Meeting Date:
Friday, July 25, 2014
CFTC Staff:
Vincent McGonagle, Matthew Hunter, Christa Lachenmayr, Stephen Kane, Lee Ann Duffy, Stephen Sherrod
Organization(s):
World Gold Council (WGC), The Klein & Saks Group
External Attendees:
Ashish Bhatia (WGC), Greg Collett (WGC), Paul Bateman (The Klein & Saks Group)
Additional Information:
WGC discussed, further to its comment letter 59558, the cash market for gold, deliverable supply, the setting of the spot month limit, differences between gold and other commodities, and the conditional spot month limit exemption. Regarding the cash market, WGC stated: gold was not in shortage, with recycling accounting for 35 to 38% of annual flow; gold does not spoil; gold has lesser industrial usage than other precious metals; the cash market is large, 60,000 tonnes valued at $3.5 trillion; and Basel considers gold in the same volatility category as foreign exchange.
