Dynamics of the Gold Market

By pjain      Published Oct. 17, 2019, 5:35 p.m. in blog Invest   

Series: Gold - Gold Investing 101

Gold Investing BPR - What you need to know!

Why: Inflation Hedge

Why: Fiat currency hedge

  • Ever since gold decoupled from USD by Nixon in 1971, the purchasing value of the USD has declined to a few cents on the dollar!

  • Gold has a 5,000 year track record of keeping up with inflation.

  • From a Roman Senators toga to a top of the line Armani all can be bought for 1 oz of gold
  • Motel 6 1962 1 oz would buy 6 nights, and in 2019 in 57 years as price/room went up 15x, 1 oz of gold would rent for 21 nights

Why: Gold does not correlate with Stocks and Bonds - Modern Portfolio Theory

As per modern portfolio theory, investors can reduce the amount of risk for a portfolio by diversifying the assets in the portfolio.

The GLD fund has a beta of around 0.3 with a monthly volatility of around 0.86%. It is less volatile than the overall market and does not necessarily follow the movements of the market. Thus, the fund may be a good way to diversify holdings with stocks and other types of assets.

Gold is a safe harbor at times of great uncertainty - like US-China Trade War, and 30yr negative rates BoJ/ECB

Limit gold/silver to under 5% of your net worth AT MOST

Gold has no return of investment - costs to hold or store = stagnates or loses money for long times

Gold defies efforts to calculate its worth -- or even to describe how it behaves as an investment. You cannot understand it - violating the know what you own basic rule. That means there isn't a clear reason to invest in it.

  • Gold is prone to long booms and busts. Before its latest dip, it multiplied five times in value over a decade, mocking stocks and other investments. Before that, it lost money for 20 years.

Jewelry Demand is very seasonal, increasing as Emerging Countries per-capita rises

  • Demand for gold jewelry, by the growDing middle class, increases in emerging market countries.

Gold is an inflation hedge

  • It used to be said the price of a high quality roman toga (or wall street suit) would need about an oz of gold. Sort of like using the McDonald's burger price in different countries to estimate the price of living. So gold has also been used as a “safe haven” - a way to bet against the future value of a country’s currency.

Historically, gold has kept its value when countries have “devalued” their currencies by printing so much money that people eventually realize their money is losing buying power. As an extreme example, think of the inflation in Germany in the 30’s and the hyperbolical stories of people carting around wheelbarrows full of paper currency, trying to exchange it for bread.

Gold as a differential currency hedge - priced in USD - so local currency price reflects strength

Gold move differently against different currencies, even though the general global trend of gold prices may be up, or down? First, you have to understand why gold goes up and down in the first place.

  1. US Fed policy was to raise rates from 0% '16 to 2.2% early 2019 pause
  2. U. S. dollar has itself become a comparatively “safe haven” for money from around the world relative to money destroying policies in Euro/Japan
  3. US is running huge $1.3T fed deficit at a time when major countries like China and Russia stopped buying its bonds, and seeking to use alternatives instead of USD in transactions eg with oil countries.
  4. US future deficits may be well over $2T as Trump continues a massive tax cut without economic GDP growth of <1.5% - his tax cuts just increased the deficits and did not grow the economy or jobs.
  5. Bank of Japan with negative interest rates, owns 60%+ of the countries stock, encourages, now it wants inflation, and is actively increasing its money supply.
    3 Euro ECB doing massive Euro money creation to support weaker countries esp. Italy and Greece. This calls into question the future value of the Euro.
  6. Germany has negative government interest rates and very low 10yr Bund rates.
  7. Germany’s highest court said it will not prevent the expansion of the Euro money supply if needed to save the countries or banks within the system.

Gold Demand Analysis

Demand is Stagnant from consumers

  • Stagnating/declining - After 2009-2012 a factor was boom in ETFs like GLD were dominant stores of gold value
  • Since very little profit in these ETFs, they are boring with no return, and far less attractive than markets and FANG stocks.
  • So likely money is coming OUT of ETFs instead of new money going in.
  • Exchange-traded funds such as SPDR Gold Shares and iShares Gold Trust have made gold investing easier than ever.

Demand in India, Japan and China - vital to Global Gold

However, in addition to China and India, gold is central to almost all Asian societies and cultures.

Japan became one of the world’s largest gold market in the 1970s and 1980s when it imported thousands of tonnes of gold to satisfy its investment boom in gold.

Gold's only benefit is the fact that it is a material that is used in jewelry

China demand is good

2019: Global Risks increase Demand for Gold

The US debt is now nearly $22 trillion and growing at more than $1 trillion a year.

Interest rates across the world’s other largest economies– Europe and Japan– are still negative. China is rapidly slowing.

Governments around the world, it seems, are in a coordinated effort to destroy paper money and inflate their massive debts away.

Interest rates are slowly rising from the bottom, putting the huge stock and bond rally of the past decade at risk.

Move away from USD as reserve - India/Irqn Rupee trade, Russia/China Yuan trade

Demand: Forex Reserves and Gold

Gold not USD kept as Reserve Currency Stabilizers

Gold is a well-accepted monetary surrogate that transcends borders and time. If you look at the foreign reserves of the most important countries, they keep them mostly in gold.

Central bankers buying gold are selling dollars

Gold a Tier I Reserve - BIS' Basel III Mar'19

In era of entire 0-30 year negative interests, banks have to lose money on deposits with central banks. In an era of $17T negative rate GILTs, banks have little choice where to deposit. So gold holdings get new meaning - they don't have to pay to "hold" other than a nominal storage fee.

  1. US regulators have been averse to the idea of giving more importance to gold.
  2. European banking regulators recognize gold as collateral. It basically comes down to each central bank’s discretion and how they view gold.
  3. China and Russia as well as Mideast oil kingdoms are hoarding gold instead of putting everything in SWIFT-controlled USD.

As of Mar 31, 2019, BIS abolished Tier III capital requirements for financial institutions and banks. Capital requirement (also known as regulatory capital) is the amount of capital that a bank or a financial institution must hold on its books at any given point in time. It defines the level of liquidity that financial institutions must hold for a certain level of assets.

These are the solid cash in steel vaults that the banks are supposed to hold. While still fractional, eg a 10% capital requirement only means they are allowed to lend out 90% of say short term MMFs usually at MUCH longer durations. So if there is a bank run they have to scramble to payout the deposits of the public. Of course central banks can help out.

This meant that such entities have to reallocate the capital into Tier I or Tier II capital. Banks could, until now, classify gold as a Tier III asset. Tier III assets are the riskiest assets. But with Basel III regulations, it means that gold allocation has to be moved to either Tier I or Tier II.

Tier 1 capital is the most basic of all. It is a measure of the financial institution’s financial strength. Tier 1 or core capital comprises of equity and includes common stock as well.

Tier 2 capital is also known as supplementary capital or secondary reserves. Assets that fall under Tier 2 capital include subordinated debt, hybrid instruments, and other reserves. This tier is less secured by collateral comparing to Tier 1 capital.

Tier 3 capital is mostly used to mitigate market risk including commodity and currency exchange risk. Tier 3 capital is even less secure than Tier 2 capital. According to the BIS, Tier 3 capital should not be more than 250% of Tier 1 capital. With Basel III, Tier III capital was abolished.

Demand: As Central Banks boost Gold Reserves

  1. Central banks and other financial organizations, such as the International Monetary Fund hold one-fifth of the world's supply of gold.

  2. Central Bankers esp China and Russia are emerging as major gold buyers instead of US T-bills Several central banks have added to their present gold reserves, reflecting concerns about the long-term global economy.

  3. Countries pulling back gold reserves as don't trust London Bullion or USA

Central banks see Gold as Competitor

  • Central Banks Buying Gold - get off USD controls

Central banks are buying it by the ton now because it's cheap, they know gold is money and all fiat currencies are about to go to their intrinsic value, zero.

Gold Supply Analysis

Supply of Gold is limited - PEAK GOLD

  • PEAK GOLD : Stagnant gold price => Miners stagnant => Slashed exploration => Supply crunch

To fight the tough times, miners slashed their exploration budgets. That means, when the demand for gold picks up again (which I think we’re starting to see now), there won’t be enough gold supply.

Pierre Lassonde, the billionaire founder of gold royalty giant Franco-Nevada and former head of Newmont Mining > If you look back to the 70s, 80s and 90s, in every one of those decades, the industry found at least one 50+ million-ounce gold deposit, at least ten 30+ million ounce deposits, and countless 5 to 10 million ounce deposits. But if you look at the last 15 years, we found no 50-million-ounce deposit, no 30 million ounce deposit and only very few 15 million ounce deposits. So where are those great big deposits we found in the past? How are they going to be replaced? We don’t know.

Ian Telfer, chairman of Goldcorp, who told the Financial Post:> “If I could give one sentence about the gold mining business... it’s that in my life, gold produced from mines has gone up pretty steadily for 40 years. Well, either this year it starts to go down, or next year it starts to go down, or it’s already going down... We’re right at peak gold here.”

Regulation, Taxation, Burden of Imports and Smuggling

India has 10% GST and Import Tariffs

India and Japan, throw up import barriers, taxes and penalties, to block the free flow of gold, impacting local gold prices, and illegals and traders creating and work with gold smugglers many by normal citizens.

The temptation for individual, bulk smugglers and merchants/traders is an easy 10-25% margin to be made.

Smuggling to counter India Taxes

----- Bullion Banks and Custodians

How much gold is there?

  • Gold mined throughout history = 187,000 tonnes - fit in an Olympic swimming pool

  • Gold mined in 1 year = 3,200 tonnes

Money Changers of the past

  • Miners and Physical Gold "handed" in as deposits for "safekeeping"
  • In past (California Gold rush days Wells Fargo, etc) there was an entire ecosystem of assayers to collect mined gold. There would be foundries to melt down the gold and create branded gold coins, etc.
  • Retail banks would store gold and Wells fargo, etc. would transport payroll, etc. in standard gold coins around.
  • Otherwise Retail banks would buy and sell gold in exchange for local, federal or banks own or other banks paper.

DEPOSITS Bullion Banking

  • Nowadays these money changers and gold smiths are all gone!
  • Customer loses ownership of deposited gold - becomes property of bank - held as asset on bullion bank's
  • Only a general claim on paper given to unallocated gold
  • Customer who deposited the gold becomes an unsecured creditor
  • As an unsecured creditor, customer is at end of line and vulnerable in a bankruptcy scenario

  • Assuming a 10% fractional reserve 900kg 810 kg Customer deposits 1000 kg of gold => Bank A =======> Bank B ======> Custodian keeps 100kg keeps 90kg - lends 120 to traders - contango - sells 300 kg - allocates to ETFs 300 kg - keeps 90 kg as reserve

  • At each stage paper gold assets are created or digital accounts - so there is a multiplier effect .. Bank A - 900 kg worth of paper gold created Bank B - 810 kg worth of paper gold created Custodian - 690 kg of paper gold issued or floated or exploited.. ------ At the end 1000 kg of gold has created 1400 kg of new paper gold in the system, for 1000 kg in vaults In reality, the ETFs are probably synthetic are multiplied 2-3x, and the lending and selling is probably also 2x

  • In above diagram, why do the bullion banks be stupid and only letting final custodian make all the money? In real life, retail banks

  • But in reality if it sees gold prices flat to going down, the Bullion Bank may simply do a trade where it sells it and hopes to buy it back later at same price or lower, essentially shorting gold, this works most of the time for years at a time, until gold spikes, and huge loans.

Top tier are Eight Custodians

BoE 75% ~5100 tonnes stored

  • mostly

HSBC 17% 1100 tonnes

  • 1100 tonnes or more - mostly ETF gold for GLD ~900 tonnes, and other ETFs

JPM 300 tonnes

  • Mostly ETF gold

Other smaller custodians

  • Malca-AMIT

  • G4S

  • Barklays

Transportation, Security Vendors - In Transit

  • Loomis

  • Brinks

Bullion Bankers Top Level - LBMA dominated platform

  • THEY HOLD THE PHYSICAL GOLD AND MAKE THE RULES!

  • About 40 bullion banks are members of the LBMA. They provide the foundation of the global trading in bullion markets - mostly gold.

  • Mid-tier Bullion Banks

    • US : GS, C, MS
    • UK: ICBC Standard, Standard Chartered
    • Canada: TD, Royal Bank of Canada, Scotia Mocatta,. Bank of Montreal
    • German: Commerzbank
    • Swiss: UBS, Credit Suisse, Macquarie
    • French: Societe Generale, Credit Agricole CIB,
    • Dutch: BNP Paribas
    • Central European other: NM Rothschild (exited)
    • Slavic/Russia: Sberbank
    • Others: ANZ, Natixis, Bayern LB, LBBW, VTB, Westpac
  • Other Asian

    • Chinese: Bank of China, China Construction, BoCom, Shanghai Pudong
    • Japan: Sumitomo, Mitsubishi, (Mitsui exited)
  • SRC Bullion Banking Mechanics - BullionStar

LBMA very suspicious

Most gold in London is traded “over-the-counter” indirectly between bullion bankers acting as buyers and sellers, so there is little visibility on the size of the market — something that has irked the authorities.

  • LBMA figures interpretation is that only $60b or 20% was used to back ETFs.

LBMA also revealed 32,078 tonnes of silver, worth $19bn, was sitting in London - most likely secured warehouses (since silver is much bulkier and less valuable), claiming equipped with extreme security measures such as blast doors and fingerprint sensors.

LBMA released in a Mar 2017 disclosure to fend off audit or regulation claims 7500 tonnes or $300b worth or roughly 600,000 gold bars worth.

BoE controls other Central Banks gold - refused to release to Venezuela - Become unreliable

  • Roughly two thirds or 5000 tonnes is stored at the BoE.
  • BoE has nearly all London's storage of other central bankers' gold

After the BoE grabbed Venezuela's gold refusing to release to legal owner, this raised the hackles and prompted BRICs and Germany to ask for their gold back, and setup their own platforms for trading gold.

Price fixing - Trading Platforms

Traders, Manipulation and Profiting from Other Peoples' Gold

How much gold is traded per year?

  • 88% LBMA trades 1.35 m tonnes of gold per year, or 9 tonnes/day
  • 8.4% USA or 130k tonnes/yr
  • 2.75% China or 42k tonnes/yr
  • 0.52% Japan or 8k tonnes/yr
  • 0.26% India or 4k tonnes/yr

  • Data for 2015

LBMA price comes from OTC market 90% is Spot traded

  • This is a very large market with ~6000 tonnes of gold traded daily.

The OTC price is a twice daily auction for unallocated gold controlled by the LBMA. The final output of the auction is a benchmark gold price. The auction is conducted in US Dollars, however the derived price is also published in 11 other currencies.

The auction opening prices are based on COMEX and London OTC price quotations as well as trading prices at auction opening times, i.e. at 10:30 am and 3:00 pm respectively.

The benchmark is now a ‘Regulated Benchmark’ under UK financial regulations and is administered by ICE benchmark Administration (IBA), part of the ICE exchange group.

OTC prices set the GLD, XAU etf prices

Perversely however, the LBMA Gold Price benchmark price is very influential in the gold world in that it is a widely-used valuation source for gold-backed Exchange Traded Funds (ETFs) such as the SPDR Gold Trust and the iShares Gold Trust.

Sets the global trade, Futures prices

The LBMA Gold Price is also widely used as a benchmark for valuing financial products such as ISDA gold interest rate swaps, gold options and other gold derivatives, and is even used by other futures exchanges as a reference point on their gold futures contracts, for example the gold futures contract (FGLD) of the Malaysia Derivatives Exchange.

Very Narrow Market

Structurally, the LBMA Gold Price auction has very narrow direct participation, with only a handful of LBMA member bullion banks being authorised by the LBMA to take part. These are the same bullion banks which are the market makers and largest traders in both London OTC gold market trading and in COMEX futures gold trading. The LBMA Gold Price auctions therefore lack broad market participation and is not representative of the broader gold market.

Very Secretive Auction process

The LBMA and ICE Benchmark Administration also refuse to reveal the identities of the auction chairpersons, a refusal which suggests that those now involved have connections to the former scandal tainted London Gold Fixing auction. They also refuse to reveal how the chairperson chooses the opening price for the auctions.

Scandal ridden - Older Gold Fixing remains the basis of LBMA OTC Spot prices

This auction is the successor to the London Gold Fixing - which the new auction mechanics are fundamentally similar to the older London Gold Fixing mechanics.

  • Buy and sell paper gold between bullion banks
  • LBMA Gold price auction - admin by ICE Benchmark Administration since mar 2015
  • Underlying asset is Spot Loco London Gold (unallocated)

Artificial commodity - For small amounts of Synthetic unallocated gold but set Miner prices!

The LBMA gold auctions also settle in unallocated gold, so trading and settlement in the auction is also detached from physical gold markets.

It is often used ad a transaction reference price by physical bullion dealers when purchasing physical gold from refineries and suppliers.

Trading volumes in the daily gold auctions usually only reach the equivalent of 1-2 tonnes of unallocated gold transfers, and rarely exceed 3 tonnes. So not only do the LBMA gold auctions not offer wide participation to the thousands of gold trading entities around the world, the volumes traded in the auctions are not representative of the global gold market and the benchmark is therefore not a reliable representation of the global gold market.

Way for BoE to manipulate Central Banker Assets pricing

Even very large central bank physical gold transactions take this gold fixing reference price derived in London and then use it as a price with which to execute their own independent bi-lateral transactions. For example, when the Swiss National Bank used the Bank for International Settlements (BIS) gold trading desk as its agent to sell hundreds of tonnes of physical gold in the early 2000s, the transaction prices used for the transfers were based on taking the London Gold Fixing price as a reference price. As another example, in 2010, the IMF’s so-called ‘on-market’ gold sales were conducted by a selling agent who also based the sales transfer prices on the London Gold Fixing price.

Of concern here is that a benchmark that was controlled by a cartel of London-based bullion banks, that was opaque in its operation, and that is currently the subject of a gold price manipulation class action suit, was being used to value very large physical gold transactions.

10% as Forwards futures and options

Comex, USA and CME Group Futures

An average of about $32bn worth of gold futures trade on Comex, a US bourse, each day. - UBS estimate

  • They trade London gold futures since Jan 2017
  • A CME group London Spot Gold futures represent 100 troy oz of unallocated gold

While LBMA OTC Spot price is primary gold price discovery, due to after hours trading, COMEX has a role to play.

In general, higher trading volumes mean more liquidity to drive price discovery. But since financial markets are integrated, price information rapidly flows between markets due to simultaneously and overlapping trading. Futures markets such as TOCOM in Japan and MCX in India do contribute to gold price discovery, especially at times when the larger markets are not trading, but because these other venues are less liquid, COMEX tends to lead in the lead-lag analysis of futures prices.

ICE Gold Futures

  • Launched Jan 2017

LME

London Metals Exchange or LMEprecious suite of gold and silver futures to be launched Jun 2017.

Seller transfers unallocated gold to LME Clearing house LMEC account at any LPMCL member bank. Buyer receives unallocated gold from LMEC account.

Price Discovery Mechanism - Local Gold Markets work of LBMA spot gold price

Local gold markets all around the world look to the international gold price, and take in this gold price, usually quoting their local country gold prices in comparison to the international gold price.

In the physical gold market, product pricing of gold coins and bars is based on a combination of the spot gold price plus a premium. The premium is that part of the product price in excess of the value of the precious metal contained in the coin or bar. Given that the physical gold market is a price taker, physical gold market spot prices feed in from where the price is being discovered, i.e. the international gold price.

BoE controls Inter-Bullion Bank Gold Lending

Traders, Large Bankers do manipulate Precious Metals prices

Yes, gold is a trading “commodity,” subject to the volatility of big traders making big bets.

World Gold Council, jewelry is the most popular way to hold gold, and accounts for nearly half of the global gold demand. Note here that price of a gold jewelry is directly proportional to its weight. So, the heavier the jewelry, the more expensive it will be.

The problem with jewelry is most is 14-carat gold else it breaks easily in the form of 20 or 22 carat gold, and 24 carat (near pure gold) is very fragile and unwearable. But assaying 14-carat gold means it has to be melted and remade - which the labor costs become a huge part of the value of final piece.

Also as fashions change, often the "grandma's" hierloom jewellry becomes a museum piece.

Emerging Trading Platforms - BRICs DIY

1880s HKO was leading Gold Trading Center

  • Note that - 70% of HSBC profits overall come from banking in HKO

Hong Kong’s gold market, one of Asia’s oldest, is and has been a physical gold hub for more than 100 years.

2002+ Shanghai Gold Exchange - largest physical gold market - takes price from London OTC

Average daily turnover of physical gold on the Shanghai Gold Exchange is more than $1bn - UBS estimate

The establishment of a gold exchange in Shanghai was first referenced in China’s 10th Five Year plan in 2001 as an integral part of the nation’s gold liberalisation strategy. Following its launch in 2002, the SGE was quick to promote physical gold ownership and by 2004 was allowing private citizens in China to transact on the Exchange and purchase gold bullion.

On the SGE, physical delivery of gold is the norm, not the exception. The SGE has a network of 60+ gold vaults across China in 35+ cities.

The Shanghai Gold Exchange (SGE) is the world’s largest physical gold exchange and nearly all physical gold bars in China flow through the SGE. Gold trading volumes and gold withdrawal statistics for the SGE are certainly impressive. For the year 2016, total SGE gold trading volumes reached 24,338 tonnes, a 43% increase over the 2015 figure of 17,033 tonnes. SGE trading volumes include physical contracts, deferred contracts, OTC trades settled through the SGE, and also trading volumes on the Shanghai international Gold Exchange (SGEI). In 2016, physical gold withdrawals from the SGE totalled 1,970 tonnes, down 24% from 2015’s withdrawals of 2,596 tonnes, but still huge on an absolute basis because these withdrawals represent actual physical gold taken out of the SGE vaults.

By the end of 2016, the SGEI (International Bourse), which was launched in September 2014, had recorded cumulative trading of nearly 9,000 tonnes of gold. The Shanghai Gold Benchmark Price (a.k.a. Shanghai Gold Fix), which was launched on 19 April 2016, is a gold auction for 1 kilo gold bars of 99.99 purity quoted in RMB. Over the 8 months from launch to end of 2016, the Shanghai Gold Fix had traded 569 tonnes, which equates to over 1.5 tonnes per day on average.

All in all, the SGE has generated impressive physical gold trading volumes (24,338 tonnes for 2016) and withdrawals (1970 tonnes for 2016). For the sake of comparison, compare these annual SGE physical gold trading volumes to the bloated London OTC gold market where trading volumes of approximately the equivalent of 6,500 tonnes of gold per day are the norm. Such a comparison reveals the fractional-reserve nature of the London gold market and the fact that physical transactions can only be a minuscule fraction of the London market.

But does SGE trading affect the international gold price as derived in the London OTC and COMEX markets, or is the SGE a price taker?

The short answer is that the SGE does not influence the international price and the SGE is a price taker. There may be some lagged influence by the SGE on the international price but this would require further study. The Chinese gold market is still a closed gold market with market frictions and distortions. Gold can be imported into China but cannot in general be exported out of China. There is therefore no freedom of movement of gold out of China. Gold imports into China are strictly controlled via import licenses and these licenses are only issued to a small number of Chinese and foreign banks.

But it’s worth looking at SGE premiums to see if changes in SGE premiums ever provide any signalling ability for subsequent changes in the international gold price. SGE premiums arise when the Shanghai gold price trades above the international gold price. SGE premiums are a possible gauge to determine whether SGE trading affects the international gold price. In November and December 2016, SGE premiums rose sharply from less than 0.5% to over 3% which was a period in which gold imports into China surged. However, during that same period, the international gold price fell. So in this case, the expanding SGE premiums had no effect on the international gold price.

TOCOM in Japan - influences after market prices

In general, higher trading volumes mean more liquidity to drive price discovery. But since financial markets are integrated, price information rapidly flows between markets due to simultaneously and overlapping trading. Futures markets such as TOCOM in Japan and MCX in India do contribute to gold price discovery, especially at times when the larger markets are not trading, but because these other venues are less liquid, COMEX tends to lead in the lead-lag analysis of futures prices.

MCX in India - influences after market prices

In general, higher trading volumes mean more liquidity to drive price discovery. But since financial markets are integrated, price information rapidly flows between markets due to simultaneously and overlapping trading. Futures markets such as TOCOM in Japan and MCX in India do contribute to gold price discovery, especially at times when the larger markets are not trading, but because these other venues are less liquid, COMEX tends to lead in the lead-lag analysis of futures prices.

Asian Tigers major Gold Traders too in 1995+ - Duty Free approach

HKO, added to South Korea, Taiwan, Singapore, and Thailand, and the Asian region then is truly the centre of the physical gold world.

A key factor is all these take a Duty Free approach - just like USD and other hard currencies flow freely, so does gold.

Singapore and Hong Kong, embrace a free-market ethos to supporting their gold markets and allowing unhindered imports and non-distorted saving and investment in gold with

S. Korea abused MFN then blocked in zero-tariff Gold imports

India as a gold Trading Platform

--- XFR --- Fiat Currency Analysis and Gold role

USD as Reserve Currency

USD got off Gold standard under Nixon

Bitcoin and crypto currencies emerging as challenge to Gold/Silver as fiat currency alternatives


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