So what does all of this mean? Is there not even one vaulted 400 oz gold bar in the whole of New York? Why is COMEX rushing in a new contract deliverable in 400 oz gold bars when it is reporting that there are zero 400 oz gold bars in its approved vaults. Is this all just a smoke and mirrors exercise with the bullion bankers in London and New York laughing over champagne as mainstream new reports claim the very same bankers are scrambling to charter private jets laden with gold bars from London to New York? And finally, are JP Morgan vault staff currently scrambling to rush 400 oz gold bars across the tunnel between the NY Fed gold vault and Chase Manhattan gold vault under Liberty Street in southern Manhattan? Inquiring minds would like to know.
This article was originally published on the Bullionstar.com website under a similar title ‘COMEX can’t find a 400 oz bar for its new 400 oz gold futures contract‘.???
The Comex And LBMA: Paper Gold On Steroids March 31, 2020 Dave Kranzler MBA, Market Analyst & Author @ The Mining Stock Journal
“Once issued, ACEs can be held as long as necessary. A client can use ACEs to comply with short delivery requirements (1 ACEs reflecting one futures contract of 100 oz) or it can be swapped back against a 400 oz bar by exchanging 4 ACEs. A customer can comply with delivery requirements with ACEs or regular bars, or a combination of both.”
Here’s his entire article: Comex delivery problems.
It’s only a matter of time before the markets wake to this reality. At that moment we will see the $100-$200 or more daily moves in gold that many have discussed as an eventuality.
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