Ann: Rex repays Loan Facility, page-4

Just tidying up the desk before the big numbers come into play.

Expect the base price for gold to be $1950 to $2K USD next year when Basel 3 cuts in.
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" In the light of the new Basel 3 regulations, traders’ bosses at their banks’ treasury departments will be instructing dealers avoid increasing their open positions, with a view to closing them down entirely in the next six months. This is because their London desks must stop taking positions ahead of the UK regulatory deadline of 1 January 2022, which applies to all LBMA members, who also make up the vast majority of the Swaps dealers on Comex. The same issue affects their silver positions, which is a far less liquid market with a potential price effect likely to be more dramatic.

While it cannot be conclusively ruled out, any hope that a way round the new net stable funding ratio regulations might be found is evaporating with the approaching deadline for European banks in under six weeks’ time. If the UK regulator refuses to follow the European Banking Authority in order to protect the LBMA a mighty row is bound to ensue. The assumption therefore must be that it will happen, and LBMA banking members will withdraw from the settlement system as well as from position-taking. And that closes down nearly all the Swaps on Comex as well.

The bullion market will have to adjust to the severe diminution of outstanding quantities of paper gold, transferring some paper demand to physical markets. The price effects will reflect a reversal of nearly four decades of price suppression for gold, silver and commodities generally through the expansion of artificial supply by banks to counter speculative buying."

https://www.goldmoney.com/research/market-updates/market-report-solid-performance-from-gold