What Happened In The Gold/Silver Markets
By GCRU Gold News on Monday, May 11 2020, 04:51 - Permalink
The wild volatility over a few weeks as the gold/silver markets got struck by COVID-19 shown in charts
Here we see the reaction within these future markets where volume & open interest has declined while gold was rising which is very rare.
COMEX gold bond margins - 4 increases in a month
COT charts showing declining volume & open interest on a rising price
COMEX stocks vs contract open interest ounces
COMEX depository stocks showing the massive increase in stocks gone into the warehouses - 13.3m/oz or approx 440 tonnes
COMEX depository stocks - eligible vs registered
The depository warehouses where the new stocks ended up at
COMEX deliveries showing the huge demand - 120 tonnes approx
COMEX daily deliveries - issuers/stoppers/totals - May is an off month & huge demand so far
COMEX registered stocks - 1.8m/oz or approx 56 tonnes available prior to the event
LBMA London float - approx 948 tonnes
UK exports to the US - not a normal regular flow
UK exports to the US - 85 tonnes over 23 years
COMEX Gold - spread between spot & the near month future
COMEX gold future contango during the event
COMEX gold future contango normal
COMEX gold futures contract spread
COMEX London OTC Forwards contract spread
COMEX gold futures implied lease rates
COMEX silver futures implied lease rates
Transparent repositories, ETFs, Funds physical gold holdings - massive flows to COMEX plus ETFs
Transparent repositories, ETFs, Funds physical silver holdings
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- A major disruption in the gold markets - never seen before
- Massive decline in open interest - position decline - major player/players left
- The longest surviving gold company now leaves the gold business after 100's of years.
- CME/LBMA coverup - both COMEX & LBMA held physical stocks - gold is not traditionally sent from the UK to the US
- CME takes out $7 billion in insurance in case someone defaults.
- Now they have more warehoused gold than ever - that's not currently needed (yet).
This event coming into play just prior to taking out all time highs at $1900 after which one could expect the prices to accelerate & demand soar.
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Articles to read:
Scotia was for years the world's biggest lender to the physical precious metals industry, with a history that stretches to 1684
Scotia quits the gold markets
The Exchange, in an effort to represent a conservative deliverable supply that may be readily available for delivery, made a determination at this time to discount from its estimate of deliverable supply 50% of its reported eligible gold at this time.
COMEX eligible cut by 50%
Increase of Spot Month Position Limits and Accountability Levels of Five (5) Gold Futures and Option Contracts
Increase of Spot Month Position Limits
Gold (Enhanced Delivery) Futures Settlements - there has been no adoption on what CME claimed was needed to fix the problem
Gold (Enhanced Delivery) Futures Settlements
CME Group secures $7 billion credit facility to protect against a clearing member default
CME Group secures $7 billion credit facility
LBMA colludes with the COMEX – To lockdown the global gold market?
LBMA colludes with the COMEX
LBMA and COMEX try to Reassure the Market – Twice in One Week
LBMA and COMEX try to Reassure the Market
COMEX can’t find a 400 oz bar for its new 400 oz gold futures contract
COMEX can’t find a 400 oz bar
Bullion Bank Nightmare as LBMA-COMEX Spread Blows Up Again
Bullion Bank Nightmare
LBMA Gold Price benchmark ignoring market conditions, short-changing investors
LBMA Gold Price benchmark ignoring market conditions
COMEX Bombshell – Most eligible vaulted gold has nothing to do with COMEX COMEX Bombshell
COMEX secures secrecy agreement with CFTC under FOIA not to release details to the public of its market maker program for the new 400 oz gold futures contract hatched with LBMA
COMEX secures secrecy agreement with CFTC under FOIA
Gold bid/offer spreads blow out to $100 in loco London market
Gold bid/offer spreads blow out to $100
Huge spreads occurring in gold prices
Huge spreads