Gold’s centre of gravity
plus: easing doubts for BTC, OTC trading and more
“We must welcome the future, remembering that soon it will be the past; and we must respect the past, remembering that it was once all that was humanly possible.” – George Santayana ||
Hello everyone! I hope you’re all doing well and holding on to your sanity in this accelerated news flow.
📽 “Press Publish” is back! This Friday, June 19th, come join me for a live chat with Izabella Kaminska, author of The Peg and The Blind Spot, about newslettering, media, too much information and more. More details below! 📽
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IN THIS NEWSLETTER
Gold’s centre of gravity
Term of the day: OTC
Markets: easing doubts
Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes. Plus links and more.
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✨Press Publish with Izabella Kaminska✨
Come and join me and long-time journalist, finance expert and independent thinker Izabella Kaminska on Friday June 19th, at 3pm UK time/10am ET for a live chat about why and how she does what she does: how she manages to produce not one but two excellent newsletters (The Peg and The Blind Spot) while also writing for mainstream media, speaking at events, and juggling a ton of other stuff besides. We’ll touch on her long media career, where she thinks the industry is heading, how she handles the firehose of information, what works for her and what doesn’t, what advice she’d give her younger self, and more.
Again, Friday June 19th, at 3pm UK time/10am ET: https://open.substack.com/live-stream/239917?utm_source=live-stream-scheduled-upsell
WHAT I’M WATCHING:
Gold’s centre of gravity
Things are shifting in the gold market. I mean, of course the gold market is always shifting, it’s what markets do – I’m referring to what feels like a centre of gravity drift, that could have significant consequences on the development of “money”.
It’s a massive topic so these are just my “top-of-mind” thoughts for a Tuesday morning – but I will be doing more digging as this fits squarely into my “monetary interregnum” project (which is basically just me doing lots of nerdy reading, connecting headlines and scratching at hunches as I try to map out what the global monetary regime will look like once the new technologies and geopolitics have been absorbed). If you have any other factors to throw into the pot as I do my stirring, do please let me know.
Right, where was I… Oh yes – over the past few days, four distinct signals caught my attention, that bundled together project a much louder message than any one of them taken individually:
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1) Last Friday, the World Gold Council published a report showing that China’s official gold purchases are accelerating. Last month it added to reserves for the 19th consecutive month, with the largest buy since December 2024.
