Moneyweek published an interesting batch of charts about gold. And gold futures. Something strange is going on. The increasingly large amounts of gold futures in the front months prove that there is a problem.
There seems to be a steady growth in the futures with less than one year maturity.
On the other hand we learn from the data from the Office of the Comptroller of the Currency – a FED institution – that two banks (JP Morgan Chase and HSBC) are holding almost 124.000.000.000 dollars in gold derivatives. Or almost 98% of all gold derivatives known on this planet.
There seems to be a steady growth in the futures with less than one year maturity.
On the other hand we learn from the data from the Office of the Comptroller of the Currency – a FED institution – that two banks (JP Morgan Chase and HSBC) are holding almost 124.000.000.000 dollars in gold derivatives. Or almost 98% of all gold derivatives known on this planet.
So something is going wrong there...
As the tides of monetary bubbles recede, curiosities are turning up on the beach every day (Jesse)
As the tides of monetary bubbles recede, curiosities are turning up on the beach every day (Jesse)
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