New Funding Crisis Emerges As Soaring Dollar Demand Slams Gold, Drives Cross-Currency Basis Lower

This week has been different for precious metals…

Spot gold is currently down -8.5% for the week, which is the worst week since March 2020, but it was earlier down -10%, which would have been the worst week since 1983…

Is gold the canary in the coalmine of a dollar funding crisis?