making the case, page-4

Hmmm, does Butler understand that all the gold ever mined still largely exists? It’s misleading to compare gold short position ratios with commodities that are consumed. Banks are net short (hedged) in the paper market because they’re sitting on much of the physical ever mined, or at least control it via the LBMA. Just like the 1970’s they’re making the most money in this bull market, very smart.

Rowingboat.