http://rikgreeninvestorforum.blogspot.co.uk/2013/12/comex-gold-futures-settlement-activity.html
Each contract is for 100 ounces of gold so 207,600 ounces must still be settled from registered inventory which currently sits at 604,944 ounces. Settling
the remaining ounces may not be as straight forward as it first
appears. No doubt the COMEX and its bullion banks will pull it off.
But, the degree of difficulty is increasing, especially compared to
last year.
JP Morgan's House Account probably already owns most of the registered gold in inventory. Since
the beginning of this contract month when there were 590,817 registered
ounces in inventory, JPM has stopped or taken delivery of 493,500
ounces. When taking delivery JPM receives a warrant that is title to
the registered ounces. The issuer or seller transfers ownership of
registered gold already in inventory to JPM via the warrant. In this
way ownership of existing registered inventory is transferred and
inventory balances are not affected. So had there been no deposits or
withdraws to/from registered inventory this month to date and if JPM
owned no registered gold at the beginning of the month, JPM would now
own 84% of the registered inventory. That would leave only 16% or about
97k ounces for all other firms.
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