The World’s Gold Producers Are Starting to Hoard Their Own Gold
For most of modern history, the gold trade worked one way: emerging-market mines dug it up, shipped it out (often as cheap ore, more often through the back door), and London and New York did the rest. But that arrangement is now quietly breaking down. According to a must-read report in Nikkei Asia,
Source: OilPrice.com
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DW NOTE
Gold miners holding production instead of selling it is the rational response when currencies are being debased faster than they can extract metal from the ground. The extraordinary part is that it took them this long — with gold off 21% from its January high and central banks still running multi-trillion deficits, a mining executive who sells into spot markets is working for someone else's balance sheet, not his shareholders'.