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102 tonnes of gold changing hands on Comex's biggest-ever delivery day
By Peter Hobson
Reuters
Friday, July 31, 2020
LONDON -- Traders on CME Group's Comex exchange in New York said on Thursday they would deliver 102 tonnes of gold to holders of expiring futures contracts, in the biggest one-day delivery on record.
The bumper number underlines a dramatic change on Comex since March, when the coronavirus crisis weakened links between New York, the world’s main gold futures trading venue, and London, the biggest centre for storing and trading physical bullion.
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The assumption that gold could be quickly shipped from London to New York to settle contracts broke down when lockdowns grounded passenger planes used to transport it and closed refineries that shape metal to fit CME specifications.
Since then, futures prices have typically been higher than gold prices elsewhere, incentivising traders to ship metal to New York to profit on the difference.
Stockpiles in Comex-registered vaults of gold deliverable against the exchange’s main contract have leaped to 1,016 tonnes from 276 tonnes in late March, CME data shows. ...
... For the remainder of the report:
https://in.reuters.com/article/gold-cme/102-tonnes-of-gold-changing-hand...
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