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CME Gold Depository Declares Force Majeure!
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Hurricane Sandy blew away 29,276 troy ounces of gold and 33,000 troy ounces of palladium!!!
"CME Group Inc. (CME) on Monday said that Manfra, Tordella and Brookes Inc., one of the exchange's gold depositories, will not be able to delivery metal as the lower Manhattan company deals with "operational limitations" almost a month after the arrival of Hurricane Sandy.
MTB, one of five depositories licensed to deliver gold against CME's benchmark 100-troy ounce gold contract, held 29,276 troy ounces of gold and 33,000 troy ounces of palladium as of Nov. 23, according to data from CME subsidiary Comex.
In a notice to customers on Monday, CME declared force majeure, a contract clause that frees parties from liability due to an event outside of their control, for the facility."
[link to www.foxbusiness.com]
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