Thread 🧵 | David Jensen: The “London Promissory Note Market”
1️⃣
Mining executive & metals analyst David Jensen (@JensenStrategic) says it plainly:
The LBMA isn’t a bullion market — it’s a promissory note factory.
Unallocated paper claims there are orders of magnitude larger than COMEX futures.
#Silver #Gold #LBMA
1️⃣
Mining executive & metals analyst David Jensen (@JensenStrategic) says it plainly:
The LBMA isn’t a bullion market — it’s a promissory note factory.
Unallocated paper claims there are orders of magnitude larger than COMEX futures.
#Silver #Gold #LBMA
2️⃣
LBMA’s spot market trades over 300 million oz of silver daily, equal to 3 billion oz turnover —
in a world that mines ~850M oz per year.
That’s not “liquidity.”
That’s leverage on promises.
Meanwhile, COMEX averages just 100–200k contracts daily (~0.5–1B oz).
LBMA’s spot market trades over 300 million oz of silver daily, equal to 3 billion oz turnover —
in a world that mines ~850M oz per year.
That’s not “liquidity.”
That’s leverage on promises.
Meanwhile, COMEX averages just 100–200k contracts daily (~0.5–1B oz).
3️⃣
For gold, London holds ~385M oz in paper claims vs 280M oz in vaults, much of it locked in ETFs or leases.
Translation: the “physical” market is a spreadsheet illusion.
COMEX may set headlines,
but London sets the price — on paper.
For gold, London holds ~385M oz in paper claims vs 280M oz in vaults, much of it locked in ETFs or leases.
Translation: the “physical” market is a spreadsheet illusion.
COMEX may set headlines,
but London sets the price — on paper.
4️⃣
Jensen calls it the “London Promissory Note Market Association.”
And he’s right —
these unallocated IOUs can be created without limit, unlike real bullion.
Daily turnover > physical supply =
Opacity. Leverage. Eventual shortage.
#SilverSqueeze #PhysicalOverPaper
Jensen calls it the “London Promissory Note Market Association.”
And he’s right —
these unallocated IOUs can be created without limit, unlike real bullion.
Daily turnover > physical supply =
Opacity. Leverage. Eventual shortage.
#SilverSqueeze #PhysicalOverPaper
5️⃣
When vault drawdowns hit (as in 2024–2025),
banks rush to source metal via Exchange for Physical (EFP) —sending 3–5M oz daily from COMEX to London.
That’s not “arbitrage.”
That’s a lifeline.
When vault drawdowns hit (as in 2024–2025),
banks rush to source metal via Exchange for Physical (EFP) —sending 3–5M oz daily from COMEX to London.
That’s not “arbitrage.”
That’s a lifeline.
6️⃣
In Jensen’s words:
“London’s market is existential. If physical demand spikes, default is inevitable.”
The warning’s clear:
the LBMA’s paper ocean hides a physical puddle.
And the tide is going out. 🌊
#LBMA #COMEX #Silver #Gold #StackerLogic
In Jensen’s words:
“London’s market is existential. If physical demand spikes, default is inevitable.”
The warning’s clear:
the LBMA’s paper ocean hides a physical puddle.
And the tide is going out. 🌊
#LBMA #COMEX #Silver #Gold #StackerLogic
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