Gold vs S&P total return.
A rock has outperformed the collective genius of the US capital markets by more than 100% Source: zerohedge
Tether owns 3X more gold than bitcoin.
Gold: Tether holds ~140 tons = $24B Bitcoin: Tether holds $8B in Bitcoin Source: Marin Katusa @MarinKatusa
Trump: He who has the gold makes the rules
European gold in US custody: - Germany: ~40% of gold holdings - Italy: ~50% - Netherlands: ~30% Not your vault, not your gold ??? Source: Lukas Ekwueme @ekwufinance
Did someone front run Trump's dollar announcement by going all-in gold?
At exactly 3pm, a large block of gold‑linked call (GLD) trading went through, coinciding with the sharp move higher in spot gold. In over‑the‑counter equivalent terms, a trader rolled 250k deltas out of an in‑the‑money 4,950/5,050 call spread, and into a Feb. 20 5,250/5,400 call spread, representing 1.1 mm ounces of gold exposure ($5.1BN). The client paid $30MM in net premium to implement the new structure. Source: zerohedge
Gold volatility is now the global cross-asset volatility outlier (silver too, though that market is essentially broken for now).
Hedging “global” risk via gold volatility at these levels is very unattractive. Source: The Market Ear
Who really holds the world’s gold?
• 🇺🇸 United States still dominates with 8,100+ tonnes • 🇩🇪 Germany remains Europe’s anchor • 🇮🇹 🇫🇷 🇷🇺 all sit around 2,300–2,450 tonnes • 🇨🇳 China keeps climbing, quietly • 🇨🇭 Switzerland punches far above its size • 🇯🇵 🇮🇳 hold far less than their economic weight
Wait a minute...
Source: Heisenberg
And there you have it Gold is officially trading above $5,000.
Source : Mohamed El-Erian
