COTs this week

Tether Gold holders will receive an annualized interest of 4 percent for keeping the digital currency on Celsius’ interest-bearing accounts.

Gold trading banks are preparing to significantly reduce their positions on CME Group’s Comex exchange in New York, nine people familiar with the plans said, shifting more trading to London and raising costs for thousands of investors.

Some bullion banks are no longer willing to hold large positions on Comex, the biggest gold futures market, after the coronavirus snarled the supply of gold bars, sending Comex prices vaulting above London rates in March.

Bank of Nova Scotia has set aside C$232 million ($168 million) to cover the cost of winding down its historic precious-metals unit as well as a potential settlement of U.S. investigations into the unit’s trading activities.

Raoul and Hugh explore how gold could perform in a debt deflation and whether central bank largesse is sufficient to help risk assets weather the storm. A

Flows this week

In brief, after the creation of a new set of rules establishes the new world order, there is typically a peaceful and prosperous period. As people get used to this they increasingly bet on the prosperity continuing, and they increasingly borrow money to do that, which eventually leads to a bubble. As the prosperity increases the wealth gap grows. Eventually the debt bubble bursts, which leads to the printing of money and credit and increased internal conflict, which leads to some sort of wealth redistribution revolution that can be peaceful or violent.

US flows for March

Intraday high = 128.785

COTs this week