Energizer Bunny With A Twist: COMEX/London Paper Gold “Exchange For Physicals” Use Just Keeps Growing. And Growing. And Growing.

SD Metals & Markets: A former London precious metals analyst explains what the massive growth in EFPs means for gold & silver. Here’s the details…

Hello and welcome to another week’s Metals and Markets Wrap. I am your host James Anderson of SDBullion.com

With us this week is a new guest, Mr. Daniel March, a former Loco London trader of precious metals out of London.

Mr. March is now in Thailand were he is set to discuss the precious metal markets with us today. Daniel’s Twitter handle: https://twitter.com/Daniel_March3

At around the @17:40 mark, he attributes the massive growth in ESP (further Exchanges for Paper) as a direct result of 2 phenomena.

  • #1) The shrinking amounts of bullion desk trading counter-parties. Many are shutting down as they are purportedly making less cash than they used to with shrinking client revenues.
  • #2) Regulatory and oversight costs have escalated amongst gold / silver / forex market rigging and client front running fines over the last few years.


⬆ Growing Exchange for Physical (EFPs) COMEX / Loco London | Daniel March


Daniel began as a precious metals analyst with JP Morgan in March 2008. After JP Morgan took on Bear Sterns’ failed COMEX silver position and he was there for nearly 3 years time.

We discuss what that was like.

Later Daniel moved over to the Loco London side of the business. We ask him to explain to our listeners out there about the Loco London market.

Daniel is relatively new on Twitter but he has been rather active in discussing complexities like COMEX to London EFPs.

We discuss this growing phenomenon and have hosted other experts on the matter like Craig Hemke here at Silver Doctors.

Notable charts and tweets highlighted this interview are as follows:







About the Interviewer

James Anderson has a BA in finance from Loyola University New Orleans. He has both worked and invested in the physical investment grade bullion markets prior to the 2008 global financial crisis.

James’ twitter is @JamesHenryAnd and he authored SD Bullion’s complementary 21st Century Gold Rush Book.