Clearing.
At the end of the day, a broker would sum up his trades with each other broker and transfer only the balance "clear" the accounts.
Some brokers are "clearing members" and offer clearing services to smaller brokers.
As the large broker have a seat and are their own clearing member, the process cannot be transparent.
My COT charts, yeah!, not heralding them <ggg>.
They are not very usefull as they are published as per close of the Tuesday session, and OI is published as per close of day-1 session.
I only use them as the confirmation of long term trends.
For those interested, I update these regularly near Friday's close.
lvlamb.itgo.com
Don't ask me to comment them, as only long term is of any interest.
Also, trend changes cannot be spotted better then a 3 weeks granularity. Useless for swing traders.
All it tells me now is that gold OI is less volatile these last 6 months and keeps rising. I translate this as strong trend upwards with few speculation.
For silver: close to reversal OI up and higher prices, unless a break of a multi-year trend.
Many gurus woul tell the same, even without those charts. <vbg>
Miners selling forward:
there are as many contracts as people. A miner selling future production at a fixed price is plainly a stoopid manager.
You can secure a loan with a bank on future production and still have a varying principal in "value of" the weight of the metal. The opposite being a CB as the ECB which accounts for the 15% gold reserves "in value of", not as a weight of.
When you think you could find the answer to a question, you obviously missed something. LOL.
Nah! No links.
What is printed is history, what comes on the net is obsolete. <ng> |
