What nobody is talking about is that at the COMEX, the paper gold leverage is unwinding and as I predicted, this goes together with a rise in gold price. Don't say I didn't warn you, you could have perfectly bought your gold at that spike in leverage.
We did have a record low in registered inventory at the COMEX, which was a problem (see blue chart below). If some people would take their gold for delivery, we would see a COMEX default due to the high leverage. But there was another option of course: a COMEX default can be resolved by a price hike. Higher prices can fix everything and that's what we saw happening in the previous weeks. Registered gold stocks were going up while the gold price went up. But when you look at the chart here, this is just a tiny blip higher, we are still miles away from the top in 2013 and I believe gold will keep going up in price to that level eventually.
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