Is the COMEX really the CRIMEX? Where's the gold? | |
The White Owl (OP) User ID: 3615568 United States 12/16/2011 11:25 AM Report Abusive Post Report Copyright Violation | "And then we went and looked at the COMEX. The COMEX at the time they had about $80 billion in open interest between futures and futures options. In the warehouse they had $2.7 billion of deliverables. So $80 billion in open interest — $2.7 billion in deliverables. We’re gonna own it a long time. You’re on the board, as a fiduciary, what do you do? That’s an easy one. You go get it. So you go take a billion of $2.7 billion and you let them worry about the rest." That means there is only about 3.4% of physical gold/silver held in COMEX inventory to cover 100% of the paper contracts. Last Edited by Oiled In Florida on 12/16/2011 11:30 AM |
Anonymous Coward User ID: 1499226 Germany 12/16/2011 11:36 AM Report Abusive Post Report Copyright Violation | "When I talked to the head of deliveries at COMEX NYMEX, I was like, 'What if 4% of the people want [gold] deliveries?' He said, 'Oh Kyle, that never happens. We rarely ever get a 1% delivery.' And I asked, 'Well what if it does happen?' And he said,'Price will solve everything' And I said, 'Thanks, give me the [physical] gold.'" Quoting: The White Owl [link to www.businessinsider.com] 1). CRIMEX and NYMEX do not have enough physical precious metals in inventory to cover 4% of the paper contracts. 2). If demand for physical precious metal deliveries go above just 1%, the CRIMEX - NYMEX prices are deliberately manipulated. This is what is going on right now. I think and hope it's the same with silver! paper price <> physical price In that case gold (oz) should be at $1600 x (~)98 = $156 800 / oz Would be nice ;) |
Anonymous Coward User ID: 1499226 Germany 12/16/2011 12:25 PM Report Abusive Post Report Copyright Violation | |
humanitech User ID: 6422179 United Kingdom 12/16/2011 03:02 PM Report Abusive Post Report Copyright Violation | "When I talked to the head of deliveries at COMEX NYMEX, I was like, 'What if 4% of the people want [gold] deliveries?' He said, 'Oh Kyle, that never happens. We rarely ever get a 1% delivery.' And I asked, 'Well what if it does happen?' And he said,'Price will solve everything' And I said, 'Thanks, give me the [physical] gold.'" Quoting: The White Owl [link to www.businessinsider.com] 1). CRIMEX and NYMEX do not have enough physical precious metals in inventory to cover 4% of the paper contracts. 2). If demand for physical precious metal deliveries go above just 1%, the CRIMEX - NYMEX prices are deliberately manipulated. This is what is going on right now. worthless paper money, worthless bonds and stock, worthless paper gold and precious metals..might be the same for everything really..in this magical corrupt ponzy scheme. As whilst trading and playing on the markets..it is meaningless numbers..only cashing in for physical assets is when the truth reveals itself. |