Signposts: Saudi Arabia Now "educating the population on the concept of depositor risk" (and a bit o'gold buggery)

That's a nice catch at FT Alphaville today: "Depositor risk is now a thing in Saudi Arabia"
Last month the IMF said Saudi's financial reserves would run out within five years.

And in 'Tis but a flesh wound' jibber-jabber, the to-date sole commenter on the post refers back to the Alphaville post we linked to in yesterday's "India's Gold Stash Dwarfs Fort Knox Hoard and Modi Wants It":

Vic Twente 33 minutes ago

Gee, depositor risk, eh? Sounds like the sort of thing that you avoid by putting some of your wealth in a shiny yellow metal of some kind.
Oh well. I'm sure these sorts of risk will never manifest in such an advanced, competent economy as India.

The extra serving of snark would be more appropriate without this sad reality:

Those are closing prices. The front futures are currently down another $17.00 at $1087.20, a better-than three month low.

As we said the last time we visited the black Knight, in December 2014's "Jim Grant is (still) bullish on Russia, gold and private equity":

He's gone from serious analyst to...I don't know what. Gold's going lower and Russia is Russia, where people with an actual understanding of the place travel in armored Mercedes limos and have a hidey-hole in London....

...Monty Python Does Finance

Black Knight:     I am invincible! 

King Arthur:      You're a loony!  

December futures $1190.30 down $3.60 after trading as low as $1176.20. 

Black Knight:  The Black Knights always triumph!

We won't be doing anything on the long side of gold besides covering tactical shorts until $875, and possibly lower.
Good luck to the Black Knight.