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Alasdair Macleod: Systemic stress in gold derivatives
This analysis was published Sunday in Alasdair Macleod's financial letter at Substack and is posted here by his kind permission. Macleod's letter is published every few days and a seven-day free trial subscription is available. Rates are $10 per month or $120 per year. To subscribe, please visit:
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Systemic Stress in Gold Derivatives
By Alasdair Macleod
Macleod Finance
Sunday, June 15, 2025
Last month, the ECB warned of increasing counterparty risk in gold derivatives for the euro area. It has very good reason to be concerned.
Since dealers on Comex took fright at the prospects of President Trump imposing tariffs on gold and silver imports, the flood of physical gold into Comex has never been properly explained in terms of systemic risk. This article addresses this specific issue, and why it has led the ECB to conclude that gross notional exposure of gold derivatives to euro area banks and financial institutions increased by 58% between November and March. ...
... For the remainder of the analysis:
https://www.gata.org/sites/default/files/Macleod-06-15-2025.doc
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