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Ronan Manly: Quiet but vast expansion of Comex's approved bar list indicates tight metals market

Section: Daily Dispatches

LBMA-Comex Collusion Intensifies as CME Approves 267 LBMA Gold and Silver Bar Brands

By Ronan Manly
Bullion Star, Singapore
Monday, August 24, 2020

In a move that has gone entirely unnoticed in the precious metals markets but signals gold and silver bar delivery constraints for the Comex gold and silver futures contracts, the Chicago Mercantile Exchange Group, operator of the New York-based Comex, has quietly and under the radar hugely expanded its lists of eligible refinery gold and silver bar brands that can be delivered against the massively traded flagship GC 100 (100-ounce gold) and SI (5,000-ounce silver) contracts.

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These changes, which were implemented on 27 July and which are detailed below, also look to be serving an even bigger agenda of preparing for a radical change in the delivery procedures of these two famous contracts so as to facilitate gold and silver stored in London Bullion Market Association vaults in London, to be used in settlement against the GC 100-ounce and the SI 5000-ounce Comex contracts.

Note that the Comex 100-ounce gold futures contract is currently deliverable as eitherone 100-troy-ounce gold bar or three 1-kilo gold bars, while the Comex 5,000-ounce silver futures contract is currently deliverable as five 1,000-troy-ounce cast silver bars (with a weight tolerance of 10% either higher or lower).

To reiterate, these changes are to the gold and silver refiner brand lists of the big-boy contracts GC 100 and SI. You may recall something similar happening for a new 4GC contract when it was rushed out in late March, but that was just a trial run. This is the main event.

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