OK, but if this is correct, then Comex gold should increase
by the number of commercials contracts short, each month,
as they deliver, but it does not seem to be happening.
Are you suggesting NEM is derivative MM, not JPM? When
a speculator buys, someone has to sell that contract.
So, is that ABX or NEM who sits on the exchange writing
futures contracts? The mineres have been covering roughly
700 Tonnes of gold per year, which is more than the total
of nymex OI. Are you suggesting that they are double-dealing, getting short futures, while getting out of OTC
futures? I'm not sure I understand. 5000 tonnes gold
loans from central banks are well documented. These loans
are on the CB official books. That's the minimum size of
gold short position that exists today. Producers have bever
been short that much, only 3000 tonnes, and they already
covered half of it. This information is also available from
the hedging books of gold miners. A bullion bank serves
as an intermediary between gold producers and gold consumers. As such, they are also the commercials. |
