“WE all know that the financial system is, as some people would say, it’s been cooked,” US gold trader, Josh Phair, CEO of Scottsdale Mint, said recently on the precious metals site Kitco News.
Phair was attempting to explain the recent massive moves of gold from London to New York, as the precious metal repeatedly broke it’s all-time highs, reaching $USD2942.79 an ounce or $AUD4631.36/oz. Physical gold delivery times in London blew out around a month.
Mainstream media channels cited the Trump administrations threats of tariffs as the reason for the boom in demand coming out of New York, whose COMEX metals exchange is notorious for trading “paper gold”, i.e. gold futures contracts and other derivatives that have historically suppressed the physical gold price.
Another factor suppressing gold has been the frantic Bitcoin and wider cybercurrency market that has skyrocketed in recent times. Bitcoin recently topped around $USD109,000, which critics say is insane, given that it is essentially a mere digital entity.
Defenders say it is a unit of currency fixed in number, traded person-to-person and outside the control of central banks, and therefore cannot be inflated like paper currencies and lose its value.
Phair told Kitco the goal of traders was “to get all the metal stateside” while banks were trying to minimize risk by ensuring their holdings were within U.S. borders. This had led to the surge in shipments to the COMEX exchange, where inventories were up nearly 75% since the US election.
Phair also believe the new administration might want to conduct a gold audit of U.S. reserves. “Maybe… someone gets the heads up that they need to make sure there’s an audit, and they want more material here?” He said the new Treasury Secretary Scott Bessent might also favor a larger role for gold in monetary policy.
Meanwhile BRICS nations’ banks, primarily China and Russia, are reported to be running short of gold. Chinese news agency Yicai reports that the trading app of Industrial and Commercial Bank of China shows 5, 20, 50, 100, and 200-gram gold bars are out of stock, with only the 10-gram option showing limited availability.
Agricultural Bank of China is sold out of 10 and 20-gram gold bars, while the 100 and 200-gram bars are running low. Meanwhile, the China Construction Bank only has 50 and 100-gram investment gold bars while the Postal Savings Bank of China and Bank of China show all gold bars are in pre-order status, that is, none are currently available.
The BRICS nations have been accumulating significant gold reserves. “Is this just the U.S. wanting to make sure that they maintain the top place, the top holding for gold?” Phair asked, pointing out that the focus has shifted from Bitcoin back to physical gold.
Despite all of this Phair said retail investor demand has been subdued due to distractions and limited discretionary income. Gold mining shares are also at a shocking 10-year low, in spite of the physical metal’s all-time high.
The lack of interest in gold mining shares can be attributed to young investors distracted by crypto and rare earth minerals for EV batteries, and woke investment company boards steering away from “environmentally unsustainable” old-school mining.
The major banks and the relative few major global investment funds like BlackRock have also been heavily biased towards maintaining and upholding the global fiat currency system, while suppressing the gold sector which is seen as a vote of no confidence in this system.
However the soaring price of gold is telling us that banks and big funds, while constantly suppressing gold company shares to give the impression of a lack of interest, are actually buying up physical gold.
Meanwhile Cairns News is well aware that private gold prospecting is a very popular activity across the Australian goldfields from WA to Victoria and North Queensland – a little too popular in some places as we recently reported.
At the current AUD price of $4300 an ounce, it would only require 10 to 20 ounces to make a reasonable income from panning or electronic detecting. A 1 gram nugget currently sells on eBay for around $200.
Phair also anticipates that retail investors will eventually return to the market as they become aware of the ongoing shifts. “Wait till people figure out what’s going on,” he said.
He noted that gold and silver lease rates have surged, signaling a tightening market for physical metals. The normal practice has been for banks to buy gold, but then lease it out to someone to use it for a short amount of time.
“But right now, they want it,” Phair said. While some believe gold is exempt from tariffs due to its status as a monetary metal, he noted that banks were acting as if tariffs were a real possibility. We suggest the banks know it’s more than just a matter of tariffs because the entire global financial system is unsustainable – in the real sense.
Individual US states are also looking at ways to incorporate gold into their financial systems. “There are more than a dozen states right now with bills about buying gold,” he said, highlighting a potential new wave of gold buyers.
Phair emphasized the rapid pace of change in the market and the difficulty consumers faced in keeping up. “I’ve never seen anything quite like this,” he said, predicting an explosive decade ahead.
He also highlighted the potential for silver, noting that it had a significant upside due to its industrial uses and growing deficits. “Silver’s got a lot of opportunity to do really good this decade,” he said, predicting increased demand as consumers realized its value.
Just in time for Musk’s anticipated audit at Fort Knox! lol
All but B/S – Kimberly Ann Goguen is both Guardian and Trustee of Planet Earth. Ms Goguen was appointed in her position having the closest dna (0.1%) to the first and original human being on Earth. Our planet had been under the control of Draco Reptilian Marduke, who presided in that position for more than 250,000 years. At the end of his tenure, he requested an extension which was granted by the Universal Council but contained the condition that Ms Goguen be appointed as Trustee of the Global Humanitarian Trust. This Trust contains all known wealth on and within the Planet. It is held in common of all people on Earth. Following the demise of Marduke, the Universal Council elevated Ms Goguen to Guardian and Trustee of Earth. She is also officially Commander-in-Chief of all forces though presently these are still under the control of the Deep State general, admirals, and others. When first and new in her job as Trustee, the then President Trump requested funding. It should be noted that every country in the world is funded by the USA. That includes Russia, China and everyone else. You can imagine the combined sum that is required. In good faith Ms Goguen funded US President Trump only to see him put immediately 10% into his private account. This was the first and last time that Ms Goguen funded the US and thus no other country has received any funding. The Deep State has tried to continue regardless but each year they have less to go around, Today, the Rothchilds, the Venetian Royalty aka Maffia, the Chines Elders, the Kuwaities etc are all just about stone broke and relying on their image to stay in power. Every attempt to by-pass or silence Ms Goguen has been unsuccessful. Their ultimate surrender is inevitable. they can no longer pay for any war and their plan to start WWIII went up in smoke.
Elon Musk and the person acting as Donald Trump cannot possibly fund the various governments around the globe. These governments are still there only because the entire media is and always has been controlled by the Deep State. Even Hitler complaint about that in his book ‘Mein Kampf’. But all will be dismantled in time by Ms Goguen who has already returned the sovereignty of all people as is documented into the Hall of Records of every nation.
RMS – thanks for feedback!
But there was nothing clever posted, it was just a simple comment to an interesting article.
The post was succinct, straight to the point, and finalised, – at no point, did it
branch away from the subject of the underlying cause of the rising gold price, i.e., currency devaluation.
I think most readers could easily understand this, so attempting to align readers comprehension with your own patent lack of comprehension is somewhat disingenuous on your part. But what more would one expect?
If you are too stupid to grasp this, as your complaint suggests, – that is not my problem.
I can only assume?, that your apparent offence stems from your self-conscious affinity with the subject imbeciles of the linked video.
If you haven’t worked it out yet, your fellow imbeciles in the video are there to be laughed at, – to give people a laugh 😂, – people enjoy laughing at you 😂, – so get over it!
I’ll leave it there, as I don’t want to distract you from your flatulent world of double-dicked, bashing the bishop, – each to their own.
Complaint desk now closed.
Oh 3350, you are just to clever for the little people here. What a pompous little wanker you must be. If only you could sustain your concentration and ego enough to finish your posts, we all might understand what it is you’re trying to get out in the end. A pity your superior intellect has you so absorbed in your own flatulence, or is it that second dick you obviously have that has distracted you.
PS
If you can’t read the numbers on the graph, it’s not as exciting as it looks, the high is 340 and the low is 327 which amounts to just a couple of % up or down
The Anglosphere had gold drummed out of it first by the British Pound which was silver backed for about 5 minutes before being printed wantonly, second by the US ban on gold around the depression time. Last time gold went up it was defeated by the money printers and the share market, anyone remember the 80’s, yuppies etc. But gold never went out of style in Asia or the other places. What’s needed is a coin machine where you put in your Krugerrand or whatever and get out a bunch of silver sixpences and florins for normal use. A penny used to get you 13 buns at one time, those were the days, just a pennysworth of whatever. Stoopid digits take all the fun out.
Gold is another jew-scam.
It has little intrinsic value besides some uses in electronics.
“Jew-elry”?
I don’t use it.
Steel and lead are more valuable to me.
‘However the soaring price of gold is telling us that banks and big funds, while constantly suppressing gold company shares to give the impression of a lack of interest, are actually buying up physical gold.’
As always, – follow the TNX and everything becomes self-evident.
As the zero baseline of the currency value measuring system, gold does not rise and fall in value, – it remains static. Any ‘apparent’ price movements in gold are in actuality registers of the price movements of the currency. These fluctuations are measured against gold.
Over the past calendar year the U.S. denominated gold price has risen by +47.7%, which in actuality, – reveals that the U.S. dollar has depreciated by -47.7%.
That’s serious currency dilution: the dollar purchasing power has been virtually cut in half in twelve months.
The smart money understands this, and exactly what’s going on, hence, the massive capital relocation into physical and digital gold.
Over the last month, just look at the number of U.S. States who have applied for Strategic Crypto Reserves, the same with universities, State departments, etc.
The sheep were warned time and time again, but as per normal, they were too stupid to recognise what’s truly going on, or heed the warnings, – their economic life boat has since sailed.
Luckily, the first of these imbeciles is too stupid to understand the economic subtleties of physical and digital gold, where as can only be expected [hence the offer], she missed another free wealth generating opportunity thrown into its stupid face, – on the positive side, her ignorance probably extended her life, – as she would have only overdosed on her favourite ice cream.
https://www.youtube.com/watch?v=D_x8VswuLwU
Australia is so far behind, that playing catch up is going to be extremely costly: both nationally and personally.
Stupid people always get the price they deserve.
Will we go back to a silver backed currency.
Silver possibly has a higher upside than gold.
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A very interesting video for anybody with funds to invest.