Ronan Manly: Margin-call rationale for gold's plunge doesn't fit facts


By Ronan Manly
Bullion Star, Singapore
Monday, March 16, 2020

... It's surprising to many that the gold price has turned back twice in the last two weeks from breaking out above the U.S. $1,700 level -- all in an environment of collapsing stock markets, general market panic, end-of-the-world scenarios, and now a U.S. national emergency.

Mainstream media reporters have rolled out and regurgitated the usual margin-call explanation claiming that unnamed "traders and investors" have had to "sell gold" to meet margin calls on their leveraged bets across other asset classes.

... Dispatch continues below ...


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While there are many problems with this explanation (simplistic, lacking in evidence, fails to discuss the role of gold as collateral, cited every day during three weeks when stocks rose as well as fell, etc.), the bigger problem is that these reporters do not address the U.S. Commodity Futures Trading Commission's positioning of gold futures reports, nor the role bullion banks play in continually shorting the gold market and triggering stops and covering short positions, nor most importantly, the structural flaws in the actual entire gold price discovery process. ...

... For the full commentary:

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