The open interest in the December COMEX gold contract is down to 7,946 contracts (the equivalent of 24 metric tonnes) and the threat of a squeeze on delivery has been averted, yet again.
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What can we learn form this?
Next time you read an article that is hyperventilating that the 200 or 300 to one ratio in futures contracts to available gold, take a deep breath and remember that most COMEX gold futures participants are only interested in the price of gold, and not the gold itself.
Cheers until next time.
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COMEX December Contract Squeeze, page-32
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