Gold, the globe’s universal currency and store of value, is being de-globalised. Mocatta, long the largest gold bullion dealer, is being unwound and shut down by Scotiabank. JPMorgan, the leading US bullion bank, is ever more reluctant and slow to take on new counterparties.

Along with all its other issues, HSBC had to take a huge mark on its gold trading book during the illiquid and volatile March markets. The Rothschilds, essential to every global conspiracy theory, left the gold trade in 2004.

Financial Times