Clik here to view.
Golden Flight
We have noted the negative forward rates for gold on several occasions, particularly as they relate to our thesis about gold being used in collateral funding arrangements. The negative forwards have...
View ArticleClik here to view.
Gold Hit With Another Collateral Shortage
The sudden upturn in GOFO led me to believe that there were changes in the gold dynamics from the relatively favorable period through mid-August. Given the repo action around the UST auctions this week...
View ArticleClik here to view.
Apparently Gold Is Not Yet Dead, Swinging Back to Shortage
It is exceedingly easy to follow everyone else and assume that gold prices are reacting to some ephemeral change in convoluted perceptions of attitudes for expectations toward a monetary stance, but...
View ArticleClik here to view.
Gold Like Clockwork, As the GOFO Turns
As per usual, gold prices followed forward rate movements. GOFO is again negative out to 2-months and is hinting negative for the 3-month rate. The 6-month forward rate is moving uite a bit lower, and...
View ArticleClik here to view.
Gold Finds Its Bid
We spend a lot of time and effort decrying the state of conventional wisdom around here, but for good reason. For gold, convention posits a store of value that is demanded greatly in times of...
View ArticleClik here to view.
Copper Challenge to Gold?
Gold has seen a healthy run since the first incidence of QE taper, again conforming to the idea that gold is tail risk insurance unrelated to inflation perceptions. That included a January rebuke to...
View ArticleClik here to view.
Golden Flight
We have noted the negative forward rates for gold on several occasions, particularly as they relate to our thesis about gold being used in collateral funding arrangements. The negative forwards have...
View ArticleClik here to view.
Gold Hit With Another Collateral Shortage
The sudden upturn in GOFO led me to believe that there were changes in the gold dynamics from the relatively favorable period through mid-August. Given the repo action around the UST auctions this week...
View ArticleClik here to view.
Apparently Gold Is Not Yet Dead, Swinging Back to Shortage
It is exceedingly easy to follow everyone else and assume that gold prices are reacting to some ephemeral change in convoluted perceptions of attitudes for expectations toward a monetary stance, but...
View ArticleClik here to view.
Gold Like Clockwork, As the GOFO Turns
As per usual, gold prices followed forward rate movements. GOFO is again negative out to 2-months and is hinting negative for the 3-month rate. The 6-month forward rate is moving uite a bit lower, and...
View ArticleClik here to view.
Gold Finds Its Bid
We spend a lot of time and effort decrying the state of conventional wisdom around here, but for good reason. For gold, convention posits a store of value that is demanded greatly in times of...
View ArticleClik here to view.
Copper Challenge to Gold?
Gold has seen a healthy run since the first incidence of QE taper, again conforming to the idea that gold is tail risk insurance unrelated to inflation perceptions. That included a January rebuke to...
View Article