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$1,391.7 gold futures

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slange

10,634 Posts.

4212

14/03/17

20:14

Post #: 23344059
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Originally posted by timber1956 ↑

@23skidoo

It is misleading to claim that there is a "paper gold" printing press out there creating unlimited amounts of "paper gold" to dump on the market suppressing the price of gold.

Anyone who follows the COMEX Gold futures open interest will know that the supply (the amount of "Paper Gold" in circulation) is usually quite constant. (If anything it has been falling during March):
http://www.cmegroup.com/trading/metals/precious/gold_quotes_volume_voi.html

While there are huge volumes of "claims" on physical gold held by owners of COMEX futures contracts, very few of the owners of those claims have any intention of taking delivery. Typically they do one of two things:
- roll the position into the next major listed contract (June17) before delivery; or
- bilaterally exchange their long COMEX positions for physical gold off market, using EFPs, thus avoiding CME delivery fees and giving themselves flexibility to take delivery at depositories other than the three approved by CME, at times decided by themselves, and no prescribed by CME.

COMEX Gold futures have played a central roll in the gold market for over forty years. COMEX locals underwrite the price risk for the global wholesale physical gold market, so they probably deserve the right to decide what the price of gold is.

Get used to it...

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We've been used by it for too long and their is no point staying used to it because it just aint gonna last.
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