Something big is happening.
COMEX secures secrecy agreement with CFTC under FOIA not to release details to the public of its market maker program for the new 400 oz gold futures contract hatched with LBMA, because "Disclosure Would Likely Cause Competitive Harm to COMEX". Program begins tomorrow April 13. pic.twitter.com/QEuEyGz64m
— BullionStar (@BullionStar) April 12, 2020
I also looking closely at Alasdair MacLeod ‘s replies:
” Yes. I’m not surprised. Fact is bb traders need to close their shorts and if it can’t be done in an orderly fashion COMEX will be forced into force majeure.
“
‘market marker’ programme. What is that exactly ? As you say, bullion banks need to exit shorts.
Yeah NS. From my interpretation of COT.. this is similar… Price action resisting downfall even when cot reset. When reset is done.. open interest should fly back up in the uptrend.
Spot catching up (1699.75$) to futures (1742.5$) as they are stalling. Great!
Hey Patrick,
I’m not sure why it would be great that spot is catching up to futures. I thought the physical was higher than futures or am I still dreaming from my nice sleep in this morning?
Yes. But not by 40$-70$.. that implies a underlying problem. Usually premium over spot is ~4 dollars. So if “they” fixed the problem.. I rather seeing spot go UP than DOWN.