Its funny the way that 476,000 ounces of gold have been 'delivered' so far this month, but the warehouse inventories never seem to go down.
Like the Hotel California, you can check out, but you can never leave.
When I was seconded to the ITU in Genève for many weeks at a time, I used to stay in a smaller hotel on the Rue Gevray that was called the
Hotel California. It was very convenient because they had efficiency rooms on the top floor with a small kitchen and a balcony with a nice view of the lake. And it was not a bad walk up the hill to the old League of Nations building, and an equally pleasant walk over to the restaurant areas.
Alas, they have long been out of business. I heard that for some time they were apartments, and then were taken over by student squatters. I am just sorry that I never acquired one of their signature bath mats, lol.
It was a typical little European hotel, very friendly. They held the room if one of the regulars took off on the weekend for a trip into the French countryside, or east into the
Schweizer Alpen. I received a Christmas card every year from them for quite some time.
I understand why no gold seems to be leaving the Comex warehouses, but it is still kind of funny. The 'claims' are really just warrants, and they are passing them around for shits and giggles for the moment. The Comex is not so much a 'real market' of buyers and sellers who actually produce and use the things that they trade, but more of a game of traders, punters, and banksters.
The drawdowns we saw over the past year were somewhat unusual, especially along with those of so many of the funds and ETFs. I understand the *possible* alternative explanations, especially those peddled by
Shill & Troll. But I think something is up behind the scenes.
So let's see what happens. If I am right, at some point the convergence with reality could be impressive.
Have a pleasant evening.
