Friday, October 10, 2008 26 Comments

A regime-change signal: maturity crisis in gold?

As I said the other day, I support Barack Obama in the upcoming election. (In fact, at this point I'd like to see John McCain suspend his campaign in the name of national unity.) This means that, like many Americans today, I hope for change. And there's no change like regime change.

I mean financial regime change, of course. A financial regime change is a phase change in the markets for money - the end of an old era, and the beginning of a new. As I recall, they even had money in Mad Max II: Beyond Thunderdome, so there is always a new regime.

Many eras are ending in the financial industry, but there is one big one which hasn't happened yet: a regime change in the global currency market. Our current global currency regime is sometimes known as Bretton Woods II, or BWII. Perhaps if the new regime represented only a moderate change from the present one, it might be called BWIII. For policymakers at present, this outcome would probably represent success. In the event of failure, the phrase "Bretton Woods" is unlikely to convey positive brand equity.

No one really loves BWII. Since the term was coined, economists have made a parlor game of predicting its demise. BWII is not an architecture, it's a system of stable disequilibria. Saying "BWII is coming to an end" is like saying that in the future, California will experience a large earthquake.

A more interesting question is: if there is a market signal - ie, a price series, a number, a chart - that looks like the end of BWII, what might it look like? By definition, the end of BWII is the end of the world as we know it. So we are, essentially, looking for an end-of-the-world signal.

I am not an economic determinist, so I cannot go so far as to actually predict the end of the world. For one thing, all outcomes are contingent on official action. There are plenty of ways to stop this crisis instantly in its tracks - although most of them are not politically conceivable. At present. Politics is not in any sense predictable.

(Did anyone watch Hank Paulson's speech on Wednesday? Including the Q&A? You can see it here. Frankly, Bruno Ganz in Downfall is mostly more self-possessed. The kindest thing you can say about Secretary Paulson is that he came across as if he hadn't slept in three days, and at worst I was reminded of Ed Muskie and his notorious Ibogaine moment. Does Fort Knox come with an an "evidence locker"? Even the frame rate on the WMV clip is weird and twitchy, as if Treasury's IT farm is feeling the heat.)

However, we are now seeing a signal in the wild that, if it means what I think it means, could well be a predictor of global financial regime change. This signal is not one of your common or "headline" statistics. It is not a first-line number or a second-line number or even a third-line number. It is not printed in any newspaper. Nonetheless, you can find it with one click.

But before we say what the signal is, let's say what it should look like. What we are looking for is a phase change between one equilibrium, which is the equilibrium we have now, and another equilibrium, which is the equilibrium which has Tina Turner, bad hair, and lots of crossbows. From the standpoint of a modeling philosophy which assumes a single equilibrium, such a phase change looks like an indefinite-sigma departure from the original price regime.

There are all kinds of such departures in the markets today. Perhaps the most notorious is the TED spread, whose recent history looks like this:

Although this signal is very ominous, it is not our candidate. Note that if you graph the inverse of one of these she's-gonna-blow signals, it assumes the other appearance of an equilibrium-transition signal - the plateau that suddenly turns into a cliff. A lot of the prices of mortgage securities have this plateau-cliff shape.

Nassim Taleb has described these indefinite-sigma departures as black swans. This essay of Taleb's is required reading. While an equilibrium transition is not the only kind of black swan in the world, it is the bird that seems to be causing the problems we have now.

Here at UR, we think we know what this latest black swan is: a maturity-transformation crisis. Aka, a bank run. The previous essay is required reading to understand the rest of this one. If you're skeptical or even if you aren't, please also read the discussion at Arnold Kling's.

Here is the scary signal:

Again, if this isn't an indefinite-sigma departure, I don't know what is. But what is this signal? What are these funny lines, anyway?

This is a gold lease rate - basically, an interest rate for borrowing gold. The source is here. Note that if you scroll down to the long-term chart, you see two other spikes: in 1999 and 2001. The 2001 event is 9/11. The 1999 event was the Central Bank Gold Agreement. These events turned out to be transient, and they are qualitatively different from the current spike - as we'll see.

The current spike is explained, sort of, in this Financial Times story (also syndicated here). What is not explained is the context and the implications. Let me try to fill in the gaps.

The world's central banks have about 30,000 tons of official gold reserves. This does not mean they have 30,000 tons of gold in their vaults. No one knows exactly how much gold they have in their vaults. Estimates vary as to the discrepancy, but it is probably somewhere between 2,000 and 10,000 tons. For perspective, annual mining production is about 2500 tons.

The difference is in the form of "deposits," "loans," "swaps," etc: in a word, receivables. Where X is some number between 2000 and 10000, the CBs have (30,000 - X) tons of gold, and (X) little pieces of paper on which is scribbled "HAY CB, ITS OK - I PAY U GOLD."

The signatures on said pieces of paper are names of "bullion banks." A bullion bank is just like a regular bank, except that it does business in precious metals, not government currencies. In particular, bullion banks profit the same way regular banks do: maturity transformation.

In a typical transaction, the "deposited" gold is sold on the spot market, and the resulting cash is used to finance a long-term investment, typically gold mining, that produces gold. The result is that the bullion bank has short-term liabilities balanced by long-term receivables, both in gold. In particular, bullion banks generally do not expose themselves to fluctuations in the gold price, as they would if they used their deposits to finance dollar-yielding investments. When the ratio of gold to dollars changes, the bank's liabilities and assets change in unison.

A similar source of financing is the sale of near-term contracts in the futures market. These contracts promise delivery of gold in a matter of months. The proceeds from their sale can be used to finance production of gold over the course of years. Again, the resulting structure has gold on both sides, and so is balanced against changes in the gold price.

If you have read the essay on MT, all this will seem familiar to you. The bullion banks are maturity transformers. Moreover, they are unprotected maturity transformers - while the gold market is notoriously opaque, there is certainly no one who can print and lend an infinite amount. This being kind of the point of gold.

Note that at least until recently, gold lease rates have been well under 1%, often under 0.1%. Why do central banks participate in this market? The official interpretation is that they want to earn a yield, however small, on their assets. The conspiracy interpretation is that they want to suppress the gold price. In 1998, Alan Greenspan told us that "central banks stand ready to lease gold in increasing quantities should the price rise," which strikes me as fairly clear-cut. On the other hand, since 1998 the gold price has risen considerably, and gold lending has not.

Most gold enthusiasts, and especially most gold conspiracy theorists (there is no sharp line between the two, especially since gold-market intervention is one of the world's few practical conspiracies; the whole point of a central bank is to intervene in monetary markets) would have expected that a substantial spike in the gold price, especially one accompanied by general financial chaos, would have resulted in some kind of counter-intervention. Either this has not happened, or it has not been effective.

My bet would be on the former. There is no doubt that central banks once managed gold prices, and very aggressively indeed. But my impression is that the current generation of central bankers has - or had - come to believe its own story, that gold is an industrial commodity whose remaining place in the monetary system is a quirk of history.

As Google Trends suggests, this perception is changing - if nothing else, because BWII is obviously a sick puppy, and the obvious replacement for the dollar as international standard of account would be the material which preceded it. In the very short term, however, I think there are two forces which are causing the stress in the gold market which the curve displays.

One, due to the general financial crisis, there is an enormous increase in Western investment demand for gold, as seen in the now widespread retail shortages. This is sucking present or "physical" gold out of the general bullion-banking complex. While a shortage of coins, small bars, and other refinery products is distinct from a shortage of metal proper, it certainly can't be said to help.

Two, and much more seriously: as the FT article described, the major gold lenders, central banks, are refusing to roll over their loans. They are certainly not "ready to lease gold in increasing quantities." If the article is to be believed (and other sources confirm it), they are doing just the opposite.

In other words, they are behaving like rational lenders at the beginning of a maturity crisis. Think about this for a moment from the position of a central banker. You work at the Bank of Elbonia, let's say, in the gold department. Elbonia has 100 tons of gold left over from its days as a great colonial power, but these days it is pretty much an external province of the United States. For the last ten years, your goal has been to earn a maximum rate of return for the Elbonian people, be it only 0.1%, on these "unproductive assets." You have operated in an environment where it is essentially assumed that major banks, especially major American banks, simply don't fail.

Suddenly you realize that major banks, even major American banks, do fail. Moreover, you realize that your vault contains 50 tons of gold, and 50 non-tons of paper reading "HAY CB, ITS OK" etc. (If you don't understand, see this.) Moreover, you realize that you have not disclosed this ratio, making its disclosure, by definition, news - especially if the disclosure involves informing the public that the non-tons are non-tons. Moreover, you realize that, being a bureaucrat, your prime directive in life is to not get caught with your pants down, and especially not to go to jail, and really especially not to be torn to pieces by a mob in the street. And kind of the last thing the people of Elbonia want to hear right now is that half their gold reserves have gone up in smoke - thanks to you.

Moreover, even if you are not thinking these thoughts, your colleagues around the world are thinking these thoughts. And the logic of the bank run is inescapable: if everyone else is checking out, you want to check out too, and first. Thus, central banks around the world are not "leasing gold in increasing quantities." They are hoarding it in increasing quantities.

If this maturity crisis continues to develop - there is no guarantee that it either will, or won't - the inevitable result is what a Mr. Juerg Kiener describes in this helpful CNBC video: a bullion-bank default. Mr. Kiener appears to be what is generally known as a gnome of Zurich. I am confident that he knows much more about gold than I do, so I will take his guess that a delivery default implies a doubling of price as sound. It sounds conservative to me, though.

In a gold maturity crisis, any paper instrument with counterparty risk is unsafe. For example, the price of gold ETF shares, which are backed by 100% metal and have no counterparty risk, may diverge from the price of gold futures, which are essentially claims against bullion banks. It is not possible to predict whether or when this divergence will happen, but it is easy to predict which of the two will go up and which will go down.

From the perspective of BWII, the basic problem with a maturity crisis in the gold market is that it has the capacity to produce a substantial spike in the price of gold in dollars - doubling, etc. Any such spike attracts attention to the possibility of a return to gold as a currency. Because any return to gold as a currency involves an increase in the gold price of at least an order of magnitude, any such attention attracts a shift of dollars into gold. Which increases the price, etc, and so on. I believe this is what Mr. Soros calls reflexivity.

Moreover, the only way to damp a gold maturity crisis is to either find a gold lender of last resort - who would have to be remarkably public-spirited, and display a high level of sang-froid at the possibility of being torn to pieces in the street - or act coercively, confiscating or banning gold. It is not 1933, and present Western governments simply do not have the energy or popularity for this type of action.

So my guess is that unless the lease-rate signal is some kind of fluke (which it might well be), the gold market is likely to default and deflate, the gold price is likely to increase to a level which would at present appear absurd, and the BWII dollar standard will be pushed toward failure and a return to the gold standard.

How this pressure will be resolved depends on the actions of governments. Ideally, they would go with it rather than fighting it. But they certainly have the power to fight it - having, after all, thousands and thousands of tons of gold to sell. However the game plays out, hopefully it will at least play out quickly.


Blogger G. M. Palmer said...

How likely is it that Obama (or McCain) appointees will approve a financial regime change? I doubt either of them is going to appoint a goldbug to a position of power.

Or are you just certain that the consolodation of power in the hands of the progressives will put the final nails in the economic coffin?

October 10, 2008 at 4:23 AM  
Anonymous Fullcarry said...

The 6:00 am posting of Gold lease rates on Kitco is becoming a market moving event.

October 10, 2008 at 4:56 AM  
Blogger G. M. Palmer said...

I dunno, M.

You may be hockey-sticking it here. It looks like prior to 2001 the gold-lease rate was a lot higher and for a lot longer than it has been. Certianly we've got a spike -- but it's going to have to at least double and stay that way to really effect change.

October 10, 2008 at 5:37 AM  
Anonymous Curve of Freedom said...

"As I said the other day, I support Barack Obama in the upcoming election." You just wanna be like Charles Murray.

I think Beyond Thunderdome was Mad Max III, wasn't it? Wasn't Rhodes Warrior in there somewhere? (That's the one where the guy with the big college scholarship gets elected to the Maryland legislature, and everyone thinks he's a "Roads Scholar", and it's really droll. He goes on to write that law with Oxley.)

Sorry, I just can't be serious any more, with Arnold Kling throwing the R-word at Ron Paul, everybody and his dog throwing in their lot with the Community Organizer, and everyone everywhere deciding that crime is pretty much a non-issue.

October 10, 2008 at 6:44 AM  
Blogger G. M. Palmer said...

The only way I can figgur that MM supports Obama is because MM is invested in the idea of a total collapse of WashCorp and think's "that one" is a lot more able to bring about collapse than "this one."

October 10, 2008 at 6:47 AM  
Anonymous James said...

A small quibble, my friend. Beyond Thunderdome was Mad Max 3. Mad Max 2, the best of the series, was called The Road Warrior.


October 10, 2008 at 7:01 AM  
Anonymous raistthemage said...

Mencius, I'd be very interested to see you give your usual extensive treatment to a proposal for an alternative and superior banking system.

October 10, 2008 at 7:34 AM  
Anonymous Anonymous said...

Highly informative and entertaining as usual, but there's one problem with your theory.

Modern governments cannot and will not allow a non-fiat currency system to be imposed, either by governments themselves or by markets. If they do not have the ability to inflate without backing problems, they lose the ability to maintain the modern welfare state. If they lose that ability, it will not be the bullion bankers who are torn to pieces by the mob, it will be every member of government not safely ensconced at the Greenbriar Resort, and only then so long as the checks for the guards do not bounce.

Backed money is not on the other side of a major crisis: it is on the other side of what mathematicians call a Singularity. One of the defining characteristics of a Singularity is that there is a total discontinuity between conditions on either side of it. Predicting the rise of a backed currency is really predicting a change so profound that you cannot predict any of its consequences other than so grossly as to be obvious. (For instance, it's very unlikely that the changes will benefit everyone involved.)


October 10, 2008 at 9:46 AM  
Anonymous Patung said...

James, actually no, Mad Max II was called Mad Max II, it was called The Road Warrior just for its US release.

October 10, 2008 at 9:52 AM  
Anonymous RealThink said...

Readers of this blog who are aware of physical limits to growth might want to have a look at a few essays on the issue of precious metals and the monetary/banking system as viewed from Hubbert's Peak

October 10, 2008 at 11:19 AM  
Anonymous RealThink said...

BTW, the lease rate spike in 2001 took place in March. See

Coincidentally (?), April 2 marked the bottom in the gold price and the start of a secular bull market.

So, the lease rate spike did signal a regime change.

October 10, 2008 at 11:25 AM  
Blogger Statsquatch said...

Leave it to MM to find a pony in this manure.

October 10, 2008 at 1:35 PM  
Blogger Mitchell said...

How much is all the world's gold worth? Taking two numbers from Wikipedia and rounding up a little, let's say there are 4 million kilograms of gold out there, and it's worth US$30000 per kilogram. That's US$120 billion, a respectable sum but still just a fraction of gross world product (somewhere upward of USD$65 trillion).

As this would be the magnitude of the monetary base under a global gold standard, I am led to wonder how big one should wish the money supply to be, in relation to the size of the total economy. But monetary theory mostly seems to be about relative changes in the amount of money...

October 11, 2008 at 1:29 AM  
Anonymous Anonymous said...

Did Moldbug borrow this BW2 from Lyndon LaRouche? That's where the idea comes from.

October 11, 2008 at 4:16 AM  
Anonymous Amerikaansche Brabander said...


The history of dutch finance is a good place to start. In any case, the central banks need to go, to be replaced with Bank of Amsterdam style 100% backed banks,and a commodity(basket)-standard government money. After that all the different "banking" functions will automatically decouple, and the free market will reestablish and streamline all financial institutions. People will still lose money in booms and busts, but systemic risk will be much less, and risk will be born by the people, not by government. The government should make sure no one engages in fractional reserve banking (although the public will naturally keep a check on its own money at risk) Insurance is a different activity from "banking" Lending and borrowing are different activities, and could be contractually arranged with specific reinvestment strategies and corresponding payoffs for lenders to the reinvesting investment "banks".

As for subprime lending.. if it is backed by real money, government is always free to steal and lose money of course.

October 12, 2008 at 12:19 AM  
Blogger Bron said...

Primary driver of lease rates has been miner hedging. Have a look at the chart at and then compare to chart of lease rates.

You will see that as miner hedging increased from 1994, lease rates moved from average 0.75% during early 90s to 1.5% during mid 90s to early 00s. They then drop to historically low levels when miners started to de-hedge, all wanting to meet investor calls for full exposure to the gold price.

Doubtful this time miners will be hedging again so this lease spike totally dependent on when central banks regain confidence in bullion banks.

Funny how they are prepared to throw fiat money around to any bank that needs it, but not so keen to do the same with gold.

October 12, 2008 at 10:05 PM  
Blogger Steve Sailer said...

The price of silver went up hugely in 1980 due to the Hunt Bros. corner, so people brought out old silver and had it melted down, ruining the corner.

How much gold is in private hands today?

October 13, 2008 at 1:21 AM  
Anonymous Anonymous said...

The gold etf (GLD) will never trade at a premium to any gold contract price. It is hard-wired through "proprietary" software to sell at a discount, and shares are fabricated or destroyed on the fly. This is clearly in the prospectus. Closed funds such as Gold Trust and Central can trade at a handsome premium.

October 13, 2008 at 8:07 AM  
Anonymous cassandra said...

Yet, does the price of gold actually speak to a core set of values, or simply to the delusional thinking of the unwashed mob?

Gold, like money, has value only as a symbol, a medium of exchange. If not exchanged, it runs the risk of becoming truly valueless, if the mob ever realizes that their productive capacity is what really keeps them fed and clothed...

October 15, 2008 at 2:46 PM  
Blogger Mitchell said...

On reflection, I think this "signal" has to be regarded as epiphenomenal (and perhaps even the new Internet enthusiasm for criticism of fractional reserve banking needs to be regarded as epiphenomenal). The central bankers are right: "gold is an industrial commodity whose remaining place in the monetary system is a quirk of history". It is a decent store of value at a time when many paper currencies are threatened with major devaluations, but that is all. There is neither a constituency nor a need which could lead to the restoration of the gold standard. We will remain in the world of fiat currencies, but the currency markets will price in some major reassessments of the relative wealth of nations. There will be new winners and new losers, and that will be the end of it for now.

October 17, 2008 at 2:17 AM  
Anonymous Anonymous said...

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January 31, 2009 at 9:48 PM  
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February 12, 2009 at 1:35 AM  
Anonymous Bearded Spock said...

Politically, it should be obvious that Plan Moldbug is not going to happen, but what the Politician/bankster cabal is attempting is severely bastardized, version of it that will be far from effective or portfolio neutral.

The printing presses are rolling at maximum speed, but not everybody is downwind of the helicopter prop wash. That there is not enough money getting dumped (or too much, what the hell do I know?) only makes the first problem worse. If there is some plausible way that this WON'T result in an American version of the Weimar Republic, please tell it to me. I'm having trouble sleeping lately.

It seems that the only remotely (and I do mean remotely) politically possible solution is the repeal of legal tender laws and allow competing currencies. It won't be as good of a solution, but it would work a heluva lot better than Plan Paulson/Bernanke/Obama/Geitner

February 13, 2009 at 5:52 PM  
Anonymous Bearded Spock said...

In a real free market, ALL commodities can (and should) be used as money. Not just gold. This would massively increase the number of currencies in use, but with current computer technology, this would not even be a small problem.

Repeal legal tender laws and let FRB (MT) banks freely compete in the market and see who wins.

What's happening now, besides massive monetary destruction, is a massive transfer of wealth from the productive to the non-productive sector of the economy. This growth is exponential and unsustainable. Mencius is right. It's Galloping Gertie in a windstorm. When the collapse really hits, it won't be gold that skyrockets. it will be lead, in .38 .45 and .357 inch increments.

February 13, 2009 at 6:06 PM  
Anonymous Anonymous said...

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March 2, 2009 at 10:28 PM  
Anonymous Anonymous said...


March 6, 2009 at 5:44 AM  

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