Playback speed
Share post
Share post at current time

Bank Selling Comex Gold to China

CITI: 'Shining Diamond' Gold Could Hit $3,000

Housekeeping: Good Morning.

Bretton Woods Three is a Process, Not an Event

The World has and always will be Mercantilist


  • CITI says Gold to $3,000- Report

  • JPM shows its hand in China

Markets Yesterday:

US equities sold off sharply again on Monday amid concerns about rising yields and geopolitical tensions.

Premium Commentary

Gold is shining ‘bright like a diamond’ and could hit $3,000, says Citi

  • Gold prices continued its rally as Middle East tensions spurred demand, lifted by the bullion’s safe haven appeal.

  • Gold prices notched another record close Monday, with the most-active June contract for gold futures settling at $2,383 per ounce.

Full report and GoldFix analysis in premium

JPMorgan Chase Bank Visits Shanghai Gold Exchange

In November, GoldFix broke a story that a NY Bank had taken delivery of Comex Gold and sold it in China to close the widening Shanghai/Comex Arb differential. Since then many tons of gold have left US shores for China. Since then almost none have discussed it.

But now it is becoming obvious who at least one of those banks was. Why would your head of trading visit the SGE unless he was buying or selling physical gold on that exchange. Further, given the price in China is higher than the price in the US, and he wants to make money…. hes not buying China gold for US delivery.

On March 27, 2024, Scott Willig, Managing Director of Global Precious Metals Trading at JPMorgan Chase Bank, and his delegation visited the Shanghai Gold Exchange and held talks with Chairman Yu Wenjian. The two sides engaged in in-depth discussions on how to deepen cooperation and jointly promote the high-quality development of China's precious metals market.

Chairman Yu Wenjian introduced the recent development and future plans of the Shanghai Gold Exchange and expressed gratitude for the long-term active participation and strong support of JPMorgan Chase Bank. He emphasized that the Shanghai Gold Exchange will always adhere to the development direction of "marketization, rule of law, and internationalization," and looks forward to maintaining a good cooperative relationship with both parties in the future, jointly promoting the healthy development of the precious metals market in China and globally.

Scott Willig stated that JPMorgan Chase Bank attaches great importance to China's precious metals market and has a long-term commitment to continue deep participation. In the future, it will actively leverage its own advantages, strengthen comprehensive cooperation with the Shanghai Gold Exchange, and contribute to further promoting the exchange and cooperation of the precious metals market both domestically and internationally.

Where nations fail to do business, Banks step into the breach

Much more at bottom…

Price Action:

  • Gold- beachball time

  • Silver- leading the pack

  • Miners-

  • Oil- touch and go

  • BTC/ETH- looks weak, but not sickly

  • Stocks- tehr is a problem now

  • Bonds- YCC is coming

  • Dollar- Bucks and Bullion are king

Market News:

"Goldman Sachs on Monday posted first-quarter profit and revenue that topped analysts’ expectations, fueled by a surge in trading and investment banking revenue. Source: CNBC

"Tesla was rocked Monday by a series of internal changes that included plans to slash more than 10% of the carmaker’s global workforce and the departure of prominent executives. Source: WSJ

"Apple lost its lead in the global smartphone market at the start of 2024, with iPhone sales falling 10 per cent as lower-cost Chinese rivals such as Xiaomi experienced rapid growth." Source: FT

"Rising inflation in March didn’t deter consumers, who continued shopping at a more rapid pace than anticipated, the Commerce Department reported Monday." Source: CNBC


  • "Israel sent a message to the countries of the region that responding to the Iranian attack will not endanger the stability of these countries", according to Sky News Arabia.

  • The Israeli war cabinet is weighing a response to the recent Iran attacks; and is to meet again on Tuesday for a third straight day, via the FT

  • Iran's Foreign Minister said in a call with China's Foreign Minister that Iran is willing to exercise restraint and has no intention of further escalating the situation, according to Chinese state media.

  • Iraqi PM confirmed Iraq's interest in obtaining expertise and arms from the US, as well as keenness on security partnership during a meeting with US Defense Secretary Austin, according to Reuters.

  • Saudi Arabia acknowledged that it helped defend Israel against Iran whereby Saudi Arabia's royal family posted on its website about the country's role in defending Israel against the Iranian barrage, according to Jerusalem Post.

Prior MSM Stories HERE

Some headlines via NewSquawk or DataTrek

Data on Deck:

  • MONDAY, APRIL 15 8:30 am U.S. retail sales March

  • TUESDAY, APRIL 16 8:30 am Housing starts 1:15 pm Fed Chair Powell speaks

  • WEDNESDAY, APRIL 17 2:00 pm Fed Beige Book

  • THURSDAY, APRIL 18 8:30 am Initial jobless claims

  • FRIDAY, APRIL 19 10:30 am Chicago Fed President Austan Goolsbee speaks1


  1. Citi’s Report calling for $3,000 Gold

  2. Full GoldFix breakdown and analysis of that report

This post is for paid subscribers

Capital markets recap, commentary, and analysis for evolving traders