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Avery Goodman: Gold supply tightness spreads from London to New York
1:27p ET Monday, June 1, 2015
Dear Friend of GATA and Gold:
Tightness in the physical gold market seems to have spread from London to New York, securities lawyer Avery B. Goodman writes today, noting that more gold could be claimed for delivery in the June gold futures contract on the New York Commodities Exchange than there is registered gold in Comex warehouses, a circumstance that Goodman thinks may be unprecedented.
Goodman writes that a default on Comex contracts is unlikely because the U.S. government almost certainly would make gold available surreptitiously, perhaps through the secret gold swap arrangements whose arrangements the Federal Reserve confirmed, perhaps inadvertently, to GATA in 2009. But if the gold price is not allowed to rise significantly, Goodman adds, there will be bigger supply problems.
Goodman's commentary is headlined "Gold Market Tightness Puts COMEX Clearing Members on the Edge Of Default" and it's posted at Seeking Alpha here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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