US Flows for July

Euro flows for July

Flows this week

To spell it out another way, for more than four and a half years from 2009 until 2014, during the same exact same time period as the US Department of Justice is accusing James Vorley of having been “engaged in a years-long conspiracy to defraud other traders on COMEX" by “on numerous occasions, placing Spoofing Orders for COMEX gold, silver, platinum or palladium futures contracts", James Vorley was a director of the LBMA’s London Gold Fixing and London Silver Fixing companies.

India imports for June

In a previous article we have discussed that gold trades more like a currency than a commodity. An approach of a gold market balance, which produces a surplus or deficit, is therefore not appropriate nor indicative of price direction. Because silver is both a monetary metal and an industrial commodity its supply and demand dynamics require special attention. My conclusion is that silver, just like gold, trades more like a currency than a commodity.

SGE withdrawals for August

COTs this week

Thus with this new shift from a 3 month to a 1 month vault reporting lag, the COMEX-LBMA gold pool tag team can, with a bit of spin, hold up a copy of the FEMR report and claim that the London vaults have made a Herculean transparency effort, indeed one that has the blessing of regulators, and successfully ‘lobby’ for a COMEX rule change to allow the London vaults a derogation to only report to COMEX on a 1 month lagged basis instead of the daily end of day requirement of their New York brethren.