us-allow-itself-after-dividing-the-people-of-the-middle-east/

Thousands in Jerusalem protest abduction of Yemenite babies following disclosure some were experimented on

http://mondoweiss.net/2017/06/thousands-disclosure-experimented/

Somewhere along the way we lost our moral compass.

AIJ's picture

Something to think about...

For every situation there is a specific use. Do you know absolutely what your scenarios will be???????????

In Venezuela they are not trading gold or silver in the streets, they are trading Bitcoin....probably for safety reasons.........

(.." what's in your pocket senior?"   ...." nothing...no shinny Plata senior......." )

and silver are not being traded on the streets in Venezuela. is. Think about that.

Image result for photo venezuela chaos

Gibbo's picture

At the end of a hard day you made me laugh...

@ Dr. P. Metals

I agree that with all of the cloak & dagger and devious scheming that goes on with the pricing of precious metals, how is anything trusted these days to do with bullion?

I still have a lot to put up regarding the coming BullionCoin, but I'll try to summarise what's trying to be achieved:

The Achilles Heel with current pricing is not so much supply of physical, but the use of paper to manage prices. The ABX has been maneuvering to price just the physical portion of precious metals. They have not been able to de-couple from the London or Comex just yet but all the pieces are now in place to do this. So yes, bullion priced in the ABX is still currently affected by the paper pushed by the institutions.

However, start of August there are going to be several announcements that are going to help sever this link to paper. Once set in motion then we'll be able to visibly see the control of physical move from London to the ABX (yup, quite a grand statement).

These announcements include:

  1. A completed contract with Deutsche Boerse to integrate 425 banks & financial institutions within its European Commodity Clearing House. All members will automatically be signed up to access the ABX and use BullionCoin.
  2. Deutsche Boerse is going to list ABX's allocated physical prices; AAU & AAG. This will allow Asset Managers to place trades shorting XAU or XAG and going long AAU and AAG. They can only do this by buying the physical via ABX (because it's 100% allocated only). This trade will force physical from London and into the ABX.
  3. The Indonesian Post Office has signed up with BullionCoin. They are the predominant banking facility for Indonesians as they exist ubiquitously because banks can't afford to compete, branch wise. They will be signing up everyone that uses them with a BullionCoin e-wallet. This will create huge demand in BullionCoin's secondary market.

The more physical processed and priced within the ABX the less impact the paper prices will have and the divergence will then be easier to see. This will then allow gold and silver to be priced purely by market supply and demand forces, the way that it should be. What the price of gold & silver should really be, none of us know - but I suspect we're all about to find out over the next year or two.

So again, yes, BullionCoin and the allocated precious metals backing it and all bullion traded on the ABX market, currently has its price affected by paper (which has really really sucked for all of us and I've had enough of the pain). However, I believe that is now poised to change rapidly after August.

Get stacking whilst you can and consider joining BullionCoin as a founding participant in order to lock in preferential (double) revenue rates forever! I'll be posting more details on GoldVu as quickly as I can type it up, so keep a look out for it.

David

indiana rod's picture

104365

I think the $215 silver price is still too low.

Marcrward's picture

you miss that

tokens will be the next "stock market", ICOs the next IPOs.

We could start Turdcoin, conduct an ICO, the owners of Turdcoin would receive the distribution  of NET PHYSICAL METAL from the mine sites setup from the ICO.

This will be mine "financing" in the near future.

Shoot... AIJ, Dr P, Turd and I could setup a consulting firm to advise companies on how to raise ICO's to launch mining efforts.

Distribution of metal incurs no taxes owed in debt digits...

trx16's picture

POSX under the ice @ 95.78

Can this POSX manage to float above the 95.88 ice shelf? It's cracked but they will find a way to jawbone this up.. maybe. Interested  to hear what old Turd thinks about the implications of closing below the long wicks of election night later today. 

AIJ's picture

Marcward I'm in...

....and I will take my payment in BTC to make things easier.....

Turd Ferguson's picture

David, thank you so much for

MODERATOR

David, thank you so much for taking the time to stop by and provide those details. Very much appreciated!

Dr. P. Metals's picture

If anything

This thread should (!, hopefully lol) get some who have been poo-poo'ing cryptos to at least think about them a bit differently. This genie is not going back into the bottle, they are going to disrupt a whole big ton of things...over the coming years.

It's almost certain that the early ones (bitcoin et al) don't have things quite right yet, but that will be fixed. And yes, tptb will try to control and steer and manipulate and eventually own them, rife with the attendant fraud taxation and usery of course, as with all things.

Personally, I think it's fascinating, but i'm a tech guy, so the little bit of "maff" (cryptography) involved with them doesn't bother me.

Dr. P. Metals's picture

@David

Thx, will be interested to read more. One suggestion I might offer (and I think you already surmise), is that you probably should have the mindset that anyone looking at this (or anything else gold related) is that they will be asking these 3 questions as their first 3 questions:

  1. ok, so where is the fraud?
  2. ok, interesting, so where is the fraud again?
  3. ok, yup, I got all that, but where is the fraud, I think I missed it?

I'm not saying there is fraud in it, but we've been now trained over the last 10 years (minimum) to assume that initial posture when evaluating anything new being proposed for the "gold market". Anything less would be naive in the extreme.

Edit: And some laughter isn't a bad thing at the end of a long hard day laugh

Edit 2: And I guess after the first 3 questions, this would be the 4th:

4. Ok, so how can it all be manipulated against me?

brolgaboy's picture

Jnug

has anyone else noticed the significant decline in daily volume since the rebalancing of the GDXJ? Also, Michael Ballenger (sp?) did a nice piece on JNUG yesterday.....

TF Metals fan's picture

Bullion coin

I might miss the importance. Could be my ignorance. But:

So far we have 5th of July to wait for (according AM)

5 weeks further out it will be August with 3 major steps.

And I am hanging in there now for five years. So another 5 weeks (or months) is acceptable. I am still convinced that somewhere in the future there will be a change. But all forecast issued these past years were like the weather forecast:  Expect a lot of sun but I arrived soaking wet back home. 

My best hope is that the whole commodity sector is doing poorly, not just the PM sector. I also own SQM (which has been doing nicely I have to add). In one of their latest announcements they informed us to double the output of  lithium. This should mean better prices for other metals as well.

Dr. P. Metals's picture

Is this BullionCoin

"the" AM thing? or are they unrelated? The "ABX" something seems to be something they have in common?

JackPutter's picture

Re; Goldmoney custodians

I don't want to pooh-pooh goldmoney at all.  I view them as performing a valued service.

According to their website;

"All precious metals are allocated and stored in secure, fully insured vaults in Canada, Hong Kong, Singapore, Switzerland, the U.S., and the U.K. All vaults are operated by leading private vault operators, including: VIA MAT, Brink’s, G4S, Malca-Amit, Rhenus Logistics, and the Royal Canadian Mint."

This says to me; I will have some of the same third party issues that anyone vaulting with these entities will have.  Maybe Goldmoney will have a greater flexibility (and therefore insurance) than that of another form of stored metals.

Thor's picture

David @ GoldVu

This trade will force physical from London and into the ABX”

What will be the source of the PMs if London, Comex, Bullion Banks, Central Banks, etc. don't play ball with you?  Can't trades be settled in fiat instead of physical?

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