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Gold open interest on COMEX is plunging to the lowest level in a decade… and silver open interest is doing the same.
At the same time, 448t of gold and ~6,000t of silver have left COMEX.
Paper exposure is collapsing while physical metal is leaving the exchange.
The Bank of Japan spent decades proving you can buy anything… every bond, every dip, every ETF on the shelf.
The one thing it couldn’t buy was the exit.
We are watching a real-life movie.
On Sunday, Hong Kong govt officials clearly stated Hong Kong will be a key hub for RMB internationalization. Timing is a bit interesting given Hong Kong gold clearing will start taking orders on Monday and actual clearing begins on Tuesday
Hong Kong Finance Secretary Paul Chan said Hong Kong can drive progress across several areas, such as accelerating renminbi internationalisation, helping construct a modern industrial system, and leveraging its professional services to promote broader regional and global cooperation.
Hong Kong Monetary Authority Chief Executive Eddie Yue said measures regarding yuan internationalization and the yuan bond market are expected to be introduced in the coming weeks,
Yue pointed out Hong Kong is uniquely positioned to funnel Mainland RMB to go oversea, as well as a connecting point to collect RMB from overseas to reenter Mainland China’s economy
I am not sure China and Hong Kong can be more explicit on their plans 😁
“Hong Kong Stock Exchange will waive gold futures fees for one year from next Monday (July 6).”
According to the notice issued by the Hong Kong Stock Exchange (00388) to gold traders, in order to cooperate with the launch of the new system and activate the local gold futures
India To Relaunch Gold Monetization Scheme as Government Seeks to Unlock Idle Bullion
If successful, the policy would gradually reduce the need to exchange rupees for dollars simply to satisfy domestic gold demand.
substackfwd.xyz/?url=https%3A%…
Hong Kong #gold clearing starts taking orders in about 5 hours, and actual clearing begins on Tuesday! China is serious about #gold. Unlike Trump, Bessent and the entire US Government. x.com/i/status/20737…
BREAKING 🚨: Hong Kong launches its gold clearing system next Tuesday. 🇭🇰
July 7th.
First gold settlement in Hong Kong history.
Six major banks signed on.
JPMorgan. Deutsche Bank. DBS. ICBC. OCBC. UOB.
Asia handles 70% of global gold demand.
Now it has the infrastructure to
The Shaking of the Silver Faithful
And it came to pass, after the first great ascent of silver, that a great shaking fell upon the faithful. The price was brought low, and fear spread through the camp.
Then many turned away, saying, “Where is the sign of thy bull market?”
🚨WARNING: Major Precious Metals Dealer Just Filed for Bankruptcy! Are You Safe?🪙
👉Rosland Capital, a well-known gold & silver dealer that sold physical bullion & Precious Metals IRAs, has filed for Chapter 11 bankruptcy!
👉The company is reportedly planning to wind down operations amid financial difficulties & order fulfillment issues!
🚨If you have:
🔥An outstanding order with Rosland!
🔥Metals stored through them!
🔥A Precious Metals IRA administered by them!
👉…it’s important to closely monitor the proceedings & contact your custodian or Rosland directly for updates!
👉This is another reminder of counterparty risk. The more intermediaries between you & your metals, the more important it is to understand who actually has custody of them.
👉Important: If your metals are held in a properly structured self-directed Precious Metals IRA with an independent custodian & approved depository, your assets may be better protected than unfulfilled retail orders.
👉However, if you're a Rosland customer, it's still wise to contact your IRA custodian or depository directly to confirm the status of your holdings.
🦀Crustacean Nation: Has this changed how you think about dealer risk or third-party storage?
👇 Share your thoughts below.
*Not financial advice. Stay stacked!
Source: msn.com/en-us/money/co…
This opens next week…
This is the thing to watch.
The USA and west are losing control of #gold.
It started with the Rise of SGE and SHFE and the central bank buying that went on these past 5 years.
It will only continue. This is easy money over next 1-5 years
BLOOMBERG REVEALS #GOLD IMPORT RUSH AHEAD OF NEW CLEARING SYSTEM IN HONG KONG 🚨
“At least four of the 11 banks participating in Hong Kong’s new gold clearing system are importing large bullion bars in preparation for the mechanism’s planned launch in July”
You did nothing wrong, Andy. There is nothing wrong with analyzing the mechanics of a possible U.S. Treasury gold revaluation and gold bonds, as clearly described and explained by Judy Shelton. The July 4 announcement date was proposed by Judy Shelton herself.
Judy Shelton was Trump’s nominee for the Federal Reserve during his first term, and is clearly close to the Trump inner circle (e.g., Secretary Bessent and others).
I’ll leave it at that.
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