Forget "COMEX" think "GLOBEX"

I have never heard of a "Globex" before, so I looked it up. Here is an article from January this year.

Globex is a super-fast, 24 hour, around-the-clock and around-the-globe trading platform that was instituted by the Chicago Mercantile exchange. Since I had never heard of it anywhere before, I did a Google News search on it for today.

Nothing.

No news reports that Globex just went into effect for gold trading, or that it was planned to be put into effect. Hmm. A $35 price drop in gold coupled with the secretive launch of a brand new, super fast, 33 trades per second global trading platform for gold. What a coincidence!

I remember when JP Morgan closed its trading desk in New York and opened in London so it could exercise its "gold control" on both sides of the Atlantic. The "Globex" appears to be an extension of the same strategy.

http://www.kitco.com/ind/Wallenwein/apr212008.html