NYSE Runs Out of Gold Bars
So far, the price of gold has held fairly steady, given the worldwide financial turbulence and money printing, but cracks are beginning to be seen in the facade of orderly trading on markets like COMEX and NYSE, where people are starting to demand physical delivery of gold futures contracts…
The NYSE-Liffe futures exchange has, it seems, run out of 1 kg bars of gold. Futures markets, like NYSE-Liffe and COMEX, try hard to maintain the fiction that they will deliver physical gold, in completion of executed contracts. Indeed, to prevent fraud, U.S. law requires clearing members to keep a stockpile, of one kind or another, consisting of a minimum of 90% of metal. Up until October, 2008, it didn’t matter. Only about 1% of long buyers of paper gold futures contracts typically took delivery. Now, the situation is very different. Demand has surged and, it appears, one major futures exchange, NYSE-Liffe, and by extension, the COMEX gold warehouses it shares with its larger cousin, are unable to meet the requirements of their contracts, vis-a-vis, delivery of 1 kg. bars.
As of December 31, 2008, the NYSE-Liffe mini-gold (YG) contract specifications were changed to read, in pertinent part, as follows:
33.2 fine troy ounces (+10%,null,null,null), no Less than 995 fineness. Seller’s discretion delivery of one vault receipt representing one bar or one Warehouse Depository Receipt (WDR) representing either 1/3 interest in one full size gold NYSE Liffe vault receipt or full interest in a NYSE Liffe Mini Gold vault receipt. Delivered to exchange approved vaults by exchange approved carriers.
33.2 troy ounces (+5%) of refined gold, assaying not less than .995 fineness, contained in no more than one bar.
In summary, there is now so much demand for delivery of the mini-contracts that the exchange can no longer deliver 1 kg bars.
…so far, this isn’t tragic because you still get gold, but it’s now 100 oz bars, not the 32 oz “kilo” bars that are a bit easier to handle and trade. This is a good future indicator of increasing demand for physical gold, not paper gold like you get at your stockbroker.
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