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lunedì 21 settembre 2015

Jansen: It can be industry professionals just using COMEX designated vaults for storage

Koos Jansen ricorda QUI che non e' detto che l'oro eligible sia poi tutto trasformabile in registered con uno schiocco di dita, puo' benissimo essere che molti "industry professionals" usino semplicemente le vaults del Comex per tenere il proprio oro al sicuro


Courtesy Sharelynx.com. Registered stocks have fallen significantly. Eligible stocks can be switched to registered, though gold futures traders on COMEX own not all eligible stocks, it can be industry professionals just using COMEX designated vaults for storage.

E il suo secondo link rimanda a questo post su BullionVault in cui troviamo una definizione di eligible e registered piuttosto interessante:

When acceptable bars are brought into an exchange-approved warehouse they become "eligible" for settlement of gold futures contracts traded on the exchange. So at this point, the owner of the bars may deliver them onto the exchange, and warehouse receipts are created. That is when the gold bars become "registered" stocks. 
Eligible gold stocks may or may not ever become registered stocks. Why? Because the warehouse is still a warehouse and the owner may simply want to vault their metal securely, before using it to meet demand elsewhere – for manufacturing, or from investors in another marketplace, such as Asia. This eligible gold may belong to an investor, a refiner, a hedge fund, a bank or producer. Many times these people are holding the metal for their end customers. And it may move at any time, and is much more flexible than the warehouse receipts that are registered stocks. 
The CME, the exchange, does not have any direct control over nor interest in the size of eligible stocks. Registered stocks however are officially recognized by the CME for good delivery on the exchange. That means that this inventory exists and is set aside to make delivery against gold futures contracts. Traders who stand for delivery, rather than cash payment, when their contract settles take delivery of the warehouse receipt. This does not change the quantity of registered stocks inside the warehouse. It remains registered, but the receipt changes ownership. 
If a gold futures buyer wants to take physical delivery of the gold and "break" the receipt then this is possible. But it is a process and takes time. Once broken, if the gold remains in the exchange circle of integrity – meaning the exchange-approved warehouse – then those bars become eligible stocks. But if the gold bars are removed from the exchange-approved warehouse then they no longer are eligible and are no longer tracked in any way.

Anche Jesse qualche giorno fa ricordava che considerare tutto l'oro al Comex come pronto ad essere venduto e' come considerare in vendita tutte le auto di una città quando ne vai a comprare una usata, non puoi considerare che l'offerta sia tutto, l'offerta e' solo quello che e' in vendita.

1 commento:

  1. beh,

    fossi in questi "industry professionals" non starei tanto sicuro che il "mio" eligible sia anche "takedeliverabile"....

    c'è una documentazione piuttosto lunga (es. su Gold Warriors dei Seagrave) di banche che se ne strafottono dei "certificati" che gli presenti, e delle azioni legali che gli fai, l'oro fisico non te lo danno, e basta

    e ci vuole un amen, che il buon Obbà o altro burattino faccia un bel "executive order", ovviamente per "ragioni di sicurezza nazionale" e contro gli "avidi speculatori" e blocchi tutta la marianna

    o, piu semplicemente, all'atto del (tentato) ritiro....
    ops
    AND ITS GOOOOONE......

    takedeliverate, "industry professionals", takedeliverate

    RispondiElimina