UPDATE : Gold GOFO Rates Turn Negative For The First Time Since Lehman
UPDATED BELOW AGAIN…
Submitted by Tyler Durdenon 07/08/2013 – 21:15
Today, something happened that has not happened since the Lehman collapse: the 1 Month Gold Forward Offered (GOFO) rate turned negative, from 0.015% to -0.065%, for the first time in nearly 5 years, or technically since just after the Lehman bankruptcy precipitated AIG bailout in November 2011. And if one looks at the 3 Month GOFO, which also turned shockingly negative overnight from 0.05% to -0.03%, one has to go back all the way to the 1999 Washington Agreement on gold, to find the last time that particular GOFO rate was negative.
ZeroHedge speculates that…
“– An ETF-induced repricing of paper and physical gold.
“– Ongoing deliverable concerns and/or shortages involving one (JPM) or more Comex gold members.
“– Liquidations in the paper gold market.
“– A shortage of physical gold for a non-bullion bank market participant.
“– A major fund unwinding a futures pair trade involving at least one gold leasing leg.
“– An ongoing bullion bank failure with or without an associated allocated gold bank “run.”
“– All of the above.”
The Golden Backwardation Rabbit Hole Gets Deeper: Subzero GOFO Slide Accelerates
Submitted by Tyler Durdenon 07/09/2013 – 15:39
Yesterday we described the historic inversion in the Gold Forward Offered Rate, where the 1 and 3 Month GOFO rates sliding into negative territory for the first time since 2008 and 1999 respectively. Today, using the latest LBMA rate update, we observe that the gold backwardation is accelerating, and now the 6 Month GOFO has also joined the complex into sub-zero territory.
What Bernanke Really Said, Or How The Chairman Just Lost Control Over Policy Again
Submitted by Tyler Durden on 07/10/2013 – 20:22
“We don’t believe the Chairman’s intentions have changed. Regardless, the Chairman’s credibility is once again damaged. If the Dollar breakdown continues, it will be a sign that the market believes the Chairman has again lost control over policy. The asset clearly in the best position in such an environment is Gold. After such a notable correction in the past 9 months, the precious metal once again becomes a very attractive global asset if monetary policy in the largest economy of the world spins out of control.” - Mike O’Rourke
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