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Ronan Manly: Comex bombshell -- most eligible vaulted gold has nothing to do with Comex
9:50a ET Thursday, April 16, 2020
Dear Friend of GATA and Gold:
While CME Group, operator of the New York Commodities Exchange, and the London Bullion Market Association have been proclaiming in recent days that gold supplies are ample, Bullion Star researcher Ronan Manly discloses today that CME Group last week told a completely different story to the U.S. Commodity Futures Trading Commission.
Manly cites a CME Group filing with the commission estimating that half or more of the "eligible" gold reported in Comex-approved vaults may have been placed there without any intent to connect it with futures trading -- that it may be vaulted simply as long-term investment.
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Manly writes: "The importance of this CME admission cannot be overstated. What the Comex has now revealed to the CFTC is that there is far less physical gold available in the New York vaults that can be used for gold futures contract deliveries, because the CME, in its own estimate revision, has just slashed the largest deliverable supply category by half."
Manly's report is headlined "Comex Bombshell -- Most Eligible Vaulted Gold Has Nothing to Do with Comex" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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