{
  "trx_id": "e3589eeeac69bb91f852c15d280794a65ad248e2",
  "block": 106146278,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-05-18T02:37:24",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "7120.530145 VESTS"
    }
  ]
}

{
  "trx_id": "25d6e96c55b0120f19d4064457da4f2db4d571da",
  "block": 105987200,
  "trx_in_block": 6,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-05-12T13:26:03",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "4408.319740 VESTS"
    }
  ]
}

{
  "trx_id": "8dc1a59788fa3eb6102e711991f650f7950d97ad",
  "block": 105513862,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-04-26T01:54:33",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "7133.045901 VESTS"
    }
  ]
}

{
  "trx_id": "b3a7cd59ea52a98aa585a00aa43b7da81fdf1675",
  "block": 102859427,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-01-23T14:09:27",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "4449.866559 VESTS"
    }
  ]
}

{
  "trx_id": "3031dfa94d8170a86c2f1b534a9420038eb3f198",
  "block": 91305735,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2024-12-17T09:24:15",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "4614.085756 VESTS"
    }
  ]
}

{
  "trx_id": "86a6c02eccbe5f37b6487ecbddcf708a01282250",
  "block": 79859912,
  "trx_in_block": 5,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2023-11-14T01:05:57",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "4783.219288 VESTS"
    }
  ]
}

{
  "trx_id": "6baab1652b1b4518a7e6aebb1b195d42f5406887",
  "block": 78351166,
  "trx_in_block": 4,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2023-09-22T00:37:09",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "7720.498074 VESTS"
    }
  ]
}

{
  "trx_id": "29d81a89e8c4e1d5f5bf789b2f14eb012dcae49e",
  "block": 69116079,
  "trx_in_block": 4,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2022-11-03T14:03:51",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "7942.179512 VESTS"
    }
  ]
}

{
  "trx_id": "6a912252b0cb2f4563c30ffbc455b513f9154b45",
  "block": 60817099,
  "trx_in_block": 11,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2022-01-17T17:23:33",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "8162.414648 VESTS"
    }
  ]
}

{
  "trx_id": "6c9d0325dd55e6e4f674af1f17b570012e063106",
  "block": 54610273,
  "trx_in_block": 9,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2021-06-14T02:57:06",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "8346.481401 VESTS"
    }
  ]
}

{
  "trx_id": "dfeed83cba20401d0a6694dfc5c54935e9dc7423",
  "block": 49357650,
  "trx_in_block": 7,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-12-11T13:13:12",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "8533.903375 VESTS"
    }
  ]
}

{
  "trx_id": "e5ecd11f7be6906de61e7b683e023f833c43b996",
  "block": 49209199,
  "trx_in_block": 4,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-12-06T06:49:48",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "1912.543513 VESTS"
    }
  ]
}

{
  "trx_id": "aa0a9db4fcdfe2d6905fb4fe29519004b3c5bd80",
  "block": 49192743,
  "trx_in_block": 12,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-12-05T16:51:12",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "8540.111229 VESTS"
    }
  ]
}

{
  "trx_id": "f5b7a3b0f28b2166891f31b75745516466840887",
  "block": 48262953,
  "trx_in_block": 5,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-11-02T20:00:42",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "1920.017158 VESTS"
    }
  ]
}

{
  "trx_id": "b308c0169d9ddd164a4ac05142d4d3cadbe5e1ce",
  "block": 43219478,
  "trx_in_block": 20,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-05-09T07:49:27",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "8742.916588 VESTS"
    }
  ]
}

{
  "trx_id": "84690fe196c57a239767cfc38eef5674a22ee8ab",
  "block": 43195944,
  "trx_in_block": 12,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-05-08T11:44:24",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "1953.311140 VESTS"
    }
  ]
}

{
  "trx_id": "8d517f1f4d454db54e8ef21e24e33a848a99688a",
  "block": 40366992,
  "trx_in_block": 4,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-01-30T00:54:42",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "nothing-wrong-with-gold-in-backwardation",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-koosjansen-20200130t005441000z",
      "title": "",
      "body": "Congratulations @koosjansen! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@koosjansen/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@koosjansen) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=koosjansen)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}"
    }
  ]
}

{
  "trx_id": "28e5982f0cbf7b75e61fa74492166a51ef62ecb2",
  "block": 33882603,
  "trx_in_block": 19,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-17T16:00:36",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "8930.565076 VESTS"
    }
  ]
}

{
  "trx_id": "f1d68adbb9f175ddd54d48880969c78773f9a64e",
  "block": 29894326,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-01-30T00:39:09",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "nothing-wrong-with-gold-in-backwardation",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-koosjansen-20190130t003909000z",
      "title": "",
      "body": "Congratulations @koosjansen! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@koosjansen/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_[Click here to view your Board](https://steemitboard.com/@koosjansen)_</sub>\n\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}"
    }
  ]
}

{
  "trx_id": "5db6d0961bd65a369d1f22a1de8229ec960876b4",
  "block": 23643395,
  "trx_in_block": 45,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-06-25T22:36:06",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "9129.752295 VESTS"
    }
  ]
}

{
  "trx_id": "cfcfb636cb154051d2f1495d407e98247a77cc0c",
  "block": 22547042,
  "trx_in_block": 8,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-05-18T19:57:33",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "koosjansen",
      "vesting_shares": "29496.390264 VESTS"
    }
  ]
}

{
  "trx_id": "5a6d20925d7c35df14cd92b9108c90838203a18e",
  "block": 21023846,
  "trx_in_block": 38,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-26T21:51:06",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"caitlinjohnstone\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 20793253,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 9,
  "timestamp": "2018-03-18T20:58:15",
  "op": [
    "author_reward",
    {
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "sbd_payout": "1.217 SBD",
      "steem_payout": "0.003 STEEM",
      "vesting_payout": "1265.501278 VESTS"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 20793253,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 7,
  "timestamp": "2018-03-18T20:58:15",
  "op": [
    "curation_reward",
    {
      "curator": "koosjansen",
      "reward": "2.041131 VESTS",
      "comment_author": "koosjansen",
      "comment_permlink": "nothing-wrong-with-gold-in-backwardation"
    }
  ]
}

{
  "trx_id": "2a200cf1f0fc6d7dee4e49e250f2424605f1ab43",
  "block": 20674840,
  "trx_in_block": 21,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-14T18:11:24",
  "op": [
    "vote",
    {
      "voter": "folkert",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 20622291,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 6,
  "timestamp": "2018-03-12T22:22:51",
  "op": [
    "author_reward",
    {
      "author": "koosjansen",
      "permlink": "re-goldmatters-re-koosjansen-is-the-price-of-gold-suppressed-20180305t222251923z",
      "sbd_payout": "0.106 SBD",
      "steem_payout": "0.000 STEEM",
      "vesting_payout": "87.796094 VESTS"
    }
  ]
}

{
  "trx_id": "f87ea806822453e59f28d7a542db9ff4de4faf75",
  "block": 20621877,
  "trx_in_block": 13,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-12T22:02:06",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "nothing-wrong-with-gold-in-backwardation",
      "author": "guest123",
      "permlink": "re-nothing-wrong-with-gold-in-backwardation-100",
      "title": "",
      "body": "koosjansen looks like you copy / pasted some content of this post from this article:<br><a href=\"http://bit.ly/2FO6yyH\n\" >seven day black and white challenge day 2 - @annadeda</a><br>Please consider to avoid plagiarism!<br>",
      "json_metadata": ""
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 20621857,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 8,
  "timestamp": "2018-03-12T22:01:09",
  "op": [
    "author_reward",
    {
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "sbd_payout": "0.232 SBD",
      "steem_payout": "0.000 STEEM",
      "vesting_payout": "193.968269 VESTS"
    }
  ]
}

{
  "trx_id": "41a0439af7ffde838cfa1d60f8d5dd21aec68500",
  "block": 20619245,
  "trx_in_block": 53,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-12T19:50:30",
  "op": [
    "vote",
    {
      "voter": "heit",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "8815edff0f3245aed8482f1b0a5b2600925722e3",
  "block": 20618678,
  "trx_in_block": 17,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-12T19:22:09",
  "op": [
    "vote",
    {
      "voter": "dnynl",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "7a94cec8f058ff2d0031a9f0f8f7cc5d2928cd6c",
  "block": 20592606,
  "trx_in_block": 35,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:37:00",
  "op": [
    "vote",
    {
      "voter": "morning",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "weight": 7700
    }
  ]
}

{
  "trx_id": "e9556feda84853618f0d1d9221ce861ea98ad168",
  "block": 20592101,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:11:45",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "gold",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "title": "Nothing wrong with gold in backwardation.",
      "body": "@@ -2869,16 +2869,19 @@\n  ounces \n+of \n gold and\n",
      "json_metadata": "{\"tags\":[\"gold\",\"futures\",\"backwardation\",\"finance\",\"trading\"],\"image\":[\"https://steemitimages.com/DQmP4xWGDwAhuVKcJ1j6MEUA1DrcT7ZDyntr43n83Pdtqff/Picture1.png\"],\"links\":[\"https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/\",\"http://www.cmegroup.com/trading/fx/emerging-market/indian-rupee.html\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "08e91fb8baca7c6a115ac729542b9544aac2fd1f",
  "block": 20592066,
  "trx_in_block": 33,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:10:00",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "gold",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "title": "Nothing wrong with gold in backwardation.",
      "body": "For many years there are stories making rounds in the blogosphere that whenever gold is in backwardation \"this is not supposed to happen\" because it opens up a \"risk-free arbitrage\". In a market that is not manipulated, the arbitrage would be jumped immediately and so backwardation is a signal of manipulation (or lack of trust in futures markets) and shortages in the physical market - or so the story goes. I won't address all theories by the story tellers related to price manipulation in this micro-blog, but let's have a look at the alleged \"risk-free arbitrage\" and see why this argument is false. \n\nBackwardation means that futures price are lower than the spot price. In such a scenario, traders can sell spot and buy it back through a futures contract to make a profit. Sounds logical doesn't it? Alas, there is more to it. \n\n ![Picture1.png](https://steemitimages.com/DQmP4xWGDwAhuVKcJ1j6MEUA1DrcT7ZDyntr43n83Pdtqff/Picture1.png)\n\nAs we know (or read this if you don't know https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/) the forward curve of a currency is a reflection of interest rates. For gold, denominated in USD, the forward curve is determined by gold's interest rate (the gold lease rate, GLR) and the US dollar interest rate (LIBOR). The formula is:\n\nGold forward rate ≈ LIBOR - GLR \n\nIn the example gold futures curve above we can see spot gold is $1,300 per troy ounce and gold 12-months out is $1,248 per troy ounce. The curve is obviously in backwardation. The 12-months forward rate (the forward price relative to spot in percentages) in this example is - 4 %, LIBOR is 2 %, and GLR is 6 %. \n\nIn the formula it looks like this: - 4 % = 2 % - 6 % \n\nAccording to some analyst gold backwardation opens a \"riks free arbitrage\" possibility by selling spot and buying forward. Suppose we want to execute this trade within our example. \n\n1)\tWe borrow 100 ounces of gold at 6 % (GLR). In 12-months we need to repay the principal plus interest which is 106 ounces.\n2)\tWe sell spot 100 ounces of gold for $130,000 and deposit the dollar proceeds at 2 %.\n3)\tWe buy a futures (/forward) contract for 106 ounces 12-months out.\n\n12-months later…\n\n4)\tOur dollar deposit has grown into $132,600 (1.02 * $130,000). \n5)\tWith our USD funds we can take delivery of 106 ounces. The total price to pay is, \n\n106 * 1,248 = $132,500 \n\nWhat?! There's nearly no profit? Only $100 which can be neglected if you add in transaction costs etcetera. How is this possible? The simple explanation is that my example is a no-arbitrage condition. If the formula \"gold forward rate ≈ LIBOR - GLR\", more or less holds there can be no profit. \n\nThe story tellers say that backwardation still shouldn't occur because if someone already owns gold (instead of having to borrow it) he could make a profit. Let's go through the math. Suppose I own 100 ounces gold and want to execute the trade. \n\n1)\tWe sell my 100 ounces at $1,300, pocketing $130,000 and deposit the proceeds at 2 %.\n2)\tWe buy a futures contract for 100 ounces 12-months out.\n\n12-months later…\n\n3)\tOur dollar deposit has grown into $132,600 (1.02*$130,000). \n4)\tWith the USD funds we can take delivery to buy back my 100 ounces. The total price to pay is, \n\n100 * 1,248 = $124,800 \n\nNow we have some profit,\n\n$132,600 - $124,800 = $7,800\n\nSo, did we really make a \"risk-free\" profit? If you think about it, what we did is sell gold and buy it back after 12 months. From another angle, we lend it out for 12 months and made $7,800. But if we had lend gold out directly in the lease market at the prevailing rate (6 %) we would have made exactly the same amount of dollars. \n\nOften gold loans are settled in dollars. At the start of the loan the amount of dollars agreed as interest is the gold interest multiplied by the spot price. If we had lend out 100 ounces at 6 % the gold interest would be 6 ounces times $1,300 is $7,800.    \n\n100 * 0.06 * 1300 = $7,800\n\nIf one owns gold and the gold futures curve is in backwardation, the profit to be made by selling spot and buying forward will be exactly the same as leasing one's gold out directly. Both trades boil down to the same time thing: lending gold out. We know that lending out money comes with the risk of default for which the lender is compensated with interest. In this post we've seen that it doesn't make a difference if one lends out money (gold) directly through the lease market or indirectly through the futures market. \n\nThe argument that gold backwardation shouldn't happen because it should be arbitraged (risk-free) away is not true, because the futures curve simply reflects interest rates. \n\nIf you look at the futures curve of the Indian Rupee, denominated in USD, http://www.cmegroup.com/trading/fx/emerging-market/indian-rupee.html you'll see backwardation simply because the Indian Rupee interest rate is higher than LIBOR. \n\nIn conclusion, there's nothing unusual about currencies in backwardation in my opinion.",
      "json_metadata": "{\"tags\":[\"gold\",\"futures\",\"backwardation\",\"finance\",\"trading\"],\"image\":[\"https://steemitimages.com/DQmP4xWGDwAhuVKcJ1j6MEUA1DrcT7ZDyntr43n83Pdtqff/Picture1.png\"],\"links\":[\"https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/\",\"http://www.cmegroup.com/trading/fx/emerging-market/indian-rupee.html\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "837855f1f4fc2e562dddc4371895bd965dca54dc",
  "block": 20592055,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:09:27",
  "op": [
    "vote",
    {
      "voter": "koosjansen",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "059b66494c8b48c03c56ea323853baaefc6c051a",
  "block": 20592020,
  "trx_in_block": 29,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:07:42",
  "op": [
    "vote",
    {
      "voter": "spunkyq8",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "6b8d7209f93401ccb63a586c485a602decbf91b1",
  "block": 20591923,
  "trx_in_block": 37,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:02:51",
  "op": [
    "vote",
    {
      "voter": "lacrimasso",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "1530714cf047fc054f7f1dc20bf2d146dcc4eb2f",
  "block": 20591919,
  "trx_in_block": 11,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:02:39",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"summertooth\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "39ad0478ae742a43bdc964a319e331f1c1cffa35",
  "block": 20591910,
  "trx_in_block": 9,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:02:12",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "nothing-wrong-with-gold-in-backwardation",
      "author": "spunkyq8",
      "permlink": "re-koosjansen-nothing-wrong-with-gold-in-backwardation-20180311t210147322z",
      "title": "",
      "body": "nice article, Thank you!",
      "json_metadata": "{\"tags\":[\"gold\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "90872c188340f5ab2860b4dd59f461157e22821e",
  "block": 20591906,
  "trx_in_block": 14,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:02:00",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "nothing-wrong-with-gold-in-backwardation",
      "author": "spunkyq8",
      "permlink": "re-koosjansen-nothing-wrong-with-gold-in-backwardation-20180311t210147322z",
      "title": "",
      "body": "nie article, Thank you!",
      "json_metadata": "{\"tags\":[\"gold\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "b2016cd3dee227e1d09f3aa9e9847126572ae56c",
  "block": 20591874,
  "trx_in_block": 43,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T21:00:24",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "gold",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "title": "Nothing wrong with gold in backwardation.",
      "body": "@@ -99,18 +99,20 @@\n dation %22\n-i\n t\n+his\n  is not \n",
      "json_metadata": "{\"tags\":[\"gold\",\"futures\",\"backwardation\",\"scarcity\"],\"image\":[\"https://steemitimages.com/DQmP4xWGDwAhuVKcJ1j6MEUA1DrcT7ZDyntr43n83Pdtqff/Picture1.png\"],\"links\":[\"https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/\",\"http://www.cmegroup.com/trading/fx/emerging-market/indian-rupee.html\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "fd57a04e6095e1ffa9877f8322adebc939b200fa",
  "block": 20591831,
  "trx_in_block": 37,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-11T20:58:15",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "gold",
      "author": "koosjansen",
      "permlink": "nothing-wrong-with-gold-in-backwardation",
      "title": "Nothing wrong with gold in backwardation.",
      "body": "For many years there are stories making rounds in the blogosphere that whenever gold is in backwardation \"it is not supposed to happen\" because it opens up a \"risk-free arbitrage\". In a market that is not manipulated, the arbitrage would be jumped immediately and so backwardation is a signal of manipulation (or lack of trust in futures markets) and shortages in the physical market - or so the story goes. I won't address all theories by the story tellers related to price manipulation in this micro-blog, but let's have a look at the alleged \"risk-free arbitrage\" and see why this argument is false. \n\nBackwardation means that futures price are lower than the spot price. In such a scenario, traders can sell spot and buy it back through a futures contract to make a profit. Sounds logical doesn't it? Alas, there is more to it. \n\n ![Picture1.png](https://steemitimages.com/DQmP4xWGDwAhuVKcJ1j6MEUA1DrcT7ZDyntr43n83Pdtqff/Picture1.png)\n\nAs we know (or read this if you don't know https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/) the forward curve of a currency is a reflection of interest rates. For gold, denominated in USD, the forward curve is determined by gold's interest rate (the gold lease rate, GLR) and the US dollar interest rate (LIBOR). The formula is:\n\nGold forward rate ≈ LIBOR - GLR \n\nIn the example gold futures curve above we can see spot gold is $1,300 per troy ounce and gold 12-months out is $1,248 per troy ounce. The curve is obviously in backwardation. The 12-months forward rate (the forward price relative to spot in percentages) in this example is - 4 %, LIBOR is 2 %, and GLR is 6 %. \n\nIn the formula it looks like this: - 4 % = 2 % - 6 % \n\nAccording to some analyst gold backwardation opens a \"riks free arbitrage\" possibility by selling spot and buying forward. Suppose we want to execute this trade within our example. \n\n1)\tWe borrow 100 ounces of gold at 6 % (GLR). In 12-months we need to repay the principal plus interest which is 106 ounces.\n2)\tWe sell spot 100 ounces of gold for $130,000 and deposit the dollar proceeds at 2 %.\n3)\tWe buy a futures (/forward) contract for 106 ounces 12-months out.\n\n12-months later…\n\n4)\tOur dollar deposit has grown into $132,600 (1.02 * $130,000). \n5)\tWith our USD funds we can take delivery of 106 ounces. The total price to pay is, \n\n106 * 1,248 = $132,500 \n\nWhat?! There's nearly no profit? Only $100 which can be neglected if you add in transaction costs etcetera. How is this possible? The simple explanation is that my example is a no-arbitrage condition. If the formula \"gold forward rate ≈ LIBOR - GLR\", more or less holds there can be no profit. \n\nThe story tellers say that backwardation still shouldn't occur because if someone already owns gold (instead of having to borrow it) he could make a profit. Let's go through the math. Suppose I own 100 ounces gold and want to execute the trade. \n\n1)\tWe sell my 100 ounces at $1,300, pocketing $130,000 and deposit the proceeds at 2 %.\n2)\tWe buy a futures contract for 100 ounces 12-months out.\n\n12-months later…\n\n3)\tOur dollar deposit has grown into $132,600 (1.02*$130,000). \n4)\tWith the USD funds we can take delivery to buy back my 100 ounces. The total price to pay is, \n\n100 * 1,248 = $124,800 \n\nNow we have some profit,\n\n$132,600 - $124,800 = $7,800\n\nSo, did we really make a \"risk-free\" profit? If you think about it, what we did is sell gold and buy it back after 12 months. From another angle, we lend it out for 12 months and made $7,800. But if we had lend gold out directly in the lease market at the prevailing rate (6 %) we would have made exactly the same amount of dollars. \n\nOften gold loans are settled in dollars. At the start of the loan the amount of dollars agreed as interest is the gold interest multiplied by the spot price. If we had lend out 100 ounces at 6 % the gold interest would be 6 ounces times $1,300 is $7,800.    \n\n100 * 0.06 * 1300 = $7,800\n\nIf one owns gold and the gold futures curve is in backwardation, the profit to be made by selling spot and buying forward will be exactly the same as leasing one's gold out directly. Both trades boil down to the same time thing: lending gold out. We know that lending out money comes with the risk of default for which the lender is compensated with interest. In this post we've seen that it doesn't make a difference if one lends out money (gold) directly through the lease market or indirectly through the futures market. \n\nThe argument that gold backwardation shouldn't happen because it should be arbitraged (risk-free) away is not true, because the futures curve simply reflects interest rates. \n\nIf you look at the futures curve of the Indian Rupee, denominated in USD, http://www.cmegroup.com/trading/fx/emerging-market/indian-rupee.html you'll see backwardation simply because the Indian Rupee interest rate is higher than LIBOR. \n\nIn conclusion, there's nothing unusual about currencies in backwardation in my opinion.",
      "json_metadata": "{\"tags\":[\"gold\",\"futures\",\"backwardation\",\"scarcity\"],\"image\":[\"https://steemitimages.com/DQmP4xWGDwAhuVKcJ1j6MEUA1DrcT7ZDyntr43n83Pdtqff/Picture1.png\"],\"links\":[\"https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/\",\"http://www.cmegroup.com/trading/fx/emerging-market/indian-rupee.html\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 20582310,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 8,
  "timestamp": "2018-03-11T13:01:12",
  "op": [
    "author_reward",
    {
      "author": "koosjansen",
      "permlink": "should-gold-be-in-contango-or-backwardation",
      "sbd_payout": "1.833 SBD",
      "steem_payout": "0.000 STEEM",
      "vesting_payout": "1500.810502 VESTS"
    }
  ]
}

{
  "trx_id": "9842cde351a812b11cb56f85f9309bdb61bd4bfc",
  "block": 20450160,
  "trx_in_block": 72,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-06T22:41:06",
  "op": [
    "vote",
    {
      "voter": "ayusor",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "2faf873cba382cfc19c0c462e22056210a6d15b5",
  "block": 20449210,
  "trx_in_block": 62,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-06T21:53:30",
  "op": [
    "vote",
    {
      "voter": "koosjansen",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "41e8a498e47b8b1395ab71b0e33fac2f116ecb8f",
  "block": 20447315,
  "trx_in_block": 18,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-06T20:18:30",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "is-the-price-of-gold-suppressed",
      "author": "tonyz",
      "permlink": "re-koosjansen-is-the-price-of-gold-suppressed-20180306t201827657z",
      "title": "",
      "body": "Good move to Steemit Koos!",
      "json_metadata": "{\"tags\":[\"gold\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "00516a506bd8518e008761d23d3ea416ba40df58",
  "block": 20447284,
  "trx_in_block": 51,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-06T20:16:57",
  "op": [
    "vote",
    {
      "voter": "tonyz",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "8e4e364f3d6953c45f40281fbab118ca4c1b69e4",
  "block": 20436509,
  "trx_in_block": 40,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-06T11:17:42",
  "op": [
    "vote",
    {
      "voter": "jaspergers",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "a27fbf44edad7e98e943e94bf19b08e0a1c11052",
  "block": 20433289,
  "trx_in_block": 34,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-06T08:36:30",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "re-goldmatters-re-koosjansen-is-the-price-of-gold-suppressed-20180305t222251923z",
      "author": "hud",
      "permlink": "re-koosjansen-re-goldmatters-re-koosjansen-is-the-price-of-gold-suppressed-20180306t083631368z",
      "title": "",
      "body": "Nice article. Thanks",
      "json_metadata": "{\"tags\":[\"gold\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "7fd08b0e566b8edbadcb6605ca2ea67018400c80",
  "block": 20433273,
  "trx_in_block": 17,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-06T08:35:42",
  "op": [
    "vote",
    {
      "voter": "hud",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "464213c29fa95a02d0761b7fa77b5241199e0471",
  "block": 20421697,
  "trx_in_block": 53,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:56:30",
  "op": [
    "vote",
    {
      "voter": "onlytrading",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "4fd3c4a3dc2b9d79b8f612a28dae4ece169a5840",
  "block": 20421101,
  "trx_in_block": 14,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:26:42",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "re-goldmatters-re-koosjansen-is-the-price-of-gold-suppressed-20180305t222251923z",
      "author": "goldmatters",
      "permlink": "re-koosjansen-re-goldmatters-re-koosjansen-is-the-price-of-gold-suppressed-20180305t222642281z",
      "title": "",
      "body": "I think you will enjoy it! It is generally a positive environment and there could be a lot more gold experts on here as of now it is more crypto people. Welcome!",
      "json_metadata": "{\"tags\":[\"gold\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "ef12f9402ad11608bd371cd2f686733b37d197cb",
  "block": 20421082,
  "trx_in_block": 25,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:25:45",
  "op": [
    "vote",
    {
      "voter": "goldmatters",
      "author": "koosjansen",
      "permlink": "re-goldmatters-re-koosjansen-is-the-price-of-gold-suppressed-20180305t222251923z",
      "weight": 300
    }
  ]
}

{
  "trx_id": "ec6ccf894555cb73d216f3483ce888c57d613096",
  "block": 20421035,
  "trx_in_block": 29,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:23:24",
  "op": [
    "vote",
    {
      "voter": "dnynl",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "3347ded461f5999b6e81124a678cd69947fb636c",
  "block": 20421034,
  "trx_in_block": 17,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:23:21",
  "op": [
    "comment",
    {
      "parent_author": "goldmatters",
      "parent_permlink": "re-koosjansen-is-the-price-of-gold-suppressed-20180305t221911704z",
      "author": "koosjansen",
      "permlink": "re-goldmatters-re-koosjansen-is-the-price-of-gold-suppressed-20180305t222251923z",
      "title": "",
      "body": "@@ -50,17 +50,17 @@\n teemit i\n-d\n+s\n  the fut\n",
      "json_metadata": "{\"tags\":[\"gold\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "6d8a05d1a76bcb6abfbad594576481def17557e8",
  "block": 20421029,
  "trx_in_block": 14,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:23:06",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "gold",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "title": "Is The Price Of Gold Suppressed?",
      "body": "Suppression of the gold price has been a much-debated topic in the gold space. In all corners of the community analyses can be read that allege the metal is way cheaper that it should be. But is this true? \n\nFirst of all, we must distinguish between manipulation, which can be up or down but is always short-term noise, and suppression, long term downward pressure. The former has been proven time and again, but is not of much interest to me (a long term hodler of gold). The latter is the holy grail.   \n\nTo know if the price is suppressed we need hard-core proof, nothing less. Zero Hedge published a piece the other day that states, 'It's Not A \"Conspiracy Theory\": Here's How Central Banks Actively Suppress The Price Of Gold'. https://www.zerohedge.com/news/2018-03-04/its-not-conspiracy-theory-heres-how-central-banks-actively-suppress-price-gold Is this finally the proof we've been waiting for? Yes and no. \n\nThe article on Zero Hedge is about 'gold swaps', which are more or less gold loans, by central banks. (For more info on gold swaps read: https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/.) Surely, when central banks lend out their gold, supply in the open market is increased and the price will fall. There's just one detail that is often neglected. \n\nLoans do not extend into eternity. The moment a gold loan is issued the price will get hammered. But what happens when the loans are repaid? Gold lending (mostly by Western) central banks is said to really have kicked off in the late 1980s - although, admittedly, I don't have the exact data myself. Throughout the 1990s the gold price, indeed, was relatively low. See for yourself in the chart below.\n\n![Screen Shot 2018-03-05 at 10.30.30 PM.png](https://steemitimages.com/DQmS4Sp8HGKmaoYazB8CKhx1yeQDZwGRXSqxDiz4soi8KhG/Screen%20Shot%202018-03-05%20at%2010.30.30%20PM.png) \n\nIn the new millennia, however, central banks started to reverse their course and stopped lending. Data by GFMS shows that since 2001 loans (leases) have been declining. And in the chart above we see that around then the gold price has been increasing.  \n\n![Screen Shot 2018-03-05 at 8.20.47 PM.png](https://steemitimages.com/DQmdKYe3MbNei1DU54zMFNaAWBzuQRHXwkt8Ejooh8u7uqh/Screen%20Shot%202018-03-05%20at%208.20.47%20PM.png)    \n \nSo, lending out gold by central banks has suppressed the price of gold, the question is, to what extent is that currently happening? At this moment I think not many central banks are lending metal out. The Dutch central bank, for example, has stated it ceased lending gold completely in 2009, of course due to the financial crisis in 08. If central banks are covertly lending gold I'm still investigating. \n\nAlthough gold lending is important to keep an eye on, at this point I don't think central banks have many thousands of tonnes on lease. \n\nOther suppression tricks that ZeroHedge mentioned will be covered in a next steem!",
      "json_metadata": "{\"tags\":[\"gold\",\"zerohedge\",\"suppression\",\"silver\",\"banks\"],\"image\":[\"https://steemitimages.com/DQmS4Sp8HGKmaoYazB8CKhx1yeQDZwGRXSqxDiz4soi8KhG/Screen%20Shot%202018-03-05%20at%2010.30.30%20PM.png\",\"https://steemitimages.com/DQmdKYe3MbNei1DU54zMFNaAWBzuQRHXwkt8Ejooh8u7uqh/Screen%20Shot%202018-03-05%20at%208.20.47%20PM.png\"],\"links\":[\"https://www.zerohedge.com/news/2018-03-04/its-not-conspiracy-theory-heres-how-central-banks-actively-suppress-price-gold\",\"https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "bb1e101a90f3afe78a86f2777c37e68f390045d4",
  "block": 20421024,
  "trx_in_block": 39,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:22:51",
  "op": [
    "comment",
    {
      "parent_author": "goldmatters",
      "parent_permlink": "re-koosjansen-is-the-price-of-gold-suppressed-20180305t221911704z",
      "author": "koosjansen",
      "permlink": "re-goldmatters-re-koosjansen-is-the-price-of-gold-suppressed-20180305t222251923z",
      "title": "",
      "body": "Thanks! I'm just playing around here. Seeing if Steemit id the future ;-)",
      "json_metadata": "{\"tags\":[\"gold\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "80f9a196b8dc7d10e9a8815024aeaf8ec6d55d58",
  "block": 20420972,
  "trx_in_block": 39,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:20:15",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"x22report\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "2ecef836e01be9bbb7607eb8310a61e60a750676",
  "block": 20420956,
  "trx_in_block": 46,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:19:27",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "is-the-price-of-gold-suppressed",
      "author": "goldmatters",
      "permlink": "re-koosjansen-is-the-price-of-gold-suppressed-20180305t221911704z",
      "title": "",
      "body": "@@ -17,18 +17,17 @@\n  I humbl\n-ed\n+y\n  offer s\n",
      "json_metadata": "{\"tags\":[\"gold\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "d24466b5c379172f68e66bad46ba25f43de07fd4",
  "block": 20420952,
  "trx_in_block": 13,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:19:15",
  "op": [
    "vote",
    {
      "voter": "goldmatters",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 500
    }
  ]
}

{
  "trx_id": "977659f866b00ce7ddfc9721810cf6d231a98836",
  "block": 20420951,
  "trx_in_block": 15,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:19:12",
  "op": [
    "comment",
    {
      "parent_author": "koosjansen",
      "parent_permlink": "is-the-price-of-gold-suppressed",
      "author": "goldmatters",
      "permlink": "re-koosjansen-is-the-price-of-gold-suppressed-20180305t221911704z",
      "title": "",
      "body": "Thanks Koos! May I humbled offer some unsolicited advice? If you use all 5 tags your article will receive more exposure. Looking forward to more orginal content here on steemit from you:)",
      "json_metadata": "{\"tags\":[\"gold\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "52ab53e97b6c3b8d2c7069984528029e2f2948b1",
  "block": 20420824,
  "trx_in_block": 45,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:12:51",
  "op": [
    "vote",
    {
      "voter": "heit",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "d1975b7b720c74b1d50dd2ad33ac6e0c25cdf5f9",
  "block": 20420806,
  "trx_in_block": 17,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:11:57",
  "op": [
    "vote",
    {
      "voter": "penguinpablo",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 100
    }
  ]
}

{
  "trx_id": "c8d480a5d54b548e190061c0c4e92eb20131d67b",
  "block": 20420675,
  "trx_in_block": 6,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:05:24",
  "op": [
    "vote",
    {
      "voter": "raise-me-up",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "weight": 60
    }
  ]
}

{
  "trx_id": "528e837c58166909a3f9b53a7f6bd3fc2617f04c",
  "block": 20420590,
  "trx_in_block": 15,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-05T22:01:09",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "gold",
      "author": "koosjansen",
      "permlink": "is-the-price-of-gold-suppressed",
      "title": "Is The Price Of Gold Suppressed?",
      "body": "Suppression of the gold price has been a much-debated topic in the gold space. In all corners of the community analyses can be read that allege the metal is way cheaper that it should be. But is this true? \n\nFirst of all, we must distinguish between manipulation, which can be up or down but is always short-term noise, and suppression, long term downward pressure. The former has been proven time and again, but is not of much interest to me (a long term hodler of gold). The latter is the holy grail.   \n\nTo know if the price is suppressed we need hard-core proof, nothing less. Zero Hedge published a piece the other day that states, 'It's Not A \"Conspiracy Theory\": Here's How Central Banks Actively Suppress The Price Of Gold'. https://www.zerohedge.com/news/2018-03-04/its-not-conspiracy-theory-heres-how-central-banks-actively-suppress-price-gold Is this finally the proof we've been waiting for? Yes and no. \n\nThe article on Zero Hedge is about 'gold swaps', which are more or less gold loans, by central banks. (For more info on gold swaps read: https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/.) Surely, when central banks lend out their gold, supply in the open market is increased and the price will fall. There's just one detail that is often neglected. \n\nLoans do not extend into eternity. The moment a gold loan is issued the price will get hammered. But what happens when the loans are repaid? Gold lending (mostly by Western) central banks is said to really have kicked off in the late 1980s - although, admittedly, I don't have the exact data myself. Throughout the 1990s the gold price, indeed, was relatively low. See for yourself in the chart below.\n\n![Screen Shot 2018-03-05 at 10.30.30 PM.png](https://steemitimages.com/DQmS4Sp8HGKmaoYazB8CKhx1yeQDZwGRXSqxDiz4soi8KhG/Screen%20Shot%202018-03-05%20at%2010.30.30%20PM.png) \n\nIn the new millennia, however, central banks started to reverse their course and stopped lending. Data by GFMS shows that since 2001 loans (leases) have been declining. And in the chart above we see that around then the gold price has been increasing.  \n\n![Screen Shot 2018-03-05 at 8.20.47 PM.png](https://steemitimages.com/DQmdKYe3MbNei1DU54zMFNaAWBzuQRHXwkt8Ejooh8u7uqh/Screen%20Shot%202018-03-05%20at%208.20.47%20PM.png)    \n \nSo, lending out gold by central banks has suppressed the price of gold, the question is, to what extent is that currently happening? At this moment I think not many central banks are lending metal out. The Dutch central bank, for example, has stated it ceased lending gold completely in 2009, of course due to the financial crisis in 08. If central banks are covertly lending gold I'm still investigating. \n\nAlthough gold lending is important to keep an eye on, at this point I don't think central banks have many thousands of tonnes on lease. \n\nOther suppression tricks that ZeroHedge mentioned will be covered in a next steem!",
      "json_metadata": "{\"tags\":[\"gold\",\"zerohedge\",\"suppression\"],\"image\":[\"https://steemitimages.com/DQmS4Sp8HGKmaoYazB8CKhx1yeQDZwGRXSqxDiz4soi8KhG/Screen%20Shot%202018-03-05%20at%2010.30.30%20PM.png\",\"https://steemitimages.com/DQmdKYe3MbNei1DU54zMFNaAWBzuQRHXwkt8Ejooh8u7uqh/Screen%20Shot%202018-03-05%20at%208.20.47%20PM.png\"],\"links\":[\"https://www.zerohedge.com/news/2018-03-04/its-not-conspiracy-theory-heres-how-central-banks-actively-suppress-price-gold\",\"https://www.bullionstar.com/blogs/koos-jansen/gofo-and-the-gold-wholesale-market/\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "f8a72ec5989cfe6726b65f7917ebd9b398f0d59c",
  "block": 20385067,
  "trx_in_block": 43,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T16:24:27",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"yoshilivo\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "d240d1bda45ac6d083822bf2f05de47300fcd94f",
  "block": 20384725,
  "trx_in_block": 28,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T16:07:21",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"philipkennedy\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "e987fa9b6aecdce8deed42d8b7b4cc97041b2abd",
  "block": 20384579,
  "trx_in_block": 8,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T16:00:03",
  "op": [
    "vote",
    {
      "voter": "morning",
      "author": "koosjansen",
      "permlink": "should-gold-be-in-contango-or-backwardation",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "1265cc2368158d0868f5c40337dc5dbd3501d610",
  "block": 20383944,
  "trx_in_block": 36,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T15:28:18",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"tdcvaultcom\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "9919720d87a97eeaf0e22f35afd0533613c61aec",
  "block": 20383939,
  "trx_in_block": 36,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T15:28:03",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"seanpfahey\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "3588c6569fd14297f9ef908b81d8b8297d612612",
  "block": 20381495,
  "trx_in_block": 22,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T13:25:48",
  "op": [
    "vote",
    {
      "voter": "opportunity4u",
      "author": "koosjansen",
      "permlink": "should-gold-be-in-contango-or-backwardation",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "a18c39dbf7e1d6a618ba37fdd3a6db06896c4c19",
  "block": 20381003,
  "trx_in_block": 5,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T13:01:12",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "gold",
      "author": "koosjansen",
      "permlink": "should-gold-be-in-contango-or-backwardation",
      "title": "Should gold be in contango or backwardation?",
      "body": "Many commentators have written about gold futures contracts and the term structure of gold. I always wonder why the futures price of gold \"should\" be higher than spot (in contango), while gold in the derivatives markets trades more like a currency than a commodity - gold can be easily lend and borrowed, and has a high stock to flow ratio. So why then should gold's futures price be related to the storage costs? Why not purely by the gold lease rate? This morning I commented on a post by JP Koning about this question. He hasn't responded yet, but you can join the debate here: http://disq.us/p/1qm9yco  Drop a comment if you like! \n\n![LBMA.png](https://steemitimages.com/DQmV41JGYRa1KGCpxu9ztM2k3jzwx6Tn2engrArMUWUHZ1b/LBMA.png)",
      "json_metadata": "{\"tags\":[\"gold\",\"futures\",\"backwardation\",\"contango\"],\"image\":[\"https://steemitimages.com/DQmV41JGYRa1KGCpxu9ztM2k3jzwx6Tn2engrArMUWUHZ1b/LBMA.png\"],\"links\":[\"http://disq.us/p/1qm9yco\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "3f22dea6f17f088f5bef88e73e81c59b8955de7a",
  "block": 20380698,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T12:45:57",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"a-0-0\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "c65ce385a35682d1e92527f94cdf4a7b3f13d518",
  "block": 20380697,
  "trx_in_block": 44,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T12:45:54",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"changingworld\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "ddf1a6240e55cee003687f2178701da1d40872c3",
  "block": 20380696,
  "trx_in_block": 66,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T12:45:51",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"williamgabriel\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "538e5ef6a5fa1c51b7076f47af9fab7b76a63759",
  "block": 20380695,
  "trx_in_block": 33,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-03-04T12:45:48",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "koosjansen"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"koosjansen\",\"following\":\"money-dreamer\",\"what\":[\"blog\"]}]"
    }
  ]
}