Hedgeye

That sets the tone for the following nonsensical Tweet.

Let's now turn our attention to gold for the silliest mathematical post I have seen in a long time, if not ever.

Consider this article CHINA takes control of GOLD from the COMEX - David Brady, CFA.

The title is so silly I almost did not open the link when someone emailed the article to me. The inside analysis is so ridiculous I cannot help commenting. The text quotes Jim Rickards.

The correlation between Gold and the USD/CNY exchange rate has become clear recently.

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Jim Rickards pointed out his belief last week that Gold is pegged against the IMF’s currency, the Special Drawing Rights (or “SDR”), and that China and the IMF are coordinating to keep the SDR within a range of 850-950 against Gold.

On July 11, the SDR was ~1.41, and Gold in SDR terms was back to its lowest level since July 2017 at 884. This equates to 1244 in Gold, the closing rate that day. The equation is as follows: Gold/USD = SDR * Gold/SDR

Gold/USD = SDR * Gold/SDR

I am not sure which genius came up with that statement, but it displays an amazing ignorance of basis math. Let's simply the equation a bit in case you do not see it.

Gold/USD = Gold

SDRs have nothing to do with anything.

Mike "Mish" Shedlock​

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