Demand for physical gold was lower-than-usual during a key festival in the world’s second biggest consumer India as local prices peaked and a cash crunch curbed retail spending.

On Wednesday, Indians celebrated the annual festival of Akshaya Tritiya, when buying gold is considered auspicious.

Gold leaving the FRB again..heading back home overseas....

The London Float (ie available gold - supply) for December = 888 tonnes

Note: China's SGE withdrawals (demand) last 5 months = 909 tonnes

One of the most amazing things I have seen is that people are in total denial, and they refuse to accept that the money is not worth even the paper it is printed on.

They won’t innovate changing to cryptos easily, nor will they accept silver coins, much less other precious metals.

They won’t barter, they won’t trade their labor time (I mean major cities, in my small town things are a little different).

We had a good supply of silver coins in the 60s, but that changed.

Turkish President Recep Tayyip Erdoğan on Monday suggested that IMF loans should be paid in gold instead of dollars.

“What I’m saying is that these debts should be in gold. Because at this point the karat of gold is unlike anything else. The world is continually putting us under currency pressure with the dollar,” the Turkish president was quoted as saying by business news site patronlardunyasi in a speech in Istanbul. “We need to save states and nations from this currency pressure.”

Prosecuting banks and traders for price manipulation on COMEX futures while ignoring the far larger London market and its gold and silver fixings looks like a job half done. Trading desks and their traders are agnostic to trading venues and with interlinked markets, the COMEX and the London Fixings are two sides of the same coin.

With blatant evidence that the same banks and traders were involved in both markets, and with actual chat room transcripts now confirming that precious metals traders across multiple banks were colluding in fixing price manipulation, then why are their no active regulatory investigations of trader manipulation of the London Gold and Silver Fixings?

Is it because of lack of jurisdictional authority or are the regulators and criminal enforcement agencies such as the FCA, DoJ, FINMA and the German BAFIN too terrified of opening a can of worms into the huge liabilities that would arise from proving a decade long criminal manipulation of the London Gold and Silver price benchmarks and that were used throughout the world the value everything from ISDA contracts to institutional precious metals products, to ETFs.

Flows this week

Gold needs another push to breakout.

Now if only gold could break out like Bitcoin....up 1000 in 30 minutes...

Both gold & bitcoin are set to breakout as safe-haven assets under strong demand.

The last time we were in this “buy zone” was the late 1990s, when platinum was $350. It rose over 700% over the next decade.

Is $900 the new $350? A 700% rise from $900 would be very welcome chez Frisby.