The Phaserl


Comex Leverage Widens To Record

from TF Metals Report:

With a move yesterday by JPM to reclassify 104,000 ounces of gold from registered to eligible, the total Comex registered vault has fallen to the lowest level in recent memory.

Now, I can show you any number of CME Gold Stocks reports from the last few years that purport to show a total registered Comex vault of 600,000-800,000 ounces of gold. That yesterday’s report shows only 378,476 ounces is remarkable and interesting but not the point of this post.

After last week’s carnage, there was all sorts of reporting about how “gold has lost its luster” and how “demand was falling”. Is that true? Is that why the paper Comex price fell so dramatically? Or, instead, did the paper price fall because a collection of hedge funds and banks were able to short Comex futures with impunity and with no recognizable limit to the amount of leverage they’re able to use?

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