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REPORT ABUSIVE REPLY
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Message Subject
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CME Gold Depository Declares Force Majeure!
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Anonymous Coward |
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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? 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. 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..
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