Banks In Charge

Mr. Potter would be proud.

38
Wed, Dec 4, 2019 - 10:54am

The Banks are continuing their fight against price and momentum as yesterday saw another massive increase in total contract issuance. And now today, any sort of gold-positive news is being aggressively sold.

But it is what it is and it's not as if it has never been this way. What's frustrating is the total lack of any constraint on their financial ability to cap price. Just last month, we saw the CME create the new vault category of "Pledged Gold" so that HSBC could cover their increased margin requirement, not with cash but with offshore gold warrants. Please take a moment to...

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