Loading ...Now.. about that 200$ correction for gold NS was talking about….
This chart scare me. Not just for it’s possible implications on the price of gold… but the macro situation why such a premium over spot.
Repo market… liquidity issues.. solvency issues.. etc…
Any thoughts?
Edit: on smaller time frame… some cooling off happening… just not sure we can reset to “normal” levels around 4$-8$ contango. Mayb 20$ contango is the closest we get before next event…
Hmm, looks like a big red flag… we must be close to a sizeable pullback. Very short term appears bullish though.
Notice some of the best entries for gold was when nobody wanted it. Low contango signals diminished interest.. and combined with other evidence.. creates a low risk entry where youre buying cheap. See 1977, 2002 and 2015.
From a comment on my twitter feed:”
using % premium instead of $ premium, it is not as extreme as late 70s yet.
”
They are correct… need to redo chart as a % not nominal value