💰 📈 🌐 Gold inventories in the 3 largest COMEX gold vaults just surged by 15 MILLION ounces in 2 months.
⬛️ That's a +115% increase, putting physical gold holdings ABOVE 2020 pandemic levels.
🔶️ These are secure gold storage facilities approved by the Commodity Exchange (COMEX). They are literally located under and around Manhattan, NY. January ALONE saw 19+ THOUSAND contracts delivered. Never in HISTORY have we seen buying like this.
🇬🇧 As COMEX inventories surge, London vault inventories are being depleted. Withdrawal times in London are rising toward 8 WEEKS. Meanwhile, the US has switched from being a net gold exporter to a net gold importer in November 2024.
🔶️ Clearly, US gold markets and physical gold demand is signaling a major pivot from the norm. Gold prices are now up +40% in 12 months as the US Dollar and interest rates are up sharply. Not even a 10% pullback seems to be attainable. This has never happened in history.
🇨🇳 China has also joined the gold buying party. China’s central bank bought 5 tonnes of gold in January, its 3rd consecutive monthly purchase. Assets in Chinese Gold ETFs have TRIPLED in just 18 months. There are now $9.5 BILLION of assets in Chinese gold ETFs alone.
🔶️ What's even more unusual is gold has DOUBLED the S&P 500's +22% return over the last 12 months. Usually gold prices are a hedge against equity market volatility. As stocks have posted a historic rally, gold has posted an even more historic rally. Truly unusual.
🔶️ The beginning of President Trump's trade war has only accelerated this trend. While precious metals are not currently a part of these tariffs, they are serving as the GLOBAL hedge. We expect gold to continue to serve as the global hedge against inflation AND uncertainty.
🔶️ And this is particularly the case as US Deficit spending is out of control. The US has borrowed $838 BILLION in the first 4 months of FY 2025. This is crushing bond prices as treasury yields are driven higher. Gold's position as the global hedge has only grown as a result.
🔗 Kobeissi Letter
— 🇺🇸/🇮🇱 WATCH: Jewish-American venture capitalist Michael Eisenberg urges Jews to move to Israel and explicitly calls the United States 'a declining empire' while sitting in New York for a conference.
In the UK, the Net Zero agenda has resulted in fleets of electric ambulances that don't have enough electricity to make the defibrillators work. 🤡
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