Backwardation, the Bank of England, and Falling Prices
I have a post up on Monetary Metals commenting on Jeffrey Snider’s observation of the anomalous situation in the gold market between 2013 and 2016 where negative gold forward rates (GOFO) indicated backwardation while the gold price was falling. I expand on Jeffery’s chart which shows periods where the LBMA GOFO rate was below zero, along with the Bank of England’s custody holdings (gold held on behalf of central banks and bullion banks) with Monetary Metal’s MM GOFO figures. Read more here.
I also addressed comments on the article at Zero Hedge and Silver Stackers. “My personal blog on all things precious metals. This blog is not endorsed by the Perth Mint (who I work for) in any way. For more background on me and this blog see About This Blog and my LinkedIn Profile.”
Source: https://goldchat.blogspot.com/2018/04/backwardation-bank-of-england-and.html
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