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Is the COMEX really the CRIMEX? Where's the gold?
Ms Sans Serif
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[quote:The White Owl:MV8xNzMwNDI3XzI4NjQ4MTYwXzhBRDlGNzky] [i]"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."[/i] [b]That means there is only about 3.4% of physical gold/silver held in COMEX inventory to cover 100% of the paper contracts.[/b] [/quote]
"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.'"
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
, the CRIMEX - NYMEX prices are deliberately manipulated.
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