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Koos Jansen: Comex gold futures contracts can be settled off exchange
9:56a ET Thursday, February 25, 2016
Dear Friend of GATA and Gold:
Gold researcher and GATA consultant Koos Jansen notes today that Comex gold futures contracts do not have to be settled by delivery of gold deposited with a Comex member warehouse, but also can be settled with gold anywhere in the world that purportedly is considered equivalent to the gold in the contract.
Of course this would seem to diminish the relevance of Comex gold inventories, whose weekly totals lately have been followed more closely. And if, in a pinch, central bank gold can be rolled quickly into a Comex warehouse somewhere, Comex inventories may be even less of an indicator of market direction. That is why the primary determinant of the gold price is always central bank intervention in the market -- which is exactly what mainstream financial news organizations and respectable market analysts refuse to investigate.
Jansen's report is headlined "COMEX Gold Futures Can Be Settled Directly with Eligible Inventory" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/koos-jansen/comex-gold-futures-can-be-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATa.org
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