The result is less about headlines and more about market plumbing: where metal is held, how it is financed, and how closely paper hedges track physical costs.
As recently as January 2022, the bank's swaps exceeded 500 tonnes, but they have fallen sharply since, indicating a profound change of policy toward or outlook on gold among central banks.
A corporation partially owned by the government will be considered “too big to fail” since its failure would cause the government to lose the money “invested” in the business.
Gold and silver have already started to rally after breaking out of their summer consolidations, and further dollar weakness should drive additional gains.
It is not anti-Trumpism that causes me to say that a Supreme Court overturning of Trump’s tariffs-by-decree would be a huge blow to the economy and the national debt.
Barron’s pointed out that gold is getting a tailwind from buying by central banks, and said that gold’s recent rally and signals shouldn’t be dismissed as merely an inflation warning.
