"The physical assets that backing Western market financialization are drying up  As they disappear, leveraged finance collapses. The unwinding of the gold rehypothecation trade is taking Comex and dollar dominance along with it"

Comex Deathwatch: Zoltan's Crisis of Collateral Manifest

Authored by GoldFix, ZeroHedge Edit

What is this: Upon seeing Comex OI make new lows as Gold made new highs with China activity surging ( domestically as well as in Shanghai) serve as an important signpost on the path to Comex pricing’s diminishing importance, and with it, Global dedollarization accelerating. The content is presented 3 ways:

• a voice note with conceptual slides; 
• a readable transcript broken into sections,
• and data sources

The Bottom Line: Gold’s new highs now and going forward will come at direct injury to Bullion Banks, the Comex franchise, and USD hegemony. Too many events are converging on this to ignore anymore.

**Comex Deathwatch: China Sets The Gold Price

De-dollarization, Regime Change, and $8,000 Gold

[SECTION 1 – OPENING THESIS + VENN FRAMEWORK]
[SECTION 2 – MARKET STRUCTURE: WHAT’S NORMAL VS. WHAT’S CHANGING]
[SECTION 3 – TWO INTERPRETATIONS: REGIME CHANGE OR CONTRACT DEATH]
[SECTION 4 – EVIDENCE OF DECLINE: VOLUME MIGRATION AND MARKET DISLOCATION]
[SECTION 5 – BANK BEHAVIOR, COLLATERAL CRISIS, AND EARLY WARNINGS]
[SECTION 6 – REGIME SHIFT OR TERMINAL DECLINE?]
[SECTION 7 – GLD, DOMESTIC CONTROL, AND THE QUIET SHUTDOWN OF COMEX
[SECTION 8 – POSITIONING, DISCIPLINE, AND THE TWO PATHS FOR COMEX]
[SECTION 9 – GLOBAL LEVERAGE, REGIONAL PRICING, AND GOLD’S REPRICING SETUP]
[ADDENDUM: VARIOUS CHARTS ON CHINA]

CLIP: Comex Deathwatch
Liquidity Exits as Funds book profits, Banks stop making price, close losing trades.. (be careful what you wish for) pic.twitter.com/BvTOdFPvVd

— VBL’s Ghost (@Sorenthek) April 24, 2025

Continues here - Transcription through Section 5 unlocked.