10-Minute Contrarian

Ep192: Gold Gone Wild

Feb 22, 2025
The podcast dives into the tumultuous gold market, highlighting a staggering shortage at the LBMA and irritating price discrepancies with COMEX. It reveals secrets about Fort Knox's mysterious lack of audits since the '80s and explores the frantic buying behavior among US consumers. With gold's rising value, various investment strategies are discussed, debunking myths about this precious metal. Plus, there’s a look at the implications of hackers targeting crypto platforms, raising concerns about stability in the financial world.
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ANECDOTE

Bybit Hack

  • Bybit suffered a $1.5 billion hack, the largest in history, by North Korea's Lazarus Group.
  • Despite this, Bybit remained operational, honoring withdrawals and continuing trading.
INSIGHT

Gold Shortage

  • The London Bullion Market Association (LBMA) has run out of deliverable gold, extending delivery times significantly.
  • The COMEX, another major gold market, has higher spot gold prices than the LBMA, suggesting a supply shortage.
INSIGHT

Global Shortages

  • South Korea faces a gold and silver shortage, with KOMSCO and major banks suspending sales.
  • Similar supply pressures are reported in major gold-buying countries like the UK, China, Japan, US, Switzerland, and Russia.
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