Former CME CEO Refused Physical Delivery for 2 Gold Contracts!Signs of extreme physical tightness in the gold and silver markets continue to intensify, with reports of banks and firms refusing their customers physical delivery of their own bullion increasing nearly by the hour.
The latest report comes from the CME’s former CEO Leo Mahlamed, who reportedly was refused delivery of 2 gold contracts Tuesday!
Mahlamed attempted to stand for delivery of 2 April gold contracts (a measly 200 oz), and according to reports from the floor, the CME reportedly refused to physically deliver 200 oz of gold to its former CEO, and would only provide Mahlamed a warehouse receipt!
The music appears to be stopping, and the paper game is up!
Mahlamed is reportedly a CURRENT CME Board Member and Chairman Emeritus of the CME, and was the CME’s CEO from 1969-1993, yet the exchange cannot come up with a measly 200 oz of gold to satisfy the delivery requests of one of it’s own!
Just received a text from my futures broker at Linn Group:
Just tweeted about your links. Leo Mahlamed former Ch/CEO of CME took delivery of 2 gold contracts. They would only give him a warehouse receipt not the gold. This from the floor.
Fascinating times. See you on May 18th in LA.
I am amazed Leo did not go ballistic.