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Ambrose Evans-Pritchard: Gold is sniffing out monetary and geopolitical dystopia
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, April 16, 2024
A powerful force is stalking the world's gold market. It is operating in the shadows.
None of the normal footprints are visible on the London bullion market or the Chicago Mercantile. Retail goldbugs have not been buyers: ETF gold funds have been shrinking since December. The crowd is piling into the Bitcoin scam instead.
Yet gold has smashed through a four-year barrier around $2,000 an ounce, rising in parabolic fashion since mid-February, and hitting an all-time high of $2,431 on April 11. Is somebody preparing for an escalation of the shadow Third World War?
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"It is not a Western institution behind this. It is a massive player with very deep pockets. I have never seen this kind of buying before," said Ross Norman, a veteran gold trader and now chief executive of Metals Daily.
Gold has been ratcheting up fresh records against the headwinds of a strong dollar, a 70-point jump in 10-year U.S. Treasury yields, and hawkish talk from the Federal Reserve. This mix would normally spell trouble for gold.
Whoever it is -- or they are -- seems insensitive to cost. Central banks do not behave like this. "They buy on the London benchmark and they don't chase the price," said Mr. Norman. This rally is happening off books in the OTC market. ...
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