The recently reported March and April statements of account of the Bank for International Settlements disclose a decline in gold swaps from the record high estimated at 552 tonnes as at February 26, 2021.
The current throng of unemployed workers, nearly 10 million who have lost their livelihoods owing to virus-related layoffs/ business closures, contributes to another problem — less people working means fewer contributions to the needy.
That means all the government interference is already fully in place. The economy is bloated with cash and savings, but all of the inflation simmered in the background so few people saw inflation coming.
Surely many issues remain to be addressed arising from last week's panicked protest to the Bank of England by the London Bullion Market Association and World Gold Council about the impending "Basel 3" regulations emanating from the Bank for International Settlements..