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Craig Hemke at Sprott Money: Oil went no bid, so can gold go no offer?
5:20p ET Tuesday, April 21, 2020
Dear Friend of GATA and Gold:
Yesterday the oil futures market went no bid, apparently for the first time in history, and with oil storage facilities full everywhere, trapped longs who weren't ready to take delivery had to pay others to do so. With the world's economy crippled by virus epidemic regulations, nobody wanted what used to be called black gold. You had to pay people to take oil off your hands.
... Dispatch continues below ...
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Today the TF Metals Report's Craig Hemke, writing at Sprott Money wonders if another unprecedented phenomenon could happen in the gold futures market -- wonders if, amid increasing signs of scarcity of metal as world money supplies explode to infinity, the gold futures market could go no offer, with nobody willing to sell, or at least not to sell anywhere near current prices.
Hemke writes: "We now know that quite literally anything is possible in 2020 -- from global pandemics to economic collapse to QE to infinity to -$40 crude. As such a complete implosion and restructuring of the global pricing scheme for precious metal is not out of the question in the weeks and months ahead."
Hemke's analysis is headlined "Crude Collapse Concerns Comex" and it's posted at Sprott Money here:
https://www.sprottmoney.com/Blog/crude-collapse-concerns-comex-craig-hem...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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