ABC Refinery is proud to announce it has received accreditation from the CME Group, one of the world’s largest gold exchanges which trades the equivalent of nearly 27 million ounces ($A70 billion) daily. The accreditation, for its premier gold product, the COMEX “GC” gold futures contract, opens up a significant new market for Australian gold producers.
The accreditation sees ABC Refinery bars added to the good delivery list of brands used to physically settle against the GC gold futures contract.
Managing Director of ABC Refinery, Phillip Cochineas, said: “In this time of unprecedented global demand for gold, this accreditation opens up an important new market for Australian producers. The significant demand for physical gold during the global COVID-
19 pandemic demonstrates the long-term appeal of gold as an asset class, particularly in times of upheaval.
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“The accreditation of ABC Refinery also evidences the increasing importance of the Australian gold sector to global markets and is a substantial increase in the physical gold supply chain for COMEX,” he said.
ABC Refinery is the refining division of the Pallion Group, Australasia’s largest independent precious metal services group having been involved in the refining and processing of precious metals in Australia since 1951. ABC Refinery currently refines more than 20% of all gold mined in Australia, continuing to build market share through its world leading environmentally friendly “green gold” refining standard. Gold mining companies enjoy the benefits of refining with a modern, independent and highly efficient refinery.
Inclusion in this prestigious good delivery list is a testament to ABC Refinery’s ability to refine and manufacture gold products to a world-class standard and meet the exacting technical standards of the CME Group.
This, the latest in a long line of accreditations, completes ABC Refinery’s accreditation status with the three major gold trading centres, alongside the London Bullion Market Association (LBMA) and Shanghai Gold Exchange (SGE).
ABC Refinery is the exclusive manufacturer of ABC Bullion branded products and the COMEX gold futures accreditation further solidifies ABC Refinery as a world class producer of gold bullion and a refiner of choice.
Further commenting, Mr Cochineas, said: “This accreditation ensures ABC Bullion bars will continue to be a preferred brand in the global marketplace and remain sought after for years to come. It is a positive reflection on the entire Pallion family, which has enabled us to achieve this high international standard and furthers our support of the Australian gold industry by increasing demand for Australian gold.”
COMEX gold futures represent the world’s leading futures contract for gold prices and trading. The contract offers superior liquidity than any other gold market, trading the equivalent of approximately 27 million ounces daily. The gold futures trade virtually around the clock, 23 hours per day, enabling the world to access the market in any time zone.
The addition of ABC Refinery to the CME Group’s listing of good delivery brands for the GC gold futures contract offers traders and investors all over the world access to the ABC Bullion brand via the COMEX exchange.
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