Mainholm
"That calculation is clearly wrong and misleading as I tried pointing out to you."
With respect to the volume of physical gold settled directly under EFP arrangements, sorry, I got it wrong. I underestimated the number by over a 1,000 tonnes.
I said 4,300 tonnes a year, but from the CME Volume report:
http://www.cmegroup.com/trading/metals/precious/gold_quotes_volume_voi.html
Roughly 7,000 EFP contracts are novated to CME every trading day. That is (7,000 contracts x 100 ounces x 250 trading days divided by 32 150.75 ounces to the tonne) 5,443 tonnes a year.
Look up the COMEX volume report, the COMEX gold contract spec and the CME calendar and do the math yourself.
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Mainholm "That calculation is clearly wrong and misleading as I...
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