Bill has warned readers that this was coming.
Extreme COMEX Delivery Demand Continues
June 30, 2020
Demand for physical delivery through the COMEX futures market continues, and this has significant implications for the future of the current fractional reserve and digital derivative pricing scheme.
It’s now mid-summer and the July COMEX contracts have moved into their delivery phase. The numbers are as amazing as they are historic, thus this updated summary is necessary today.
Back in late March, the COMEX nearly failed, as Covid-related sudden delivery demands in the spot gold market drove massive losses for many of the Bullion Banks. Much has been written about this since, so there’s no need to recap what happened. However, a handy summary—including an easy-to-understand explanation of the COMEX “delivery” process—can be found here: https://www.bullionstar.com/blogs/ronan-manly/the-…
Due to this near failure, the CME Group and the LBMA rushed to turn the COMEX futures market into a physical delivery vehicle in a desperate attempt to restore legitimacy to the derivative-only trading that takes place there. Remember, without underlying physical delivery, a commodity futures market might as well be trading baseball cards. Some physical delivery MUST be made at the futures contract price, otherwise the price discovered through futures trading is utterly illegitimate and fraudulent.