What’s bewildering is that all traditional positive measures are proving irrelevant. Plunging real interest rates haven’t had an effect. Skyrockecting inflation nothing. Yields dropping, nothing. What will it take? We’re now at 1.3% on the 10 year and the real rate is minus 3.7%. All this transitory crap and yield curve control is in full bloom. Fed jawboning, inflation is temporary. Reverse repo market is flooded with reserve. The system is bulging with excess reserves. Too much cash and not enough places to put it. There’s so much cash, it has to go someplace and they took a 5 basis point return. Almost $1 trillion floating around the system. It’s a liquidity sapping event. 

Basel 3, it’s happening but it’s a process. June 28 was an important date, but it was important. All the European Banks had to change their accounting for gold. However, Craig says the big is 1/1/22, when Basel 3 affects LBMA. Banks have been adjusting along the way.