It was also Chris who recently vindicated us confirming he heard China bought Oil and paid Russia with Gold last year. Anyway.. he does the work, knows his history and pleasant to read.
What's more, for an experienced macro analyst such as Chris to say these things out loud when he and his brethren may have suspected them for years begs the question: “Why now? But that is for another time.
Anyway, know we were all correct about government’s habit of intervening in the gold and silver markets for years. Also know that the gaslighting of investors by banks is slowly ending because it is no longer profitable for them to do so on the government’s behalf.
Back then gold rose from US$220/oz in January 1979 to a peak of US$850/oz in January 1980.
Volcker's observation, if true since GREED & fear can find no documented evidence of it, is interesting given the obvious temptation on the part of a major central bank to seek to try to manage the gold price.
2- The Comex 3p.m. Slam Down On that point, Comex trading records showed that at 3pm New York time last Thursday there was a US$1.6bn sale of gold futures in about three minutes which temporarily knocked the bullion spot price from US$2,306/oz to US$2,268/oz before it rebounded to US$2,330/oz on Friday.
GREED & fear has no idea of who or what was behind such a trade save to note that a soaring gold price is not in the interest of the relevant authorities any more than a surging oil price is.
Gold is up by 29% since early October and by 18% since midFebruary, while the Brent crude oil price is up by 25% since mid-December 3- Little Evidence For Gold's Rally Meanwhile if the causes of the rally in the oil price are reasonably self-evident, not least of which are the supply constraints enforced by Opec Plus, the near-term drivers of the current gold rally are much less clear even to a long-term gold bull like GREED & fear.
For now at least there continues to be a notable lack of inflows into gold ETFs in the Western world.
Gold ETFs' holdings have declined by 120 tonnes year to date to 2,542 tonnes as of Wednesday following a decline of 254 tonnes in 2023, according to Bloomberg.
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