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Comex hardly needs any gold, as it's mainly a paper market, CPM Group's Christian says
Gold Shortage Theory Derided as Comex Seen Well-Supplied
By Joe Deaux
Thursday, September 17, 2015
Even stockpiles at a two-year low aren't enough to cheer gold investors.
Inventories of the metal on the Comex in New York have fallen for seven straight sessions to 6.89 million ounces, the smallest since October 2013, when inventories slid to the lowest in seven years, according to bourse data.
"Our clients will call up saying 'I hear the Comex is running out of gold, what do you make of it?' and our quick answer is that this is a non-issue," Jeffrey Christian, managing director at CPM Group, said in a telephone interview. "Even if you look at the fact that registered stocks have declined, the fact of the matter is most Comex futures contracts" are cash-settled and traders don't take delivery of the metal, he said.
While the percentage of Comex gold open interest covered by total Comex reported stocks has fallen over the past year and a half, it "remains very high by historical standards and presents no perceptible risk of imminent problems with deliveries," CPM Group said in a report dated Sept. 14. ...
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