CIGA Tom with an important heads up from Luke Gromen. As I wrote last week, the leverage in gold and silver is on the short side. Once credit begins to dry up, the caps will lift. Only God knows what the true clearing prices of gold and silver are!
3 charts that show why paper gold may be the subprime CDS of this cycle:
1st chart = cumulative Russian official gold purchases.
2nd chart = cumulative Chinese gold net imports fr HK (thru 2q17).
3rd chart = COMEX registered inventory owners per oz (thru 1q16). pic.twitter.com/DN04dkVz3F
— Luke Gromen (@LukeGromen) May 11, 2018