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Tom Luongo: Gold soars as the Fed goes full MMonTy
By Tom Luongo
Money & Markets, Delray Beach, Florida
Friday, April 10, 2020
If you’re like me and you follow gold closely, you've been waiting for this moment for a long time. It's the moment where the Federal Reserve finally gave up the charade of being an independent actor and the lie that gold is not an important part of the global monetary system was shattered.
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For the past couple of weeks gold has been screaming that there is a problem with the physical market, that demand at current prices far outstripped available supply. The hint has been in the huge premium between the front month futures price and the spot price as gold trades in the forex markets.
It started before the end of March where the premium blew out to nearly $54 and was driven relentlessly down into the end of he month to suppress as many longs standing for delivery on the COMEX as possible. ...
... For the remainder of the commentary:
Toast to a free gold market
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