Replying to Avatar berean jones

Fluff answer if ever I saw one

"The London gold market has not officially "defaulted" but is facing severe liquidity issues. Delivery delays of 4–8 weeks from the Bank of England, compared to the standard 2–3 days, are being interpreted as technical defaults on cash/spot gold contracts. This situation stems from a significant outflow of gold to U.S. COMEX warehouses and a lack of readily available physical gold in London vaults, exposing systemic vulnerabilities in the market."
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Liberty Gal 10mo ago

In other words, they gave out too many paper/electronic IOUs on their gold and now we get to play musical chairs and see who winds up without a chair (or gold bar).

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