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19.03.26 - 20:33
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New Funding Crisis Emerges As Soaring Dollar Demand Slams Gold, Drives Cross-Currency Basis Lower (ZeroHedge)
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New Funding Crisis Emerges As Soaring Dollar Demand Slams Gold, Drives Cross-Currency Basis Lower
This week has been different for precious metals...
Spot gold is currently down -8.5% for the week, which is the worst week since March 2020, but it was earlier down -10%, which would have been the worst week since 1983...
Notice that the big legs lower in gold this week have occurred during the Asia and European session.
Which got us thinking...
Is gold the canary in the coalmine of a dollar funding crisis?
As we warned earlier in the week, we are seeing strains begin to emerge in the global financial system's plumbing.
UBS traders noted sizable moves in JPYUSD and CHFUSD X-ccy basis suggesting rising demand for dollars..
If there's a dollar shortage, people will sell gold first.
And in case you were wondering, this is why Asia could be where the funding crisis is emerging...
And don't forget, China does not have an LNG stockpile (and prices are up over 100% in Europe)...
Swap spreads (anot...
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19.03.26 - 19:54
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Dubai souks buzz as gold prices crash over Dh50: Eid shoppers rush to buy (Times of India)
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Gold prices in the UAE have seen a significant drop, falling over Dh50 from recent peaks, just in time for Eid ul Fitr. This price relief has spurred a rush of last-minute shoppers to Dubai's gold souks, eager to capitalise on the dip. The market experienced hesitation followed by a sudden surge in demand, driven by global factors and profit-taking....
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19.03.26 - 19:00
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TP-Link′s Chinese founder Jeffrey Chao seeks US$1 million Trump Gold Card visa (SCMP)
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The Chinese founder of the massive router maker facing national security probes by the Trump administration has applied for an expedited visa under the Trump Gold Card programme, according to people familiar with the matter.
California-based TP-Link Systems told the federal agencies scrutinising its operations that founder and Chief Executive Officer Jeffrey Chao had applied for permanent residency under the programme, the people said.
Successful Gold Card applicants must give a US$1 million......
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