In this BullionStar Perspectives video, I talk to gold and commodities futures trader William Purpura about the COMEX futures exchange, the LBMA, and the gold markets in Dubai and China. William is Chairman of the COMEX Governors Committee and is a font of knowledge about the gold markets. This is a must see interview for those with an interest in the COMEX and gold.
Filmed in December 2020, the interview is 47 minutes long, and each topic in the interview is clickable as follows:
00:41 William’s career as a futures trader
02:48 The role of the COMEX Board of Governors
04:14 The function and benefits of futures markets
05:58 Physically settled vs cash-settled contracts
07:26 The triggers for COMEX metal inflows during 2020
09:51 Gold deliveries within the COMEX vaults, but lack of withdrawals
12:52 Eligible gold – A suitable metric to gauge tradeable inventory?
15:05 COMEX mass approval of LBMA Good Delivery Brands in July
17:11 Potential settlement of COMEX contracts in London vaults
19:52 Purpose of the COMEX ‘Enhanced Delivery’ 400 oz gold contract
22:40 COMEX and LBMA cooperation, EFP anomaly and arbitrage
25:35 Mechanics of warrant delivery between short and long on COMEX
29:07 Why vaults in New York apply to get COMEX approved
30:51 The LBMA and its recent attempts to influence major gold centers
35:27 Should the LBMA be the global authority for precious metals?
38:41 Dubai as a major gold hub, Opportunities, Growth and Competition
41:09 China’s gold market: Derivatives, Physical, and Cross-Border flows
45:09 COMEX as a physical precious metal delivery center in 2021
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.