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8 results for “EFP dislocation” in Markets
Markets · 17 August 2026
Paper Gold: What You Own When You Do Not Own Bars
…rage, and the bid-offer spread on physical coins. · Logistical friction, such as the 2020 EFP dislocation, proves that the link between paper and physical is not a mathematical identity but a supply-chain reality. · What is paper gold? Any instrument that gives exposure to the go…
Ingrid Sørensen · 23 min read
Markets · 8 August 2026
Moving Bullion: The Logistics Nobody Prices
…n freight and re-casting capacity are constrained, the London–New York spread widens; the dislocation is a logistics signal, not a market failure. · Sanctions and customs regimes can strand metal that is legally owned but administratively untouchable, which is a distinct risk fro…
Ingrid Sørensen · 15 min read
Markets · 2 August 2026
Who Actually Sets the Gold Price
…etween the London over-the-counter market and COMEX futures, with the two tethered by the EFP spread. · The twice-daily LBMA auction is a benchmark-setting mechanism for contract settlement, not the market itself. · Regional premiums in Shanghai, Mumbai and Istanbul are logistics…
Ingrid Sørensen · 16 min read
Markets · 20 June 2026
Bring It Home: Central Banks and the Great Gold Repatriation
For half a century it was rational to store your gold in someone else's basement. Then the calculus of counterparty risk changed, and reserve managers started chartering aircraft. · Overseas custody w…
Ingrid Sørensen · 14 min read
Markets · 11 September 2026
The Last Audit: What We Actually Know About the World's Official Gold
Governments report holding roughly 36,000 tonnes of gold — a figure quoted everywhere and verified almost nowhere. Between the published number and the physical bar sits a chain of certificates, custo…
Ingrid Sørensen · 22 min read
Markets · 8 September 2026
The Real-Rate Trade: Why Gold Moves When Bond Yields Do
For two decades the gold price could be read off an inflation-linked bond screen. Then, somewhere after 2022, the relationship stopped behaving — and the argument about why has become the most consequ…
Ingrid Sørensen · 25 min read
Markets · 18 August 2026
The Vault Beneath the City
Beneath the Bank of England and beneath lower Manhattan sit two of the largest concentrations of monetary gold on earth, moved between anonymous compartments by a handful of porters who never touch th…
Ingrid Sørensen · 22 min read
Markets · 6 August 2026
Why Central Banks Started Buying Gold Again
For three decades official institutions were net sellers of bullion, and the policy consensus treated the metal as a museum piece. Then, quietly, the world's reserve managers reversed. The reasons are…
Ingrid Sørensen · 14 min read
