ABC gets COMEX accreditation

ABC Refinery says its accreditation from gold exchange CME Group opens up a new supply chain for Australian producers.
ABC gets COMEX accreditation ABC gets COMEX accreditation ABC gets COMEX accreditation ABC gets COMEX accreditation ABC gets COMEX accreditation

Staff reporter

The accreditation, for its premier gold product, the COMEX "GC" gold futures contract, sees ABC bars added to the good delivery list of brands used to physically settle against the GC gold futures contract.

"In this time of unprecedented global demand for gold, this accreditation opens up an important new market for Australian producers," ABC managing director Phillip Cochineas said.

"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.

"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."

ABC, part of the Pallion Group, currently refines more than 20% of all gold mined in Australia.

The CME accreditation, completes ABC's accreditation status with the three major gold trading centres, alongside the London Bullion Market Association and Shanghai Gold Exchange.

"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," Cochineas said.

"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."