“While gold prices are driven by many factors, investors showed high demand for gold as a safe-haven asset and, at the beginning of 2025, a notable preference for gold futures contracts to be settled physically (…)  Should extreme events materialise, there could be adverse effects on financial stability arising from gold markets (…) Margin calls and the unwinding of leveraged positions could lead to liquidity stress among market participants, potentially propagating the shock through the wider financial system. Additionally, disruptions in the physical gold market could increase the risk of a squeeze. In this case, market participants could be subject to significant margin calls and/or have trouble sourcing and transporting appropriate physical gold for delivery in derivatives contracts, leaving themselves exposed to potentially large losses.” ECB, Financial Stability Review, May 2025

No na net erhöht der faule Papiergoldzauber die Risiken für die Finanzmarkstabilität, ganz ohne Donald Trump, Zölle und Krieg in Nahost.

Man muss auch kein von der EZB besoldeter Volkswirt sein, um das zu erkennen

- einfacher Blogger oder “professioneller pm bug” reicht völlig.

Und wenn jene Fiat Money-Zentralbank, die das Leasing-System vermutlich erst aufgezogen hat, vor dessen Folgen “warnt”, scheint auch ein Teil der Finanz-Journaille genug Verstand aufzubringen das zu thematisieren.