Deposits in the banking system continue to contract strongly. This is despite the fact that the Treasury’s account at the Fed – which has sucked in over half a trillion dollars on the net since June – is now spitting dollars back out into the system. Not enough though, to reverse the trend of falling money supply we’ve seen since April 2022. We don’t know where the Rubicon is beyond which the next financial crisis is finally triggered, but it’s out there somewhere, and we’re headed straight for it.
In the gold market, open interest in the futures market is at a 5-year low, and every time there has been a rally in open interest, there has also been a rally in price. It should be no different this time, and silver should follow.
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