ADM Analyst Mylchreest: Gold Market Isn't Accurate For Price Discovery

Physical gold availability in London is a net negative, said Paul Mylchreest, a leading ADM Investor Services strategist who questioned the validity of trading mechanisms in the London Bullion Market. “If there is no gold float (supply), there is nothing supporting more than $200 billion of trading every day,” he writes, as China looks to take leadership in world gold trading by backing its contracts with physical gold reserves.

Mylchreest: London Bullion Market facing the biggest challenge since it collapsed from an insufficient supply of physical gold in 1968

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