The COMEX is the market where commodities such as gold, silver, copper and aluminum are traded. In 2015, it was reported that COMEX doesn’t have the physical metals that it trades in. “Comexodus: JPMorgan’s Vault Is One Withdrawal Away From Running Out Of Deliverable Gold” was published on the financial website Zero Hedge on September 15, 2015. “Comexodus” is a portmanteau of “COMEX” and “exodus.”
The “Comexodus” article was cited frequently on Twitter.
Wikipedia: New York Mercantile Exchange
The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City. Additional offices are located in Boston, Washington, Atlanta, San Francisco, Dubai, London, and Tokyo.
The company’s two principal divisions are the New York Mercantile Exchange and Commodity Exchange, Inc (COMEX), once separately owned exchanges. NYMEX Holdings, Inc., the former parent company of the New York Mercantile Exchange and COMEX, became listed on the New York Stock Exchange on November 17, 2006, under the ticker symbol NMX. On March 17, 2008, Chicago based CME Group signed a definitive agreement to acquire NYMEX Holdings, Inc. for $11.2 billion in cash and stock and the takeover was completed in August 2008. Both NYMEX and COMEX now operate as designated contract markets (DCM) of the CME Group. The other two designated contract markets in the CME Group are the Chicago Mercantile Exchange and the Chicago Board of Trade.
DEFINITION of ‘COMEX’
The primary market for trading metals such as gold, silver, copper and aluminum. Formerly known as the Commodity Exchange Inc., the COMEX merged with the New York Mercantile exchange in 1994 and became the division responsible for metals trading.
Comexodus: JPMorgan’s Vault Is One Withdrawal Away From Running Out Of Deliverable Gold
Submitted by Tyler Durden on 09/15/2015 21:12 -0400
One week ago, when we reported the record plunge in registered gold held by the various Comex gold warehouses in general, and JPMorgan in particular, which saw the “gold coverage” ratio, or the number of paper claims through open futures interest for every ounce of deliverable gold, soar to what we then thought was a record, and unsustainable 207x, we thought this situation would be promptly rectified as a few hundred thousand ounces of eligible gold would be “adjusted” back into the “registered” category.
Comexodus: JPMorgan’s Vault Is One Withdrawal Away From Running Out Of Deliverable Gold http://www.zerohedge.com/news/2015-09-15/comexodus-jpmorgans-vault-one-withdrawal-away-running-out-deliverable-gold …
8:12 PM - 15 Sep 2015
New York City • Banking/Finance/Insurance • Tuesday, September 15, 2015 • Permalink