hello 2mar$, today's report
1. bought more bank paper gold @ hkd 14,991 per tael (usd 1,605) [edit: the current sell-back price is hkd 14,970
another bank's local physical gold bars based on 9999 is ask @ hkd 15,145 per tael (usd 1,622 / oz)
all very strange and indicating the next move for gold w/i 12-24 hours may well be down, but who knows one way or another?
obviously bank paper gold is no long the same as physical gold, and is actually quite different from spot gold (now at usd 1,621) but not that distant from where physical is ask at at this moment
am wagering that as and when and if, the paper would close the gap w/ spot but who knows
eventually the paper junk must blow up, and if and when so, who knows what else would be happening
am obviously not at the highest conviction, but certainly at base camp level right before highest conviction
highest conviction level would call for all-in, which would be the staging area for beyond highest conviction
and beyond that, leverage-all-in
we wait
2. re waiting, on fomc and the next episode of european drama, guessing market shall be disappointed, and shall more rather than less disappointed until ...
(i) quantitative easing starts targeting a particular flow-rate => nirvana hyper inflation, and then / or
(ii) quantitative easing ceases to matter to the reservoir of cumulative past easing by measure of fed balance sheet => debt-ly diaper 'deflation'
in the mean time, chop and dice, sliver and slice, until exhaustion.
cheers, tj |
