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Morgan Chase (JPMORGAN Chase & CO.) It will violate futures contracts in New York in February, worth more than $ 4 billion. At that time, the threat of soaring prices and the threat of import tariffs was helping to transport metals to the United States globally.
The bank is by far the world's largest gold bar dealer. It is one of the several institutions that plan to have a contract with CME Group Comex on Thursday. The contract will expire in February. Delivery notice (3 million ounces of gold) is the second largest restaurant data ever in history, which can be traced back to 1994. On Friday, traders announced that they would provide another 1.1 million ounces of Troy ounces on Tuesday, according to the latest notice of CME Group. Essence
After the US President Donald Trump was elected, the price of the imported price of the imported price of London has caused the price of the imported price of imports. The spot price was a climax last week, but the additional premium of COMEX provides a few banks with a favorable arbitrage opportunity for a few banks. These banks can fly quickly between major trading centers.
Similar pricing motivation also appeared in other COMEX contracts, and the differences became so large that the traders had begun to fly silver to the country. Precious metals are usually too cheap and bulky to prove that the cost of air transportation is reasonable. A senior industry said that this is the first time they have seen it.
Millions of ounces of gold trade on COMEX every day every day, usually only a small part is used for physical delivery, and most of the long positions are turned over or closed before expiration.
The exchanges are usually used in hedge positions in London's largest trading center, and banks offset desire in short positions in New York. Since the date of the US election, the physical inventory in the exchange deposits has expanded by 14 million ounces, about $ 39 billion in gold.
It is unclear whether JP Morgan or other banks are transporting gold bars to use arbitrage opportunities, or just use delivery to withdraw from existing short positions. Morgan Chase and the exchange owner CME GROUP Inc. refused to comment.
JPMORGAN Group Inc constitutes most of the remaining.
Deutsche Bank, Morgan Stanley and Goldman Sachs refused to comment.
-Ad the assistance of Yvonne Yue Li and Sybilla Gross.
(The latest CME data is updated in the second and sixth paragraphs. The earlier version of the story has been corrected to repair the gold in the second paragraph.)
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