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As I said elsewhere, one of things a futures market is does is naked short selling.

The writer got his facts wrong. The 90% provision was aimed to rein in scam artists selling "look-alike" contracts off-exchange to mug punters. It's an obsolete provison, because the scam artists have moved on to more lucrative techniques like CDS and CLOs....

There's nothing odd about big dealers like DB borrowing gold from central banks to make exchange deliveries either, although I grant you the size of this delivery is way out of the ordinary.

I wouldn't touch gold with a barge pole. It's been manipulated by the big dealers and Central Banks since for ever.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri Apr 3rd, 2009 at 09:48:33 PM EST
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