Journal
March MMXXV
6 min
A 12.5 kg London Good Delivery bar is the most boring object in finance. That is its virtue.
February MMXXV
4 min
It does not prove your bar is real. It proves a refinery, on a particular day, said it was.
January MMXXV
8 min
Most of what is sold as 'gold' is in fact a promise, of varying durability, that gold exists.
December MMXXIV
5 min
Borrowing against gold to buy more gold is a position on volatility, not on gold.