The Phaserl


Currency Wars, Gold Pools, and Comex Potential Claims Per Deliverable Ounce

from Jesse’s Café Américain:

Based on some interactions with newer patrons of Le Café, I thought it might be a good time to restate the general lay of the land in the gold market. The occasion for this is the latest measure of what might be called leverage in the futures market, what it is, and what it may or may not mean and why.

Clearly the paper markets, involving associated trades in ETFs, mining company stocks, derivatives, and so forth are much broader than the futures market alone. But the futures market is what one might call the locus of execution for our drama.

The potential claims number for gold at the NY Comex is calculated by Nick Laird at by taking the amount of gold bullion marked as ‘registered’ for delivery at current prices by the number of contracts open on the futures market at 100 ounces of gold per contract.

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