Who's Buying the Gold Nobody Can Trace?
On October 7, China's central bank published one of the dullest documents in finance: its monthly reserve statement.

Hey ,
This time next month, you will be inundated with Black Friday deals.
If you didn’t know, the ‘black’ in Black Friday refers to retail businesses being in the black, as opposed to in the red.
In other words, in making money from the consumer.
The whole event is a self-fulfilling prophecy.
In previous years, the portfolio tracking & tax optimization I co-founded, Navexa, has joined the hordes of limited-time deals clogging your inbox with increasingly aggressive ‘reminders’.
(Navexa, if you didn't know, is the business behind The Benchmark.)
But this year, we aren't going near Black Friday.
It’s not us. We’re not in the business of selling Airfryers and 4K TVs at insane discounts.
Rather, we’re in the business of helping investors track and optimize their investment performance.
This is why we just launched Roi, our custom-developed agentic portfolio superintelligence (yes I know that's a mouthful, but it's true).
It's also why why, rather than make you some arbitrary discount on Black Friday…
I'd like to make you am exclusive and highly-unusual offer connected to a particular financial event.
Let me explain.
This week in 1987, the stock market plunged 22.6%.
Black Monday was, and remains, the worst single-day performance in history.
The crash preceded a further fall which led the market to lose 41% from top to bottom in just 39 days.
Take a look:

At the time, it seemed like the end of the world. Recession and Great Depression talk swirled in the panic.
Most investors panicked and sold.
But, as some guy named Warren once said, ‘the stock market is a device for transferring money from the impatient to the patient’.
And for the investor with patience?
The stock market rewarded them with a 326% return in the decade that followed the Black Monday crash.
I find this a far better occasion for making you an offer to track your investments with Navexa.
Which is why until midnight Sunday AEDT you can save 41% on any Navexa plan.
On our Premium plan this saves you $197.
This is the biggest discount offer we’ll make all year.
It is available exclusively to you as a reader of my newsletter.
Go here to take advantage of this now.
(41% discount applied at checkout — or use the code BM26).
Invest in knowledge,
Thom
The Benchmark
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On October 7, China's central bank published one of the dullest documents in finance: its monthly reserve statement.
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