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Avery Goodman: U.S. guarantees Comex gold, hastening offtake there
Demand for Physical Gold Deliveries Doubles in August
By Avery Goodman
Tuesday, August 4, 2015
Last month I wrote about an usual situation at the COMEX futures exchange:
At that time, only 376,000 ounces of gold were available to back up a delivery requirement of about 550,000 ounces. A day later, JPMorgan Chase bailed out the clearing firms that handle short-side speculators, adding enough registered gold to meet deliveries.
In the article, I reached several conclusions. First, given that commercial for-profit institutions don't normally put themselves at financial risk to bail out their competitors, it was likely that JPMorgan was an agent of the U.S. government. I also concluded that the Comex is an excellent place for large physical gold buyers to source gold. ...
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