Hi Bill,

ich weiss nach der Lektüre des Artikels nicht ganz, was das mit "normalem" Market Making zu tun hat und was genau da das Unverständnis sein soll.
Für mich ist die entscheidende Frage, ob das hier stimmt oder nicht:

"In short, as a measure of controlling the paper prices of gold and silver, The Bullion Banks that operate on The Comex act as de facto market makers of the paper derivative, Comex futures contract. This gives them the nearly unlimited ability to simply conjure up new contracts from thin air whenever demand for these contracts exceeds available supply and, almost without exception, these Banks issue new contracts by taking the short side of the trade versus a Spec long buyer. Never do these Banks put up actual collateral of physical metal when issuing these paper derivative contracts. Instead, they simply take the risk that their "deep pockets" will allow them to outlast the Spec longs and, without the risk of having to make physical delivery, The Banks almost always win."

Dürfen Short-Kontrakte eröffnet werden, ohne dass irgendeine Relation zum tatsächlich verfügbaren Gold besteht, oder nicht?
Wenn Ja: das wäre doch in der Tat problematisch, genau wie bei Aktien oder Bonds?

LG

Fabio

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“We are on strike against the dogma that the pursuit of one’s happiness is evil. We are on strike against the doctrine that life is guilt." John Galt

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