by Craig Hemke
At Eric Sprott’s urging, we’ve been monitoring the daily abuse of the Exchange For Physical process since late 2017. However, since late March, the daily totals have fallen off dramatically. Why?
Again, the “Exchange For Physical” process is an arcane feature of the COMEX futures market that allows a party to exchange a contract for “physical metal” off-exchange, usually in London. Abuse of this process accelerated in 2017, and we’ve been documenting the absurd totals for nearly three years. Below are just a few links to previous articles on this subject: