well kind of
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i don't call myself competent but my take is that physical gold has decoupled from paper that says u own gold
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yeah and thats p interesting
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yeah its p interesting wonder why they couldn't arrange to buy from a third party assume those large losses are penalties
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A large amount of privately held gold is at JFK in Queens, and under a couple of buildings in FiDi and a couple more in midtown...the problem seems to be a temporary imbalance in purchases that use (or are) US vs London custodians.https://www.kitco.com/news/2020-03-24/CME-pushed-to-change-gold-delivery-rules-amid-coronavirus-lockdown-sources.html …
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Also, there's typically a lack of reliable information about precious metals unless you're a dealer or insider, because the loudest voices are people who want to buy it from or sell it to joseph q public. This is a decent source and cool chart. https://www.kitco.com/kitco-gold-index.html#60D …
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well, I don't know what those terms mean, but I can't help but notice that (paper) gold has made back all its losses since the crash
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Paper gold is cash-settled and fractionally reserved, which 'works' because demand for delivery of physical gold at any given time is relatively low. Gold prices are determined by COMEX (futures, paper) and LBMA (spot, physical avail for deliv)
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COMEX EFP (Exchange for Physical) is denominated in 100oz bars. LBMA is 400oz. Typically these two trade within a couple dollars of each other, but because demand for physical delivery is so high they were trading almost $70 apart.
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