Are investors rotating from the 'safety' of Apple to the new 'safety' of Gold and Silver? Because the next time there is a wholesale margin call, which courtesy of soaring margin debt will likely be today, speculators will have to sell the one asset that is outperforming everything. You guessed it...
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Perhaps of note is the jump in USD Libor - GOFO (Gold Lease rates) to its highest since July 2011.
We wonder if this is the reason... Unwind of post Bank Stress Test excess relative to Gold in S&P 500...
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Chart: Bloomberg