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Thread: Let's talk about the gold market

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    Default Re: Let's talk about the gold market

    Quote Originally Posted by kbird View Post
    Again, I'm relying on Roy Sebag, but he would suggest that cash settlement isn't an option (yet). From a few days ago:

    1/2 I’ve received some important information relating to what’s going on in Gold markets. Today, some banks failed to deliver physical in the comex bar EFP. As a result, these banks suffered large losses which will soon be announced. They’ve also decided to exit the comex market.
    — Roy Sebag (@roysebag) March 24, 2020


    2/2 Now there remains a big shortage in physical in the comex denomination so rumors are the Comex will announce a force majeure and allow banks to deliver LBMA bars instead. This should be announced imminently.
    — Roy Sebag (@roysebag) March 24, 2020


    And then he tweeted this out the following day:

    The CME PR is out. Two important facts have been withheld: 1)Which banks were short $16B more physical than in CME vaults and required a bail out? 2) How will LBMA metal in London be used to settle delivery in NY during Covid shut-down? Another sad day for "free" markets.
    — Roy Sebag (@roysebag) March 25, 2020
    https://twitter.com/dimit/status/1268526469149573121

    Comex, "Force Majeure" in play. Futures contracts now ~60% physical backed. Represents ~4X Annum USA gold production (~30% World). All in the open.


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