Avery Goodman: U.S. guarantees Comex gold, hastening offtake there

Section:

Demand for Physical Gold Deliveries Doubles in August

By Avery Goodman
Tuesday, August 4, 2015

Last month I wrote about an usual situation at the COMEX futures exchange:

http://seekingalpha.com/article/3227026-gold-market-tightness-puts-comex...

At that time, only 376,000 ounces of gold were available to back up a delivery requirement of about 550,000 ounces. A day later, JPMorgan Chase bailed out the clearing firms that handle short-side speculators, adding enough registered gold to meet deliveries.

In the article, I reached several conclusions. First, given that commercial for-profit institutions don't normally put themselves at financial risk to bail out their competitors, it was likely that JPMorgan was an agent of the U.S. government. I also concluded that the Comex is an excellent place for large physical gold buyers to source gold. ...

... For the full commentary:

http://seekingalpha.com/article/3396845-demand-for-comex-physical-gold-d...



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