Coking Gold

“Alchemy is a kind of philosophy: a kind of thinking that leads to a way of understanding.” – Marcel Duchamp A funny thing occurred in the gold market during March of 2020. If you happened to be in New York and in possession of four 100-ounce gold bars, you could have traded those bars for one 400-ounce gold bar plus a handsome premium – some say as much as $100 an ounce. That ~6% divergence in price was highly unusual. Gold is gold, after all, so why should the exact same amount of gold sell for different prices?

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