Why a Spike in the Price of Gold Futures Matters for People Buying Toilet Paper in Nebraska | Josh Crumb
Hidden Forces
Demetri Kofinas
4.8 • 1.6K Ratings
🗓️ 30 March 2020
⏱️ 73 minutes
🧾️ Download transcript
Summary
In Episode 129 of Hidden Forces, Demetri Kofinas speaks with Josh Crumb, founder & CEO of Abaxx Technologies, which is launching a new commodity futures exchange in Singapore over the next year. Josh was formerly a macro economist and commodity strategist at Goldman Sachs, where he was the head of metals strategy. He is also a co-founder of gold bullion dealer Goldmoney, and Jewelry company Mene.
In their conversation, Josh and Demetri discuss a curious case of backwardation on the COMEX, which is the futures and options market for trading metals in New York. The price of gold in near-dated futures expiring at the end of March spiked by almost 10% to $70 an ounce above the price of obtaining physical gold in London. Only on a handful of occasions since 2000 have gold prices risen more in a single week, including immediately after Lehman Brothers filed for bankruptcy in September 2008.
Josh Crumb explains what really happened in the early hours of March 24, how disruptions to global supply chains caused by COVID-19 factor in, and why it matters to you.
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Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou
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Transcript
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| 0:00.0 | Today's episode of Hidden Forces is made possible by listeners like you. |
| 0:04.4 | For more information about this week's episode or for easy access to related programming |
| 0:09.7 | visit our website at hidden Forces. I.O. and subscribe to our free email list. |
| 0:16.4 | If you listen to the show on your Apple Podcast app, remember, you can give us a review. |
| 0:21.5 | Each review helps more people find the show and join our |
| 0:24.9 | amazing community. And with that, please enjoy this week's episode. And the What's up everybody? My guest on this episode of Hidden Forces is Josh Crumb, founder and CEO of Abbix Technologies, |
| 0:57.3 | which is launching a new Commodity Futures Exchange in Singapore over the next year. Josh was formerly a macroeconomist and commodity |
| 1:06.4 | strategist at Goldman Sachs where he was the head of metal strategy. He is also |
| 1:11.3 | a co-founder of gold bullion dealer gold money and jeweler company |
| 1:15.8 | Mena Josh welcome to Hidden Forces. |
| 1:20.0 | Thanks glad to be here. |
| 1:22.0 | Yeah this was a long time in the making man. |
| 1:24.0 | How you been? |
| 1:25.0 | Absolutely, good, good. |
| 1:26.0 | As you know, I'm a big fan of the show and a Patreon member, |
| 1:29.0 | so great to be able to add some value to your listeners. |
| 1:32.0 | I appreciate it, man. So you and I... to be able to add some value to your list. |
| 1:33.0 | I appreciate it, man. |
| 1:34.2 | So you and I, first, we've met only once, and it was at Beta Works where I have my office |
| 1:40.5 | in Meat Packing, and I was taken aback at what a giant geek you are and we were |
| 1:46.0 | supposed to do an episode together to talk at least about the secondary |
| 1:50.0 | market for trading liquid natural gas if I remember correctly LNG and I just found the |
... |
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