vrijdag 14 november 2014

GOFO rates hit record lows

Just to remind you that GOFO rates are sinking fast. I expect a V-bottom reversal in the price of gold. That's a 14 year low in GOFO. Another catalyst is the Swiss gold initiative which will boost gold to $1350/ounce if it passes end this month (as Bank of America Merrill Lynch says).

1 month GOFO:

6 month GOFO rolling over:

A lot of stress building up in physical gold when you look at lease rates. Look how the different maturities now converge together. This typically is a sign of a bottom.

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