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Message Subject Is the COMEX really the CRIMEX? Where's the gold?
Poster Handle The White Owl
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"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.
 
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