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CME Gold Depository Declares Force Majeure!

 
Sky Pilot
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User ID: 982390
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11/27/2012 01:08 PM
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CME Gold Depository Declares Force Majeure!
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]
Sky Pilot (OP)

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11/27/2012 01:10 PM
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Re: CME Gold Depository Declares Force Majeure!
Thanks for the InstaPin!
Anonymous Coward
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11/27/2012 01:12 PM
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Re: CME Gold Depository Declares Force Majeure!
nothing to see here, but the normal every day FRAUD..redface
Anonymous Coward
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11/27/2012 01:12 PM
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Re: CME Gold Depository Declares Force Majeure!
Thanks for the InstaPin!
 Quoting: Sky Pilot


Explain it to us OP...
Anonymous Coward
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11/27/2012 01:12 PM
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Re: CME Gold Depository Declares Force Majeure!
Sorry to take the air out of your thread by quoting the next 2 paragraphs from the story:

CME said that individuals holding MTB warrants, or certificates for a specific lot of metal stored in the depository, may receive gold delivered from Brinks Co. (BCO) in New York. MTB is responsible for any additional costs incurred by customers receiving metal from Brinks, CME said.

"This shouldn't have a material impact on the way market participants are doing business," a CME spokesman said. "They'll still contact MTB if they want to take delivery on contracts," and MTB will arrange for delivery through Brinks.
Anonymous Coward
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11/27/2012 01:13 PM
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Re: CME Gold Depository Declares Force Majeure!
aaaaannnnnnnnd it's gone.

Anonymous Coward
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11/27/2012 01:14 PM
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Re: CME Gold Depository Declares Force Majeure!
Thanks for the InstaPin!
 Quoting: Sky Pilot


Explain it to us OP...
 Quoting: Anonymous Coward 13864401


They basically cannot trade in their paper (contract) for REAL GOLD..because it does not exist..just normal FRAUD
my 2 cents

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11/27/2012 01:14 PM

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Re: CME Gold Depository Declares Force Majeure!
This is big. They have gotten to the point where they can't cover up that the cupboard is bare. They have no gold or palladium to deliver. Using Sandy as an excuse reeks of desperation. Watch for precious metals and gold in particular to do a moon shot when this information is fully digested.
Patriotism is supporting your country always -- and your government when they deserve it. Mark Twain


Those who beat their swords into plowshares usually end up plowing for those who kept their swords. -Benjamin Franklin
Anonymous Coward
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11/27/2012 01:15 PM
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Re: CME Gold Depository Declares Force Majeure!
Does tungsten rust?

Other than that, I see no reason to not allow delivery.
tandym

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11/27/2012 01:18 PM

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Re: CME Gold Depository Declares Force Majeure!
Sure, and the twin towers collapsed into their own footprint due to the stress of burning jet fuel, too.
YaRight

User ID: 24959495
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11/27/2012 01:22 PM
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Re: CME Gold Depository Declares Force Majeure!
uhhh

WHAT?!!
 Quoting: ^TrInItY^


You got to get that dudes mug off of your avatar…damn he is fugly
The most terrifying words in the English language are: I'm from the government and I'm here to help.
Anonymous Coward
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11/27/2012 01:23 PM
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Re: CME Gold Depository Declares Force Majeure!
I don't think even a Cat 5 hurricane could blow gold or palladium away...
Anonymous Coward
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11/27/2012 01:25 PM
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Re: CME Gold Depository Declares Force Majeure!
nothing to see here, but the normal every day FRAUD..redface
 Quoting: Anonymous Coward 14553694


iamwith
tandym

User ID: 1667343
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11/27/2012 01:26 PM

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Re: CME Gold Depository Declares Force Majeure!
I don't think even a Cat 5 hurricane could blow gold or palladium away...
 Quoting: Anonymous Coward 28586482


Some farmer is going to be out plowing his field in March or April and going to get a nice surprise. LMAO.

Seriously? I didn't hear about any secret vaults getting blown over by Sandy. Nor any secret vaults getting flooded and submerged to the point that deep sea divers couldn't get to it.
Anonymous Coward
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11/27/2012 01:26 PM
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Re: CME Gold Depository Declares Force Majeure!
Sorry to take the air out of your thread by quoting the next 2 paragraphs from the story:

CME said that individuals holding MTB warrants, or certificates for a specific lot of metal stored in the depository, may receive gold delivered from Brinks Co. (BCO) in New York. MTB is responsible for any additional costs incurred by customers receiving metal from Brinks, CME said.

"This shouldn't have a material impact on the way market participants are doing business," a CME spokesman said. "They'll still contact MTB if they want to take delivery on contracts," and MTB will arrange for delivery through Brinks.

 Quoting: Anonymous Coward 28008747


Where has the certificates specific metal gone? stolen or oversold?
Anonymous Coward
User ID: 28008747
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11/27/2012 01:35 PM
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Re: CME Gold Depository Declares Force Majeure!
Sorry to take the air out of your thread by quoting the next 2 paragraphs from the story:

CME said that individuals holding MTB warrants, or certificates for a specific lot of metal stored in the depository, may receive gold delivered from Brinks Co. (BCO) in New York. MTB is responsible for any additional costs incurred by customers receiving metal from Brinks, CME said.

"This shouldn't have a material impact on the way market participants are doing business," a CME spokesman said. "They'll still contact MTB if they want to take delivery on contracts," and MTB will arrange for delivery through Brinks.

 Quoting: Anonymous Coward 28008747


Where has the certificates specific metal gone? stolen or oversold?
 Quoting: Anonymous Coward 15440287


That I don't know, I don't expect Sandy would have washed it out to sea unrecoverable, but that said Sandy had some huge winds and massive flooding.

You don't understand such forces until you've seen them. I say that now having been thru Ike in Houston, and now Sandy. But I was only in the wind-affected area (my town had 10x as many power poles down as in last year's hurricane, that's hard to imagine; I had a pine tree with a 2 foot healthy trunk simply break in half because of the wind as my family watched out the window.

So I don't know how the flooding could have confused things, but I can't completely rule it out.

If I had stored a specific gold bar and had to take delivery of an alternate one under force majeure, I would insist on an assay to include drilling. I'm sure an assay is permitted, and these days a meaningful assay of a gold bar should include the drill test to rule out tungsten.
Anonymous Coward
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Argentina
11/27/2012 01:37 PM
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Re: CME Gold Depository Declares Force Majeure!
"Yes sir, there's no problem. You can still get delivery, it will just be from Brinks and it will be sometime in February."

If you can't deliver when the contract says you must, you don't have the physical metal, simple as that. This is a stall tactic, to give the exchange time to source the metal for delivery (due to overwhelming demand, they don't have it right now). The much bigger force majeure is coming. This is just the first straw in the wind.
Anonymous Coward
User ID: 14553694
Canada
11/27/2012 01:38 PM
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Re: CME Gold Depository Declares Force Majeure!
Sorry to take the air out of your thread by quoting the next 2 paragraphs from the story:

CME said that individuals holding MTB warrants, or certificates for a specific lot of metal stored in the depository, may receive gold delivered from Brinks Co. (BCO) in New York. MTB is responsible for any additional costs incurred by customers receiving metal from Brinks, CME said.

"This shouldn't have a material impact on the way market participants are doing business," a CME spokesman said. "They'll still contact MTB if they want to take delivery on contracts," and MTB will arrange for delivery through Brinks.

 Quoting: Anonymous Coward 28008747


Where has the certificates specific metal gone? stolen or oversold?
 Quoting: Anonymous Coward 15440287


That I don't know, I don't expect Sandy would have washed it out to sea unrecoverable, but that said Sandy had some huge winds and massive flooding.

You don't understand such forces until you've seen them. I say that now having been thru Ike in Houston, and now Sandy. But I was only in the wind-affected area (my town had 10x as many power poles down as in last year's hurricane, that's hard to imagine; I had a pine tree with a 2 foot healthy trunk simply break in half because of the wind as my family watched out the window.

So I don't know how the flooding could have confused things, but I can't completely rule it out.

If I had stored a specific gold bar and had to take delivery of an alternate one under force majeure, I would insist on an assay to include drilling. I'm sure an assay is permitted, and these days a meaningful assay of a gold bar should include the drill test to rule out tungsten.
 Quoting: Anonymous Coward 28008747


So I don't know how the flooding could have confused things, but I can't completely rule it out.


You're joking right? Its called fraud..not wind or rain or floods..
Saddletramp
We Don't Rent Pigs...

User ID: 740874
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11/27/2012 01:39 PM

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Re: CME Gold Depository Declares Force Majeure!
Sorry to take the air out of your thread by quoting the next 2 paragraphs from the story:

CME said that individuals holding MTB warrants, or certificates for a specific lot of metal stored in the depository, may receive gold delivered from Brinks Co. (BCO) in New York. MTB is responsible for any additional costs incurred by customers receiving metal from Brinks, CME said.

"This shouldn't have a material impact on the way market participants are doing business," a CME spokesman said. "They'll still contact MTB if they want to take delivery on contracts," and MTB will arrange for delivery through Brinks.

 Quoting: Anonymous Coward 28008747


Where has the certificates specific metal gone? stolen or oversold?
 Quoting: Anonymous Coward 15440287


That I don't know, I don't expect Sandy would have washed it out to sea unrecoverable, but that said Sandy had some huge winds and massive flooding.

You don't understand such forces until you've seen them. I say that now having been thru Ike in Houston, and now Sandy. But I was only in the wind-affected area (my town had 10x as many power poles down as in last year's hurricane, that's hard to imagine; I had a pine tree with a 2 foot healthy trunk simply break in half because of the wind as my family watched out the window.

So I don't know how the flooding could have confused things, but I can't completely rule it out.

If I had stored a specific gold bar and had to take delivery of an alternate one under force majeure, I would insist on an assay to include drilling. I'm sure an assay is permitted, and these days a meaningful assay of a gold bar should include the drill test to rule out tungsten.
 Quoting: Anonymous Coward 28008747


Yeah, but a Month has gone by, the lights are on, the trains are running, the streets are cleared, there is no good reason why this gold can't be delivered...unless...

There is a good reason why it can't be delievered...but Sandy isn't it...

Look out my friends, it's coming much sooner than you think...

Last Edited by Saddletramp on 11/27/2012 01:40 PM
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Anonymous Coward
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11/27/2012 01:42 PM
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Re: CME Gold Depository Declares Force Majeure!
Sure, and the twin towers collapsed into their own footprint due to the stress of burning jet fuel, too.
 Quoting: tandym

the gold disappeared there too

churchlady

how conveeeeeenient
Anonymous Coward
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11/27/2012 01:43 PM
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Re: CME Gold Depository Declares Force Majeure!
Maybe someone with access to MTB's vaults stole gold bars out of it during the confusion in and after the storm.

No I'm not joking. A lot of stuff hasn't been found, lights are on because things have been rebuilt and repaired, etc.

And who the fuck are you, have you ever been in a storm like that? Idiot, that's what you are.
Anonymous Coward
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11/27/2012 01:48 PM
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Re: CME Gold Depository Declares Force Majeure!
Does that mean they still have to pay out in paper currency, or does it mean that they are absolved of ALL liability ?
Anonymous Coward
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11/27/2012 01:49 PM
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Re: CME Gold Depository Declares Force Majeure!
Does that mean they still have to pay out in paper currency, or does it mean that they are absolved of ALL liability ?
 Quoting: Anonymous Coward 25825617


They had to pay out in physical metal and they will still do so.
Anonymous Coward
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11/27/2012 01:49 PM
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Re: CME Gold Depository Declares Force Majeure!
Not to worry, Not to worry....

The CME group can cover you paper....No Problem

Would you like the Yellow Gold coloured Tungsten or the white gold coloured????
dookie stain
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11/27/2012 01:49 PM
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Re: CME Gold Depository Declares Force Majeure!
Forced Manure indeed.....
Anonymous Coward
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11/27/2012 01:50 PM
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Re: CME Gold Depository Declares Force Majeure!
Maybe someone with access to MTB's vaults stole gold bars out of it during the confusion in and after the storm.

No I'm not joking. A lot of stuff hasn't been found, lights are on because things have been rebuilt and repaired, etc.

And who the fuck are you, have you ever been in a storm like that? Idiot, that's what you are.
 Quoting: Anonymous Coward 28008747


You dumb naive sheep. I have been in a hurricane, a tornado in my back yard and an earthquake. A few tons of GOlD does not float away. It is not carried away unless its STOLEN. There is no confusion about its whereabouts when someone MOVES it. Are you that simple? This paper to gold heist has been going on for YEARS with excuses like yours.
Anonymous Coward
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11/27/2012 01:51 PM
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Re: CME Gold Depository Declares Force Majeure!
Maybe someone with access to MTB's vaults stole gold bars out of it during the confusion in and after the storm.

No I'm not joking. A lot of stuff hasn't been found, lights are on because things have been rebuilt and repaired, etc.

And who the fuck are you, have you ever been in a storm like that? Idiot, that's what you are.
 Quoting: Anonymous Coward 28008747


Maybe there were never any gold in there in the first place, did that ever occur to you, moran?
Anonymous Coward
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11/27/2012 01:51 PM
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Re: CME Gold Depository Declares Force Majeure!
Sure, and the twin towers collapsed into their own footprint due to the stress of burning jet fuel, too.
 Quoting: tandym


Lol, exactly.
JustAnotherVisitor

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Netherlands
11/27/2012 01:51 PM
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Re: CME Gold Depository Declares Force Majeure!
the cat s out of the bag.

the cant deliver because it was never there
U heeft vast wel eens het gevoel dat er iets niet klopt aan een bepaald bericht zoals bijvoorbeeld de vele aardbevingen die op het moment plaats vinden, vulkaanuitbarstingen, uw gezondheid en welzijn, over de kracht van de zon, het weer, etc. Wij zijn op zoek naar de waarheid achter deze berichten en om het voor u allemaal zo duidelijk mogelijk te maken, proberen wij u zo alles duidelijk te maken en het voor u op Verborgen Nieuws te plaatsen. De wereld ondergaat een grote verandering, daarom laten wij u zien wat er daadwerkelijk plaats vind op onze wereld!

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Anonymous Coward
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11/27/2012 01:53 PM
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Re: CME Gold Depository Declares Force Majeure!
Forced Manure indeed.....
 Quoting: dookie stain 1404507


Hahaha, I get it, Manure is Bull Shit right? So Forced B.S. --- vely vely good, ya.
2012Portal
2012Portal - The Mayan Calendar

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11/27/2012 01:53 PM

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Re: CME Gold Depository Declares Force Majeure!
With a name like CME, what should we expect!
Mayan Calendar and 2012-
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