The future casino
The futures volume traded exceeds the trade of physical products manyfold. This often is the case for soft commodities, crude and non-ferro metals. Yet precious metals really thrump all. Many on-line trading platforms don’t even allow any physical settlement, reducing a future contract to a bet on the future price. Describing a gold future transaction as "a promise to sell by a party who hasn't got the precious metal to a buyer who hasn't got the cash" is hardly exaggerating.