The Curious Case Of EXPLODING Comex Gold Deliveries

Many unusual things have been happening in the gold market…

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

Dear Friend of GATA and Gold:

Many unusual things have been happening in the gold market in recent months and Bullion Star researcher Ronan Manly details them this week, including an explosion in claims for delivery on the New York Commodities Exchange, a futures market that traditionally has been almost entirely a market for gold derivatives making few deliveries.

Manly’s report is especially valuable for explaining the mechanics of taking gold out of the Comex.

The report is headlined “The Curious Case of Comex Gold Deliveries” and it’s posted at Bullion Star here (excerpt below):

Did you think that the high-powered world of the LBMA would operate in a fishbowl for all to see? – ANOTHER

A lot has been written about the London gold spot price – COMEX gold futures price spread (EFP) blow up on 23/24 March, whose detonation has sent across the gold market on each side of the Atlantic, and whose trigger has been the subject of much speculation and debate.

Importantly, the fallout from this seismic event continues to roll on, and has caused unusual goings-on among the bullion banks in London and New York, such as:

  • Deteriorating liquidity (bullion banks rapidly departing COMEX and London gold trading)
  • Large trading losses at bullion banks, for example HSBC
  • Gold borrowing rates rising over the time of the March event
  • Bullion banks scrambling to secure physical gold to send to New York
  • The SPDR Gold Trust ETF using gold
  • Sharp drops in COMEX gold futures open interest (OI)
  • The launch of a COMEX 400 oz contract and 400 oz bars in COMEX vaults
  • Huge volumes of gold bar exports from Switzerland to New York
  • Record gold inventory build-ups in COMEX approved vaults
  • Record numbers of COMEX gold contracts moving to delivery (June and April)

Is all of this connected you may ask? The answer in my view, is yes, but not in the way that you may think.

Rest of article link:

Toast to a free gold market

Toast to a free gold market
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