ABC Refinery is now accredited by the CME Group for its premier gold product, the COMEX ‘GC’ gold futures contract, and sees ABC Refinery bars added to the COMEX good delivery list of brands used to physically settle against the GC gold futures contract in New York.
Effective from 5 June 2020, 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.
ABC Refinery is the refining division of the Pallion Group and have been involved in the refining and processing of precious metals in Australia since 1951. ABC Refinery currently refines over 25% of all primary gold refined in Australia, continuing to gain market share through its world leading environmentally friendly “green gold” refining standard, with gold mining companies enjoying the benefits of refining with a modern, independent and highly efficient refinery.
Australia is the second largest producer of gold in the world and this is a substantial increase in the physical gold supply chain for COMEX providing a significant benefit to the Australian gold industry and economy.
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.
As the latest in a long line of accreditations, this completes ABC Refinery’s accreditation status with the three major gold trading centres, alongside the London Bullion Market Association and Shanghai Gold Exchange.
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.
“The accreditation marks a significant achievement, not just for ABC Refinery but for the wider Australian gold industry,” said ABC Refinery Managing Director Phillip Cochineas.
“It 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,” concluded Mr Cochineas.
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 nearly 27 million ounces daily. The gold futures trade virtually around the clock, 23 hours per day, enabling the world to access the market at times that work best for their schedules in whatever time zone they may be situated.