Over fifty years ago, the US Treasury moved to replace gold as the common international monetary reference with the dollar. Since then, the dollar has reigned supreme. It is taking only a matter of weeks to bring the post-Bretton Woods era to a crashing end. The implications go far beyond a little local difficulty for Comex’s gold contract.
Gold bullion and gold credit
The current Comex crisis is the ultimate conflict between possession of bullion and unallocated bullion promises. That credit is now being called in, which is why bullion is demanded.
