Commodities & Energy

Reuters exclusively reports bullion banks preparing exodus from CME after coronavirus fiasco

Reuters exclusively reports bullion banks preparing exodus from CME after coronavirus fiasco

Reuters exclusively reported that gold trading banks are preparing to significantly reduce their positions on CME Group’s Comex exchange in New York, shifting more trading to London and raising costs for thousands of investors. Some bullion banks are no longer willing to hold large positions on Comex, the biggest gold futures market, after the coronavirus snarled the supply of gold bars, sending Comex prices vaulting above London rates in March.