He’s been wrong so far. Zoltan’s grand analogy between financial plumbing and commodity supply chains is beautiful but it comes up short in the real world for various reasons.
The problem is, Zoltan is a monetary not commodities analyst and, try as he does, he cannot jam the square peg of commodities (which are by definition worthlessly common) into the round hole of financial reserves (which are by definition scarce).
Hence he is forced to use excuses for his miscued price forecasts such as “if this had not happened”…
