With precious metals back at 4-year lows against a backdrop of gold migration from west to east, paper vs physical divergences, ‘disappearing’ Comex positions, dark pools in London, collateral grabs, and massive monetary policy extremist actions; we thought the following two presentations worth considering. Tocqueville’s John Hathaway delves into the darker corners of today’s gold markets while Mike Maloney reminds us of the big picture behind gold and silver as wealth insurance.