Given what is happening in the gold market more generally, it appears reasonable to assume that the Federal Reserve is the BIS' customer for the swaps transactions.
July was exhausting for news hounds. I can’t remember a month like it, with every day bringing new shockers. Now August is taking it all to another level as we get blasted with unexpected economic data and huge market moves.
Hochberg notes that gold's rally since September 2022 is driven by an ongoing Elliott Wave pattern, with further gains expected as the pattern is still incomplete.
Pundits and politicians talked up the "robust economy" and the "resilient" American consumer for months, but this economic growth was courtesy of Visa and Mastercard.
It’s estimated $6.4 trillion dollars has been wiped from global wealth. Is this the Great Unwind finally upon us? And is gold still the asset to protect you from the upheaval ahead?
Haggith argues that after a sharp rise, consolidation is natural. He believes real GDP is misleading, with gold and other indicators signaling a "stealth recession."
One thing that seems likely as WW3 gets out of control is that all paper currencies will lose value rapidly. And the whole world, both central banks and individuals, will pile into gold.
Risk assets are selling off, including precious metals. But Gold is outperforming in real terms. Gold has broken out against Commodities and reached a three-and-a-half-year high.
