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Daniel March Profile picture
Daniel March
@Daniel_March3
Gold & Silver at Jupiter Asset Management. Formerly at JPM, HSBC, and ICBC Standard Bank. Views are my own, not trade advice, RTs not endorsement.
Oct 17, 2020 • 7 tweets • 2 min read
Loco London Mechanics ☕

In addition to the #Gold held for Central Banks, ETFs, and in long-term allocation, the bullion clearing banks require an ever changing amount of physical as 'collateral' against the OTC trade flow.

Thread [1/7] How much the clearers require all depends on the 'net' OTC positions, and the ability/willingness to extend unallocated exposure versus a predefined tolerance for risk ($ gold credit limits).. [2/7]
Mar 26, 2020 • 4 tweets • 1 min read
For the last 40 years, the financialised price of gold (commonly expressed as XAU/USD), has been the function of the market maker's willingness and ability to extend $ based gold credit. 1/4 The last 72 hours will have fundamentally altered how market makers view risk and exposure, and there's a good chance the volumes of gold credit we have seen over the years may never return. 2/4