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Harvey Organ: Doesn't Comex have gold for delivery anymore?
9:51a GMT Wednesday, November 29, 2017
Dear Friend of GATA and Gold:
Gold market analyst and GATA consultant Harvey Organ this week calls attention to the greatly increasing use of a supposedly "emergency" mechanism for delivering on gold futures contracts on the New York Commodities Exchange, "exchange for physicals," by which contracts to be delivered are transferred outside the exchange, apparently to the gold banking system in London. The implication of the increased use of EFPs, Organ writes, is that the Comex has no gold available for delivery.
Organ's observation comes with the text of letters he has written to the U.S. Commodity Futures Trading Commission about the emergency procedure, to which he has not received any response.
Organ's commentary is headlined "Nov 28-B Letter to the CFTC" and it's posted at his internet site here:
https://harveyorganblog.com/2017/11/28/nov-28b-letter-to-the-cftc/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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