The gap between what the ledger says and what the vault holds is one of the largest in public finance.
Deep Dive
A conviction you cannot hold through a drawdown converts into a forced sale at the worst price.
The United States has withdrawn 352 million barrels in four years, and the tanks now sit far from full.
MF Global's customers held money in legally protected accounts and still became creditors waiting years to be repaid.
Traffic through the strait has collapsed to a fraction of pre-war levels, and every cargo still has to move somehow.
Weekly Review
When a catalyst is on every screen, the price has usually already moved to meet it before you.
When a seller lends the buyer the money to purchase its product, the sale can be an illusion.
The S&P 500 fell 38.5% in 2008 while nearly every asset class dropped with it. Gold ended higher.
