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CME Chairman On Gold: “People Don’t Want Gold Certificates, They Want the Real Product”
Submitted by Mike Krieger of Liberty BlitzKrieg
What’s interesting about gold, when we had that big break two weeks ago we saw all the gold stocks trade down significantly, we saw all the gold products trade down significantly, but one thing that did not trade down, was gold coins, tangible real gold. That’s going to show you, people don’t want certificates, they don’t want anything else. They want the real product .
Terrence Duffy, President and Executive Chairman of CME Group Inc,. on Bloomberg TV
I’m actually still in a state of shock that the head of the CME Group would make such an observation and in such blunt terms. I mean the guy admits that volume on his exchanges suck, yet basically claims paper gold (one of their marquee products) is becoming irrelevant. In my mind there are two likely explanations for this. 1) This is how he has started to feel personally and he is loading up on physical gold rather than his company’s paper products and would like some cover if that is ever unearthed. 2) This is what people close to the gold market are telling him and he’d rather make it clear he understands that paper is paper and gold is gold and that there is a big difference. So “caveat emptor” if you are hanging around the COMEX.
His comments on gold come in at the 0:40 mark. Simply stunning.
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Shit I hate it when one of these thieving bastards say something I agree with. Now I must re-think my position - Fvckers!
Why would you care what they say? They are setting you up, we're not privy to the thoughts that back the comments. Looks like gold could be up or down a lot really soon. Phzz holders aren't worried, they sleep well. Way too much info to read into lately, pm have the only real fundies for this special time.
Ordered some silvers on April 27, now Gainesville says will ship out on May 24, around 30 days delay.
Hey maybe the Comex will become a buillion dealer as well. Why not? Increase volumes by playing cash / spot vs the futures. If thre is a market ...they will market make it.
Interesting. They could launch a whole franchise of buillon shops nation wide.
Possibly an attempt to make the price bifurcation between GLD and GOLD to appear "as expected" or "it's understandable" or "situation normal" or "relax, there's a Fedex for that" or "push the Staple's Easy Button" if you need more gold. In the words of the same bag man who said that Corzine knew he was tapping customer accounts... nothing to see here folks... GOLD trading significantly higher than GLD... it's normal... now move along, you're blocking traffic.
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