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'Are they losing control' at the Comex?

Section: Daily Dispatches

3:30p ET Tuesday, March 24, 2020

Dear Friend of GATA and Gold:

Reacting to today's Financial Times report acknowledging "liquidity" problems in gold at the New York Commodities Exchange --

-- a Middle Eastern source who long has been intimately involved with the gold market says:

"Indeed, the spread between the nearby Comex gold futures contract and the OTC spot price widened to nearly $100 during this morning's session. The April contract traded a high $1,682 at around 10 a.m. while its counterpart OTC spot price was languishing at $1,593.

... Dispatch continues below ...


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"Demand for gold across multiple courses generally oscillates closely with the gold swap rate and is the playing field of market makers, bullion banks, physical arbitrageurs, and other knowledgeable participants. Today that mechanism of the market, which helps bring liquidity to the global gold market (either using futures to bring liquidity to the OTC market or its reverse trade) was fully broken as arbitrage opportunities were not fulfilled. ...

"Are they losing control? The April 20 contract has five days of trading left and open interest is 20 million ounces. The numbers to be rolled over are huge.

"No cargo flights mean there are no physical gold transfers because, as the FT said, there are no bars available.

"The LBMA and Comex operator CME Group are trying to sort it out."

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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