It was another wild day as prices rose steadily in clear violation of The NEEEE Rule. But there's good reason for Comex prices to be rising as it's clear that London is having serious trouble making timely delivery of gold.
If settlement is supposed to be 2-3 days and not 4-8 weeks, does that place London into a technical default? Maybe. I guess that depends upon how you look at it but the FT article yesterday has really drawn attention to the issue and we are now in the early stages of what appears to be a classic "run".
For today, a lengthy dissertation and history lesson on the current Bullion Banker predicament followed by a review of these images:
And here are today's charts:
Be ready for another crazy day tomorrow to wrap up the week and the month.
TF