What's happening in the gold markets is insane.
We're witnessing a run on the Bank of England's gold.
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good stuff
2900 an oz. Up 27% last year and 11% already this year. It’s the canary in coal mine on fiat and the insolvency of advertised levels of gold reserves. Good thing #bitcoin can be audited and is superior in every way to gold
How does this play out? Worse case scenario they don’t have a lot of the gold sovereigns have paper claims to. Then what? Curious what you think happens if/when the bank if proved insolvent on there good deposits.
They are running on the 2nd best money....
If it wasn't clown world, then they would go bankrupt, stiff their creditors, and disappear forever.
Because this is clown world. BoE prints money to make creditors whole? Imagen from there the price of gold rally’s after a shakeout of paper gold. Is that what you’d expect to happen?
They can't return the gold in paper because creditors already have paper. If it's a real din, I don't think the clowns can fix it, other than make redeeming gold illegal. 🤡
run*
I’ll believe it when I see it.