A friend at a bullion shop, B.W., calls attention to the TF Metals Report’s notation this week that the total stock of gold bullion registered and readily deliverable on the New York Commodities Exchange has sunk below 5 tonnes and that the ratio of Comex gold contract claims to readily deliverable gold has risen to nearly 300 to 1:
B.W. writes: “We can hardly believe our eyes.”
The TF Metals Report keeps up with this Comex data not just to suggest that gold is running out but also to complain about the unfairness of the commodity trading system in the United States. For your secretary/treasurer, that unfairness is a given, part of the architecture of government intervention in the monetary metals markets, intervention fully authorized by law under which the U.S. government, through the Treasury Department’s Exchange Stabilization Fund, can intervene secretly in any market at any time:
As for the Comex data itself, it long has struck your secretary/treasurer as irrelevant.
For Comex gold vault figures, for both “registered” and “eligible” gold, mean little if the bullion banks have easy access to gold outside the Comex system, particularly access to government and central bank gold, or if the bullion banks are executing trades as agents of governments and central banks, as surely they are doing:
Please follow SGT Report on Twitter & help share the message.