Housekeeping: Good Morning.

“Comex is Dying”

Topic:

* Gold Still Isn’t Money

* Silver Chart Analysis

Market Analysis: Gold Isn’t Money

Gold is Tier1 capital as many now know. But many do not know that Gold, despite this new designation is still not considered money for liquidity purposes. This misplaced (ridiculous) designation persists despite recent evidence to the contrary. In our weekend post Special: Basel 3 Still Doesn't Recognize Gold as Money! we note…

* February 2025: Trump’s 25% tariffs on steel and aluminum prompted sharp Treasury selloffs. Gold remained steady.

* April 2025: A sweeping tariff escalation ("Liberation Day") triggered widespread bond volatility.

* Late April: A partial de-escalation led to market relief and a dip in gold. Still, gold’s volatility remained inside Treasury ranges.

The exclusion of gold from Basel’s liquidity framework is difficult to justify to those familiar with the EU banking situation in general and the LBMA franchise issue specifically.

Against this backdrop we say from a regulatory perspective, gold may not be an HQLA. From a market perspective, it already is. We intend to explore this more in coming days.

Continues here

Related Posts:

Data on Deck: CPI/ PPI

* MONDAY, JUNE 9 10:00 am Wholesale inventories

* TUESDAY, JUNE 10 6:00 am NFIB optimism index

* WEDNESDAY, JUNE 11 8:30 am CPI

* THURSDAY, JUNE 12 8:30 am Core PPI

* FRIDAY, JUNE 13 10:00 am Consumer sentiment

*

Summary and Final Market Check…

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