If there are months long lags in taking delivery, it could also be that they haven't been buying as aggressively at the current highs.

No, it's both. They've expanded, as far as I can tell, their own non-XAUT holdings as well. (Or maybe we need to wait for formal quarterly report to "know" that, but that's the impression I'm getting)

denlillaapan

Makes sense. I was thinking it was part of their asset basket that generates yield on the stablecoin.

Undisciplined

Interesting that they're still buying at these prices

Perhaps you don't know, they have a gold backed token: XAUT

So I think its not so much "Tether" buying but holders of XAUT. Supposedly you can redeem for physical gold in Switzerland (certain minimums apply).

econ

The Gold Trade Tethered(!) to Fiat Money Printing (Bloomberg, Jack Ryan)

> Interesting that they're still buying at these prices
> 

Perhaps you don't know, they have a gold backed token: XAUT

So I think its not so much "Tether" buying but holders of XAUT. Supposedly you can redeem for physical gold in Switzerland (certain minimums apply).