Slides: Something on Comex is Really Rotten
A large entity or entities is manipulating trade data daily for months, and Comex likely knows it
COMEX gold open-interest revisions have surged to levels that defy normal electronic-clearing behavior, signaling structural stress inside the U.S. futures market. What should be routine housekeeping now resembles concealed risk, delayed reporting, and impaired transparency. Understanding how and why these revisions occur reveals deeper vulnerabilities in America’s commodity-pricing system.
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I. Introduction: Why This Topic Matters
Purpose of Today’s Lecture
Today we are going to examine a phenomenon inside the COMEX gold market that should not be happening in an electronic clearing environment.
Specifically:
Open interest revisions are rising sharply.
Revisions are largest on Monday for the previous Friday.
Since the government shutdown, revisions have become extremely large, in some cases reaching tens of thousands of contracts, far above historical norms.
A large entity or entities is either manipulating or is grossly negligent in reporting trade data to the Comex daily for months, and Comex must know it.
The logical reason for intentionally mis or underreporting data to an exchange is to obfuscate intent and undermine transparency
The logical reason for Comex to know of this and do nothing implies theris a bigger problem.
If Comex knows it and is choosing to not report or enforce its own rules, then it may be a systemic problem
