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Of Fungibility And Comas

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Interpretation of COMEX Division EFPS: Gold-Backed Exchange-Traded ETF Shares Accepted as Cash Leg of EFP

Exchange Rule 104.36, which governs exchanges of futures for physicals ("EFP") transactions on the COMEX Division, refers to a "physical commodity" as one of the required components of an EFP transaction but also indicates that the physical commodity need only be substantially the economic equivalent of the futures contract being exchanged.

The purpose of this Notice is to confirm that the Exchange would accept gold-backed exchange-traded Funds ("ETF") shares as the physical commodity component for an EFP transaction involving COMEX gold futures contracts, provided that all elements of a bona fide EFP pursuant to Exchange Rule 104.36 are satisfied.

... another conspiracy theory bites the dust.

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... another conspiracy theory bites the dust.

Its early: so what it says is you buy a gold ETF share and there has to be a physical gold thing to support it, BUT not if you expect to get your gold in the future.?

I think I see a flaw.

i mean, who is counting how much gold is available next tuesday?

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