CME Gold Depository Declares Force Majeure!

Thanks for the InstaPin!

nothing to see here, but the normal every day FRAUD..

Explain it to us OP...

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.

aaaaannnnnnnnd it's gone.

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

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.

Does tungsten rust?

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

Sure, and the twin towers collapsed into their own footprint due to the stress of burning jet fuel, too.

You got to get that dudes mug off of your avatar…damn he is fugly

I don't think even a Cat 5 hurricane could blow gold or palladium away...

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.

Where has the certificates specific metal gone? stolen or oversold?

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.

"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.

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..

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

the gold disappeared there too



how conveeeeeenient

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.

Does that mean they still have to pay out in paper currency, or does it mean that they are absolved of ALL liability ?

They had to pay out in physical metal and they will still do so.

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????

Forced Manure indeed.....

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.

Maybe there were never any gold in there in the first place, did that ever occur to you, moran?

Lol, exactly.

the cat s out of the bag.

the cant deliver because it was never there

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

With a name like CME, what should we expect!