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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (67542)	11/22/2003 5:57:07 PM
From: Real Man	Read Replies (1) \| Respond to of 94695

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.