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CME Group to Launch New Gold Futures Contract with Expanded, Flexible Delivery in 100-ounce, 400-ounce or 1-kilo Bars

ZZZZZ

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#1
Ya think they're not desperate?

CME Group to Launch New Gold Futures Contract with Expanded, Flexible Delivery in 100-ounce, 400-ounce or 1-kilo Bars

PR Newswire
March 24, 2020

CHICAGO, March 24, 2020 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced the launch of a new gold futures contract with expanded delivery options that include 100-troy ounce, 400-troy ounce and 1-kilo gold bars. The new contract is expected to launch with a first expiration of April 2020, pending regulatory approval.

"This time of unprecedented market conditions has led to growing demand for a broader range of delivery needs for our clients worldwide," said Derek Sammann, Senior Managing Director and Global Head of Commodity and Options Products, CME Group. "By offering a choice of delivery sizes as well as inter-commodity spreads with our benchmark gold futures, this new contract will provide customers with maximum flexibility in managing physical delivery."

The new futures contract will be available for trading on CME Globex and for submission for clearing via CME ClearPort, and will be subject to the rules and regulations of COMEX. The approved brand list for this product will have complete convergence with the approved brand list for CME Group's existing gold futures and the LBMA gold good delivery list.

A specific launch date is expected to be announced later this week. For more information on CME Group's precious metals product suite, please visit: www.cmegroup.com/gold.

As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.

https://finance.yahoo.com/news/cme-group-launch-gold-futures-003000607.html
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Strawboss

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will be subject to the rules and regulations of COMEX
I recall rules about being able to settle in cash at Comex's discretion. If so - its just another paper gold product designed to dilute/sub-divide the overall investment demand for gold.
 

ZZZZZ

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Translation: The warehouse is sold out of the standard 1,000 ounce bars, so they're scraping the bottom of the barrel to find even 100 ounce bars to meet physical demand.
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oldgaranddad

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Now is the time to,watch how many contracts stand for delivery.
Not settle in cash.
The CMEs days are numbered.
This is usually the time where the CME says nicely through your broker, "take delivery and it will be your last delivery, for you will trade no more". At this point, many people probably don't care and are more worried if they will get delivery at all.
 

oldgaranddad

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Translation: The warehouse is sold out of the standard 1,000 ounce bars, so they're scraping the bottom of the barrel to find even 100 ounce bars to meet physical demand.
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I thought the rule change basically said, you can have delivery but it will be in London and not NY?
 

Bottom Feeder

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#7
400 oz bars are london gold exchange size.
before they can send them to USA they melt them down and make 100 oz bars (uscb required size)
those were the old rules
the kilo bars are probably for smugglers.

BF
 

Voodoo

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#8
Let's hope this New Gold is better received then New Coke