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8 results for “late veneer hypothesis” in Markets
Markets · 17 August 2026
Paper Gold: What You Own When You Do Not Own Bars
…h a process of 'netting'. Instead of moving bars for every trade, the clearing banks calculate the net difference between what they owe each other at the end of each day and settle the balance through ledger entries. · This concentration of clearing power is what makes the London…
Ingrid Sørensen · 23 min read
Markets · 11 September 2026
The Last Audit: What We Actually Know About the World's Official Gold
…n Woods system, when the dollar was convertible into gold and foreign central banks accumulated metal in New York as a matter of routine. But custody changes the evidentiary standard. A German bar in New York is not inspected by Germany on a schedule; Germany receives statements…
Ingrid Sørensen · 22 min read
Markets · 6 August 2026
Why Central Banks Started Buying Gold Again
…· Reported reserve figures are lagging, partly voluntary, and occasionally revised years later. · Leasing gold for yield has fallen out of favour precisely because it reintroduces the counterparty risk holding gold was meant to remove. · Why do central banks hold gold at all if…
Ingrid Sørensen · 14 min read
Markets · 18 August 2026
The Vault Beneath the City
…or New York can be mobilised instantly in the world's deepest bullion market, used as collateral, swapped, or sold without the delay and expense of shipping bars across oceans. Many reserves were also moved to New York and London during the mid-twentieth century specifically to…
Ingrid Sørensen · 22 min read
Markets · 20 June 2026
Bring It Home: Central Banks and the Great Gold Repatriation
…de-off. Reserves in a market-centre vault can be lent into the leasing market, used as collateral, or swapped for dollars in a liquidity squeeze without a single bar moving. Metal in a domestic vault must be shipped before it can do any of that, which in a genuine crisis is preci…
Ingrid Sørensen · 14 min read
Markets · 2 August 2026
Who Actually Sets the Gold Price
…the tightness shows up as a widening premium or a jump in the spot number itself. · The related concept is the gold forward offered rate, which prices the cost of swapping gold for dollars and back again over a fixed term. A negative or sharply falling forward rate tells you that…
Ingrid Sørensen · 16 min read
Markets · 8 August 2026
Moving Bullion: The Logistics Nobody Prices
…dless of seniority. Unpredictable scheduling: routes and departure times are finalised as late as operational security allows, reducing the window for a leak to be exploited. Rotation and vetting refresh: staff with standing access are re-vetted periodically rather than cleared o…
Ingrid Sørensen · 15 min read
Markets · 8 September 2026
The Real-Rate Trade: Why Gold Moves When Bond Yields Do
…tand the limits of the real-rate framework, one must understand how the real rate is calculated. It is not an atmospheric constant, but a derivative of two other volatile numbers: the nominal yield on a standard government bond and the 'breakeven' inflation rate. The breakeven is…
Ingrid Sørensen · 25 min read
