Yesterday marked the 46th day since May 6 that gold withdrawals were made from the Comex. 5.34 million ounces have been withdrawn since then, bringing down inventories to the lowest in 24 months.
This comes on the heels of open acknowledgment of bullion price rigging by significant players in the banking sector and new sanctions announced about Russian gold. As with bans on Russian energy, the results of these sanctions might also do more harm to Western societies than it does to Russia.
Speaking of Russia, they have just announced a reduction in interest rates to the pre-war level, as they no longer need to attract capital. They have already sold a year’s worth of energy production, thanks partly to sanctions against selling energy to Europe. Nations across Asia and India have become willing beneficiaries of Russian natural resources in the wake of Western sanctions.
In other news, the European Central Bank has raised interest rates for the first time in 11 years to fight inflation. It was raised to 0%, which has been at negative rates since 2014. Precious metals are a better inflation fighter.