Part 2: What Tether Buying Really Means
More "Reset" Evidence Appears
Reset: What Jefferies Analysis Might Really Mean
The Jefferies analysis covered in this space yesterday, Jefferies Notes Tether’s Massive Gold Buying provides the flows, but it does not ask the structural question implied by the pattern. If China owns its gold through its population, the United States may be positioning itself to own gold through its corporate ecosystem. These flows are not coincidental. They reflect the emerging shape of sovereign accumulation in the United States under a corporatist model.