Citaat:
Oorspronkelijk geplaatst door Nr.10
Op de grafiek is duidelijk te zien hoe "registered stocks" in de comex warehouse afneemt.
Volgens u is er geen verschil tussen "eligible stocks" en "registered stocks".
Eligible betekent: in aanmerking komend. So with the gold inside the warehouse, second question: When is the gold considered eligible or registered on the commodities exchange?
When acceptable bars are brought into an exchange-approved warehouse they become "eligible" for settlement of gold futures contracts traded on the exchange.
So at this point, the owner of the bars may deliver them onto the exchange, and warehouse receipts are created. That is when the gold bars become "registered" stocks.
Eligible gold stocks may or may not ever become registered stocks. Why? Because the warehouse is still a warehouse and the owner may simply want to vault their metal securely, before using it to meet demand elsewhere – for manufacturing, or from investors in another marketplace, such as Asia. This eligible gold may belong to an investor, a refiner, a hedge fund, a bank or producer. Many times these people are holding the metal for their end customers. And it may move at any time, and is much more flexible than the warehouse receipts that are registered stocks.
The CME, the exchange, does not have any direct control over nor interest in the size of eligible stocks.
Registered stocks however are officially recognized by the CME for good delivery on the exchange. That means that this inventory exists and is set aside to make delivery against gold futures contracts. Traders who stand for delivery, rather than cash payment, when their contract settles take delivery of the warehouse receipt. This does not change the quantity of registered stocks inside the warehouse. It remains registered, but the receipt changes ownership.
If a gold futures buyer wants to take physical delivery of the gold and "break" the receipt then this is possible. But it is a process and takes time. Once broken, if the gold remains in the exchange circle of integrity – meaning the exchange-approved warehouse – then those bars become eligible stocks. But if the gold bars are removed from the exchange-approved warehouse then they no longer are eligible and are no longer tracked in any way.
BRON
24 okt 2013 Een trader die tevreden is met een regeling in cash [zonder fysieke levering, zonder fysieke zekerheid] is tevreden met een "eligible stock."
Een trader die fysieke zekerheid wil zal een "registered stock" willen. |
NOG maar eens: er zijn talloze herlabelingen.
En nog een "NOG maar eens": zowel registered als eligible is fysiek aanwezig in de kluizen.
Omdat de eigenaars, alle eigenaars, zowel die van registered als eligible, beslisten hun goud nabij de marktplaats op te slaan. Waarom doen ze dat, om het vlug beschikbaar te kunnen maken indien ze dat zo beslissen, of omdat ze de vriendelijke mensen van de Commodity Exchange zo graag zien?