Open Interest Collapses and Is Now at Multi-year Lows!!

The future is east of Suez

It is therefore rational that PM prices be set there

What was, isn’t.

Hayek would likely view this development as a predictable consequence of government-controlled fiat money systems and the limits of central bank and bullion bank efforts to manage currency values through paper markets.
He famously argued that, with rare exceptions like the classical gold standard period, governments have used their monopoly over money “to defraud and plunder the people” via inflation and debasement. Here, the draining of physical bullion into “firm Asian hands” (China’s central and commercial banks, customers via accumulation accounts) while Western paper markets (Comex, London) see collapsing open interest, strained shorts by swaps/dealers, and diminishing liquidity illustrates exactly that dynamic.

Open Interest Collapses!