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Ronan Manly: Shrinking the pool of trade-ready gold at the Comex
12:56p ET Wednesday, November 13, 2019
Dear Friend of GATA and Gold:
CME Group's New York Commodities Exchange, Bullion Star researcher Ronan Manly reports today, has just created an inventory category called "pledged gold," which, Manly says, represents metal being used as collateral with the exchange to secure trader performance. According to Comex rules, Manly writes, "pledged gold" can't be used to fulfill delivery obligations.
Manly suspects that the new category will tie up metal that is already in laughably short supply on the exchange, where only two one-hundredths of 1 percent of contracts result in actual delivery of gold.
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Is the exchange starting to worry about defaults? Of course if it was, the exchange would never admit it. But if any real investors still trade gold on the exchange, they might want to review the situation.
Manly's report is headlined "New COMEX Pledged Gold -- Shrinking the Pool of Registered Inventory" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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