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GoldBroker
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The night of March 31st to April 1st saw a spectacular turnaround in the gold market. As reported in the monthly bulletin reserved for clients of GoldBroker, published the very next day, COMEX posted an unprecedented figure at the close of March 28: 106,662 gold future contracts expiring in April remained open, equivalent to 10.66 million ounces, or around 332 tons. This volume corresponded to almost 51% of the “eligible” stocks available in the COMEX vaults (20.7 million ounces), raising fears of a massive and immediate demand for physical delivery. Such a scenario would have constituted an unprecedented stress test for the market infrastructure. However, in the very last hours before the switch to April, the situation changed dramatically: almost 90,000 contracts were closed, cancelled or “rolled over” to other maturities. In the end, only 34,865 contracts, or 3.49 million ounces, were officially released for delivery on April 1, reducing actual demand to arou...
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