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What Happened to the COMEX Market?
Sovereign wealth funds are getting away from the big banks and all this. The COMEX was originally built to offset risk, where if I own 1,000 ounces of gold in my warehouse, I'll sell 1,000 ounce on paper on COMEX. It's just a way to offset risk by people who deal with the commodity as well. Now you have the most private, of the most well-funded, well-informed private investors doing the exact same thing that the commercial banks and central banks have been doing.
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