COMEX 2016 gold futures trading generated a volume of 57.5 million contracts, representing 178,850 tonnes of gold. About as much gold as has ever been mined in the history, estimated to be 190,000 tonnes? The volume in 2016 was 37% higher than 2015. Of the 2016 57.5 m gold futures contracts traded, just 71,380 (or just 0.12%) COMEX gold contracts were ‘physical delivered’.... To June 2017, trading volumes in the main COMEX gold futures contract (GC) reached 32.7 million contracts, representing 101,710 tonnes of gold (12%) for the same period in 2016, this suggests that COMEX is on course to trade more than 200,000 tonnes of gold, this year, more than all gold ever mined in history.... not too shabby interest in a 'barbaric relic....
During 2017, open interest has fluctuated roughly between 400,000 and 500,000 contracts at any given time, 46% is in the front-month August 2017 (nearly 750 tonnes), another 40% in the Dec 2017 contract. However, there are only currently 22 tonnes in the COMEX approved vaults in New York, about 700,000 ounces, ie., only 22 tonnes of gold currently available that the vault operators have attached warrants to as part of the COMEX futures delivery process.....As at last friday 21, Spec traders are 157,094 contracts Short for July 26 expiry, so these massive Large Spec short positions are ripe obviously for the usual 'Commercial' squeeze.... But who are the Specs ?? as per the normal CME opaqueness, nobody knows.... No doubt that the Cartel is very large & powerful, co-ordinated by the BIS from Basel, but they've created a huge derivative margin trading platform, with the deserved irony they just may well be undone, 'hoisted by one's own petard' as they say.....
I'd suggest that this ' paper Management' Gold by the London otc & the CME traders has been closely monitored by some serious Euro -Asian Sovereigns (which is what it will take) players who, I believe, are pretty near to using their own specifically designed HTF's to crash the paper derivatives once & for all, I'm just not privy as to when..... 'tho I've used my 3 score & 10, I reckon I'll still see Au being set free with the rest of '17 promising to be very interesting....
BDR Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
