Silver’s on Fire, Report 24 Apr, 2016

Another interesting week, in that the price of silver separated from the price of gold. The former went no nowhere, while the latter gained over 4.5%.

We get the trading thesis, that if the precious metals are in a bull market, then silver should go up more than gold. Silver is the high-beta gold. It’s a smaller market, less liquid, and at the same time it’s the preferred vehicle for betting on a rising price.

We don’t quite get the thesis that gold is going nowhere or even down, and bet on silver which is going to $50. Yet that is now our market reality. Excited silver bulls have watched as pushed silver up from $14 in late January to $17. Meanwhile the price of gold went from $1,100 to $1,260 and then back down to $1,230. The gold silver ratio initially rose from 78.5 to over 83, and down so far to 72.7.

The growing consensus is bullish. As always, we’re more interested in the fundamentals than in opinions. Let’s look at the only true picture of supply and demand fundamentals. But first, here’s the graph of the metals’ prices.

The Prices of Gold and Silver

Next, this is a graph of the gold price measured in silver, otherwise known as the gold to silver ratio. The ratio was down sharply again this week.

The Ratio of the Gold Price to the Silver Price

For each metal, we will look at a graph of the basis and cobasis overlaid with the price of the dollar in terms of the respective metal. It will make it easier to provide brief commentary. The dollar will be represented in green, the basis in blue and cobasis in red.

Here is the gold graph.

The Gold Basis and Cobasis and the Dollar Price

Look at that. Carrying gold for June delivery is now even more profitable, over 55 basis points. This is up from last week at 51bps. The increase tells us something. However much gold was carried last week, it became incrementally more attractive to carry this week.

A positive basis is a measure of abundance. This is because it tells us about the profitability of buying metal to warehouse in carry trades. If profitability is rising, then that means the marginal demand for metal is to put into the warehouse.

Not a bullish sign, with a flat to falling price. Indeed our fundamental price for gold is still sagging, down another six Federal Reserve Notes this week.

Now let’s turn to silver.

The Silver Basis and Cobasis and the Dollar Price

How much higher can the price of silver go? One talk show host appealed to the “silver faithful” with a promise of a price to skyrocket to levels even they will find “stunning”.

Our response is to point to the basis (blue line). Note that we switched from May to July.

If gold is showing some signs of abundance, silver is practically lying about in the marketscape. To carry silver for July delivery yields an annualized profit of over 1.1%. The flow of metal into the carry trade must be a torrent. If anything occurs that will stun the silver faithful, it will be the epic drop in the silver price. This will be decried as a smashdown.

Our calculated fundamental price did rise a dime this week, but it’s more than two fiat units below the market price.

There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.

To be conservative—though this risks missing a quick collapse—one should wait to see the momentum peter out. As we often say at times of bearishness, we NEVER RECOMMEND NAKED SHORTING a monetary metal. The way to play this move would be to go long gold and short silver. If the gold silver ratio is 70, short 70 ounces of silver for every ounce of gold you buy.

70 would be an attractive entry point (assuming momentum dies by then). If the ratio rises to 83, then you have a gain of over 18.5%. For example, if you buy 100oz gold and short 7,000 oz silver, you will pick up over 15.6 ounces of gold.

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Ratio says:

April 24, 2016 at 23:31

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

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Ratio says:

April 25, 2016 at 00:06

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
Sage8964 says:

April 25, 2016 at 06:59

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
amusedobserver says:

April 25, 2016 at 08:18

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
petter_w says:

April 25, 2016 at 12:00

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
Pizza Genie says:

April 25, 2016 at 12:32

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
1. Joken says:
  
  April 25, 2016 at 16:50
  
  Thanks for the comments.
  
  Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.
  
  In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.
  
  Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.
  
  amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.
  
  petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.
  
  The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:
  
  “There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”
  
  Log in to Reply
Keith Weiner says:

April 26, 2016 at 00:43

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
amusedobserver says:

April 26, 2016 at 12:34

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
Pizza Genie says:

April 26, 2016 at 23:41

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
Ratio says:

April 27, 2016 at 03:34

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
amusedobserver says:

April 27, 2016 at 04:10

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
Ratio says:

April 27, 2016 at 04:19

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

Log in to Reply
Ratio says:

April 27, 2016 at 04:28

Thanks for the comments.

Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.

In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.

Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.

amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.

petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.

The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:

“There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”

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1. Joken says:
  
  April 27, 2016 at 10:44
  
  Thanks for the comments.
  
  Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.
  
  In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.
  
  Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.
  
  amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.
  
  petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.
  
  The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:
  
  “There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”
  
  Log in to Reply
  1. Ratio says:
    
    April 27, 2016 at 10:58
    
    Thanks for the comments.
    
    Ratio: the actual recommendation was to watch the momentum peter out. I suggested a ratio target of 70, with the risk of missing the opportunity.
    
    In our annual Outlook (https://www.monetary-metals.com/outlook-2016/), we talk about the players in the market. It is not simply mining, industry, and investors.
    
    Sage: We shall have to wait to see (or at least I have not seen it yet) precisely what DB admitted to. A few years ago, a trader for Barclays was convicted of gaming the fix to avoid paying on an option he had sold to a client. He sold a few hundred bars into the fix, locked the price below the options strike, and then bought those bars back. He took a loss on the bars of metal, but saved a much larger amount on the option. What he did was unethical and illegal. But it has nothing to do with the belief that the price of gold would be far higher than it is. If the price of gold should be $2000 or $5000, but a massive short-selling of paper pushed it to $1200 then we would see a massive backwardation.
    
    amused: why would a bank accept only gold and then immediately sell such gold? When they sell the gold, what are they buying with the proceeds? Why wouldn’t they accept that asset as collateral? If the banks owed the borrower safe return of the gold, then they cannot sell it without at least buying a future or forward. If that was happening, we would see a rising basis. Which is happening, so that part is plausible. But where do the borrowers get the gold? Are they buying it in order to have the collateral? In which case it’s hard to see that this is causing the price to drop.
    
    petter: we plan on publishing historical basis and other material, so I want to hold off commenting until that project is ready.
    
    The basis is indeed very sensitive. And obviously speculators can stampede against the fundamentals. This is why we said this:
    
    “There are times when the basis analysis does not predict a price move. We certainly did not call for the price of silver to jump. It’s speculation, or “animal spirits” if you will. However, then the basis can predict the reversal of the speculative move.”
    
    Log in to Reply

Name	Role / Title	Department	Description
Keith Weiner	PhD, CEO & Founder, Chairman of the Board	Leadership Team	Keith Weiner is an economist who is a leading authority in the areas of gold, money, and credit and has made important contributions to monetary theory. He is also an entrepreneur who specializes in businesses that solve hard problems. Before Monetary Metals, he founded DiamondWare, a software company that developed 3D voice technology, sold to Nortel in 2008. He is the President of the Gold Standard Institute USA. He earned his PhD from the New Austrian School of Economics.
Jeff Deist	Chief Risk Officer	Leadership Team	Jeff spent ten years as president of the Mises Institute, where he wrote hundreds of articles and delivered countless speeches on topics of monetary policy, gold, and central banking. Prior to that he worked on Capitol Hill as Chief of Staff for Congressman Ron Paul. He previously worked as an attorney in law firms and public accounting firms specializing in private equity, mergers & acquisitions, and tax. Jeff holds degrees in law and taxation.
John Flaherty	Chief Operating Officer	Leadership Team	Throughout his career, John has excelled in operational leadership roles in the fields of commercial construction management, real estate development and education. In his recent role as Director of Real Estate Development for BASIS Independent Schools, John was responsible for developing a national portfolio of elite private schools. He has a bachelor’s degree in civil engineering from Arizona State University and pursued graduate studies in economics at the University of Arizona.
Nathan Lucas	Chief Financial Officer	Leadership Team	Nathan Lucas has over 25 years as an accounting professional. After graduating with a Bachelor of Commerce (Major Accounting & Economics) from Monash University, he was admitted to the Institute of Chartered Accountant in Australia whilst working in the audit division of Ernst & Young. Nathan has worked in a variety of senior finance roles including guiding a start-up to IPO, extensive experience in ERP system implementation as well as being CEO and founder of an Accounting Software business.
Miranda Werstiuk	Chief Revenue Officer	Leadership Team	Miranda has over 30 years’ experience in finance for the resources sector. She has worked across the spectrum of transaction mechanisms (equity, debt, and alternative financing), with a focus on complex structuring for creative and mutually beneficial solutions. She has relationships with private and public corporate issuers, as well as high net worth individual and institutional investors. Miranda regularly contributes to conferences including PDAC, 121 Mining, Mining Indaba, Mines & Money London, IMARC, and CIM. She is Chair of the Program Advisory Group for planetGOLD, which seeks to eliminate mercury used by artisanal and small gold miners, as well as being a long-standing participant and committee member of WIM Toronto.
Dickson Buchanan, Jr	Chief Commercial Officer	Leadership Team	Prior to joining Monetary Metals, Dickson served as Senior Broker and Director of International Development at SchiffGold, where he helped a wide range of investors to obtain a strategic allocation into gold and silver both domestically and abroad. He received a Master‘s in Economics from King Juan Carlos University in Madrid, Spain where he studied under renowned Spanish economists Jesús Huerta de Soto and Juan Ramón Rallo.
KC Sparks	Chief Technology Officer	Leadership Team	A graduate of The Ira A. Fulton Schools of Engineering at ASU, KC is a value-driven technology expert with a proven record for developing and implementing robust software solutions that enhance profitability, efficiency, and redundancy. He has led initiatives resulting in SOC 2 compliance, optimized infrastructure and deployment workflows, and ensured optimal prioritization and execution of software strategies aligned with the intricate demands of the financial sector—all while fostering a culture of ownership, empowerment, and collaboration among his growing team. His evolution from Lead Software Engineer to Chief Technology Office reflects his commitment to excellence and deep understanding of software development.
Addison Quale	Vice President Relationship Management	Leadership Team	Addison concentrated in economics at Harvard University and came to embrace libertarian thought while studying for a Master of Divinity at Gordon-Conwell Theological Seminary. Addison worked as a precious metals specialist at SchiffGold, with additional work experience at Cambridge Associates, a Boston based investment consulting firm.
Mark Pey	Director of Strategic Relationships \| Dubai office	Leadership Team	Mark brings significant experience across financial services, technology, and digital physical gold management to Monetary Metals. His career background includes roles as Financial Services Industry Manager, Microsoft Corporation, where he ran Microsoft's financial services practice across Australia, New Zealand, and 'English speaking Asia' (Singapore and Hong Kong). He was also Vice President, J.P. Morgan American Century, where he ran institutional investment sales for some of their largest clients including Intel Corporation. Lockheed-Martin, and Bechtel Corporation.
Jeffrey Rhodes	Managing Director Business Development, Middle East and Asia	Leadership Team	A leading expert in the international precious metals market, Jeffrey is widely recognized as 'The Godfather of Gold Leasing.' For over 45 years, he served major financial institutions, including Credit Suisse, HSBC, Standard Bank, and StoneX. He founded Rhodes Precious Metals Consultancy DMCC in 2013, was appointed as Principal Consultant to Goldstrom Pte in 2022, and in 2025, he was named the CEO of Goldstrom Advisory DMCC. He's played a prominent role in the development of the Dubai Multi Commodity Centre, and he's been a member of Dubai’s Gold Advisory Group since its inception in 2003. He was a Chairman of the Public Affairs Committee of the LBMA, during which time he founded its popular trade magazine, The Alchemist.
Andrew Senior	Vice President Strategic Relationships	Leadership Team	Andrew is a creative entrepreneur with experience in investor engagement, commercial partnerships, and scalable growth strategies. With a career spanning decades and continents, he has founded and scaled several successful ventures, including Skuuudle, IT247.com, and Marsland Holdings—and raised over £65 million in capital across various funding rounds. He has led international expansion efforts across the US, China, and Russia, has advised C-level teams on fintech, pricing automation, & emerging tech, and drove strategic partnerships and investment initiatives at Glint Pay.
Hiren Chandaria	Managing Director, Middle East and Asia Operations	Leadership Team	Hiren Chandaria is a seasoned precious metals executive with over two decades of experience in gold investment, structured finance, and market development. He helped structure India’s first and largest gold savings fund, which won CNBC’s “Most Innovative Fund” award, while another fund he managed was ranked Bloomberg’s best-performing gold fund globally. A CFA Charterholder and Sloan Fellow of London Business School, Hiren leads Monetary Metals’ expansion across the Middle East and Asia.
Jim Brown	Director	Board of Directors	Jim lives in Jackson Hole and manages the Justice Brown Family Office. His finance career includes ten years as a stockbroker and 20 years as partner and portfolio manager at Brandes Investment Partners of San Diego. Prior to his finance career, he was an Air Force instructor pilot and an airline pilot. Jim is a Chartered Financial Analyst, holds an MBA from Harvard Business School and a BS in political science from the United States Air Force Academy.
Simon Guenzl	Director	Board of Directors	Simon Guenzl has over 30 years of experience in finance, including over 20 years in private-markets investing. His experience includes advising on mergers & acquisitions at several leading Wall Street investment banks, making venture-capital investments in start-ups, and investing in private-equity and venture-capital funds on both a primary and secondary basis. He holds a law degree from the University of Western Australia and an MBA from the Wharton School of Business.
Ronald P. Stöferle	Advisor	Board of Advisors	Ronnie is managing partner of Incrementum AG and responsible for Research and Portfolio Management. Upon graduation, he joined the Research department of Erste Group, where he published his first “In Gold We Trust” report in 2007. The report has become one of the benchmark publications on gold, money, and inflation. Since 2013, he has held the position as reader at scholarium in Vienna, and he also speaks at Wiener Börse Akademie. In 2014, he co-authored the book “Austrian School for Investors” and in 2019 “Die Nullzinsfalle” (The Zero Interest Rate Trap). He is a member of the board of Tudor Gold, a Canadian exploration company, and an advisor to Matterhorn Asset Management, a global leader in asset preservation in the form of physical gold stored outside the banking system.
Mark Valek	Advisor	Board of Advisors	Mark is fund manager and partner of Incrementum AG. His passion is to apply interdisciplinary thinking to investment. He is particularly fascinated with the Austrian School of Economics, monetary history, and the foreseeable paradigm shift in the monetary system. Prior to the establishment of Incrementum AG, he was with Raiffeisen Capital Management for ten years, most recently as fund manager in the area of inflation protection and alternative investments. He gained entrepreneurial experience as co-founder of Philoro Edelmetalle GmbH. Since 2013, he has held the position as reader at scholarium in Vienna, and he also speaks at Wiener Börse Akademie. In 2014, he co-authored the book “Austrian School for Investors”.
Brent Johnson	Advisor	Board of Advisors	A globally recognized macroeconomic professional with over 25 years of financial markets experience, Brent is the CEO of Santiago Capital. Previously he served as Managing Director at BakerAvenue, a $2.5 billion wealth management practice where he advised several of the firm’s largest clients. Prior to that, he worked almost a decade in the private client group at Credit Suisse. Brent is widely known for his “Dollar Milkshake Theory” and speaks frequently on macroeconomics, currencies, and precious metals.

Award	Issuing Organization	Description
Inc. 5000 Fastest-Growing Private Companies - Rank No. 677 Overall	Inc. 5000	Monetary Metals named to the 2025 Inc. 5000 list, ranking No. 677 overall, top 15% of fastest-growing private companies in the U.S., No. 45 in financial services, and No. 19 among Arizona private companies.
Worldwide Finance Awards 2020 Winner	Acquisition International	Monetary Metals & Co. recognized as one of the winners of the 2020 Worldwide Finance Awards.
Bullion.Directory 2025 Gold Price Forecast Category - Silver Medal	bullion.directory	Monetary Metals awarded the Silver Medal in Bullion.Directorys 2025 Bullion Dealer of the Year public vote in the Gold Price Forecast category.
Bullion.Directory 2024 Dealer of the Year winner in News and Analysis	bullion.directory	Monetary Metals won bullion.directory's Dealer of the Year award in the News and Analysis category
Better Business Bureau A+ Rating	Better Business Bureau	Monetary Metals received an A+ rating from the Better Business Bureau
Trustpilot 4.8/5 star rating	Trustpilot	Monetary Metals achieved a 4.8/5 star rating on Trustpilot
Google Business 4.7/5 star rating	Google	Monetary Metals earned a 4.7/5 star rating from customers on Google Business

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Monetary Metals & Co. LinkedIn Profile	https://www.linkedin.com/company/monetary-metals-&-co./	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees. For more information, please visit monetary-metals.com. Founded in 2012 and headquartered in Scottsdale, Arizona, Monetary Metals is a different kind of gold company. Unlike others that simply buy or sell gold for dollar price appreciation, Monetary Metals unlocks the productivity of gold by matching investors who hold gold and silver with qualified precious metals businesses who need financing, including mints, refiners, jewelry manufacturers, miners, and recyclers. The businesses benefit from financing denominated in metal—which removes the need to hedge their price exposure—and owners of gold and silver can benefit from growing their total ounces of metal. The company offers two primary gold fixed income products: gold leases and gold bonds (gold bonds are for accredited investors only), which deliver income paid in physical ounces rather than dollars, eliminating storage fees and enabling investors to achieve compounding returns in ounces gained rather than mere dollar price appreciation. Since launching the Gold Yield Marketplace™ in 2016, the company has completed over 80 funded transactions across six continents. Monetary Metals has served thousands of clients—including family offices, high net worth individuals, and institutional investors— with the vision that everyone can save, earn and finance production in gold.
Monetary Metals & Co. X (Twitter) Profile	https://twitter.com/Monetary_Metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform.
Monetary Metals & Co. Facebook Profile	https://www.facebook.com/MonetaryMetals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. YouTube Channel	https://www.youtube.com/c/Monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees.
Monetary Metals & Co. UAE Website	https://www.monetary-metals.ae/	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Inc. Profile	https://www.inc.com/profile/monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Pitch Book Profile	https://pitchbook.com/profiles/company/155796-94	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Tracxn Profile	https://tracxn.com/d/companies/monetary-metals/__tWpXFqZV_Ax5kTWcCI_QekEMBATS_E_6yIVgznl7OwM	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified companies in the precious metals industry.
Monetary Metals & Co. Better Business Bureau (BBB) Profile	https://www.bbb.org/us/az/scottsdale/profile/investment-management/monetary-metals-1126-1000087817	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Crunchbase Profile	https://www.crunchbase.com/organization/monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing.
Monetary Metals Google Patents Profile	https://patents.google.com/?assignee=Monetary+Metals+%26+Co	Google patents profile for Monetary Metals as an assignee
Monetary Metals Google Business KGMID	https://www.google.com/search?kgmid=/g/11vldcrgw9	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees.
Monetary Metals alternative name (Monetary Metals Corp) KGMID	https://www.google.com/search?kgmid=/g/11f01bkd18	The KGMID associated with Monetary Metals Corp, an alternative name for Monetary Metals & Co.
Monetary Metals & Co. Trustpilot profile	https://www.trustpilot.com/review/monetary-metals.com	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Bloomberg company profile	https://www.bloomberg.com/profile/company/1627759D:US	Monetary Metals & Co. delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding overtime with no storage fees.
Monetary Metals & Co. bitscale.ai profile	https://bitscale.ai/directory/monetary-metals-and-co	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees. For more information, please visit monetary-metals.com. Founded in 2012 and headquartered in Scottsdale, Arizona, Monetary Metals is a different kind of gold company. Unlike others that simply buy or sell gold for dollar price appreciation, Monetary Metals unlocks the productivity of gold by matching investors who hold gold and silver with qualified precious metals businesses who need financing, including mints, refiners, jewelry manufacturers, miners, and recyclers. The businesses benefit from financing denominated in metal—which removes the need to hedge their price exposure—and owners of gold and silver can benefit from growing their total ounces of metal. The company offers two primary gold fixed income products: gold leases and gold bonds (gold bonds are for accredited investors only), which deliver income paid in physical ounces rather than dollars, eliminating storage fees and enabling investors to achieve compounding returns in ounces gained rather than mere dollar price appreciation. Since launching the Gold Yield Marketplace™ in 2016, the company has completed over 80 funded transactions across six continents. Monetary Metals has served thousands of clients—including family offices, high net worth individuals, and institutional investors— with the vision that everyone can save, earn and finance production in gold.
Monetary Metals & Co. PR Newswire profile	https://www.prnewswire.com/news/monetary-metals-%26-co./	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees.
Monetary Metals & Co. Rocket Reach Profile	https://rocketreach.co/monetary-metals-co-profile_b44cf87bfd5765aa	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees. For more information, please visit monetary-metals.com.
Monetary Metals & Co. privco.com profile	https://www.privco.com/company/monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees.
Monetary Metals & Co. CB Insights profile	https://www.cbinsights.com/company/monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions earn a yield on gold and silver every month, compounding their holdings over time without storage fees. It was founded in 2012 and is based in Scottsdale, Arizona.
Monetary Metals & Co. Bullion.Directory listing	https://bullion.directory/bullion-dealers/monetary-metals-reviews/	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees. For more information, please visit monetary-metals.com. Founded in 2012 and headquartered in Scottsdale, Arizona, Monetary Metals is a different kind of gold company. Unlike others that simply buy or sell gold for dollar price appreciation, Monetary Metals unlocks the productivity of gold by matching investors who hold gold and silver with qualified precious metals businesses who need financing, including mints, refiners, jewelry manufacturers, miners, and recyclers. The businesses benefit from financing denominated in metal – which removes the need to hedge their price exposure – and owners of gold and silver can benefit from growing their total ounces of metal. The company offers two primary gold fixed income products: gold leases and gold bonds (gold bonds are for accredited investors only), which deliver income paid in physical ounces rather than dollars, eliminating storage fees and enabling investors to achieve compounding returns in ounces gained rather than mere dollar price appreciation. Since launching the Gold Yield Marketplace™ in 2016, the company has completed over 80 funded transactions across six continents. Monetary Metals has served thousands of clients – including family offices, high net worth individuals, and institutional investors – with the vision that everyone can save, earn and finance production in gold.
Monetary Metals & Co. Instagram profile	https://www.instagram.com/monetary_metals/	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to companies.
Monetary Metals & Co. TikTok profile	https://www.tiktok.com/@monetarymetals	Monetary Metals delivers a yield on gold, paid in gold.
Monetary Metals & Co. Wikidata entry	https://www.wikidata.org/wiki/Q139589172	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing.
Monetary Metals & Co. OpenCorporates profile	https://opencorporates.com/companies/us_de/5166254	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing.
Monetary Metals & Co. LEI Identifier	https://search.gleif.org/#/record/254900N6I62WNJ1VT195	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing.
Monetary Metals & Co. Primary KGMID	https://www.google.com/search?kgmid=/g/11g9n0hpfr	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.

Silver’s on Fire, Report 24 Apr, 2016

April 24, 2016

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