“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot
20 December 2013
Comex Claims Per Deliverable Ounce at 79 to 1
Not to worry, JP Morgan has the situation well in hand.
They are just recycling the deliverable for the next go round in the next active month, February.