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John Kim: China tightens its squeeze on New York and London gold futures markets
11:29a ET Thursday, August 27, 2020
Dear Friend of GATA and Gold:
Market researcher John S. Kim of SK Wealth Academy reports today that the Shanghai Futures Exchange has shortened the delivery period for gold futures contracts from five working days to one working day after the last trading day.
Kim adds that the delivery periods for other futures contracts were shortened as well but not as much -- from five working days to three.
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Kim writes: "Since the change was much tighter in the trading of gold futures than with any other commodity, I believe the purpose of this change was to ensure that all traders who enter trades in the exchange possess the required upfront physical gold amounts to meet delivery without traders worrying that their desire to take physical gold delivery will be unmet due to physical gold supply shortages that are currently being experienced by the Chicago Mercantile Exchange and the London Bullion Market Association."
Kim's report is headlined "China Tightens Its Squeeze on New York and London Gold Futures Markets" and it's posted at his internet site here:
https://maalamalama.com/wordpress/china-tightens-its-squeeze-on-new-york...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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