Summarizing from the article - COMEX Exchange For Physical (EFP) trades allow two (or more?) actors to exchange physical gold for cash and/or comex shares without price discovery.
https://www.sprottmoney.com/Blog/comex-efp-use-continues-to-surge-craig-hemke-gold-and-silver.html
Not mentioned in the article, but I think perhaps worth investigating, is if there is a similar explosion in the number of COMEX short future contracts (which might indicate if these EFP trades are employing COMEX futures, or are mostly cash).
Either way, I'm wondering if this might be an indication of some nations (perhaps ones trying to bypass economic sanctions) settling trade in gold. I have a hard time wrapping my head around the possibility of individuals trading so much gold in this manner.
https://www.sprottmoney.com/Blog/comex-efp-use-continues-to-surge-craig-hemke-gold-and-silver.html
Not mentioned in the article, but I think perhaps worth investigating, is if there is a similar explosion in the number of COMEX short future contracts (which might indicate if these EFP trades are employing COMEX futures, or are mostly cash).
Either way, I'm wondering if this might be an indication of some nations (perhaps ones trying to bypass economic sanctions) settling trade in gold. I have a hard time wrapping my head around the possibility of individuals trading so much gold in this manner.