When I saw the CME gold report from
yesterday I was a little surprised to see that over 300,000 ounces of
gold in futures contracts were stopped, or taken for delivery, so far in
August. And there was a total request for 282,000 ounces just
yesterday.
Since there were only 362,000 ounces offered, I was wondering how they would manage this. Claims to deliverable ounces were still running over 120:1.
And just for grins, where were the biggest requests for gold coming from? None other than the house accounts of Goldman and HSBC. What’s up with that?
Have no fear, JP Morgan stepped up and moved 276,000 ounces into the ‘deliverable’ category as show in the second chart.
And they filled 275,000 ounces of that futures delivery request out of their ‘house account’ as shown in the first.
Just in the nick of time!
Since there were only 362,000 ounces offered, I was wondering how they would manage this. Claims to deliverable ounces were still running over 120:1.
And just for grins, where were the biggest requests for gold coming from? None other than the house accounts of Goldman and HSBC. What’s up with that?
Have no fear, JP Morgan stepped up and moved 276,000 ounces into the ‘deliverable’ category as show in the second chart.
And they filled 275,000 ounces of that futures delivery request out of their ‘house account’ as shown in the first.
Just in the nick of time!
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