tag:blogger.com,1999:blog-7982981413278241287.post4398204747470268346..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: Update on December Comex Gold Open Interest: This Could Be InterestingDave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-7982981413278241287.post-22513268342196538092009-11-30T11:15:37.891-07:002009-11-30T11:15:37.891-07:00"the war going on behind the scenes to manipu..."the war going on behind the scenes to manipulate gold and hide the truth about what is really going on runs far deeper and with far greater cunning than any of us can possibly understand" - agreed like everything else unless you are inside you dont really know sounds easy from outside.<br /><br />however, this 44,000 number which is double the number of available in COMEX, shows that the middle tier - hedge funds etc.... which are coming of late in the game are trying to grab whatever they can get their hands on before it blows that there is none available...it is not easy to get it, of course not, but think about it if they are not able to get it, next year sometimes they will be left with a piece of paper and get in line "to get delivery"...no wonder its not easy - of course not! otherwise gold should sell for tens of thousands of dollars, at this price its like you are stealing it from them and they know it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-41718894328302769992009-11-27T21:52:06.149-07:002009-11-27T21:52:06.149-07:00"I believe that gold is much more important t..."I believe that gold is much more important to Central Banks, Governments and the wealthy elite than any of us can possibly comprehend."<br /><br />Well said, and very true. Maybe some will wake up, but I doubt it.EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-55160709857498757722009-11-27T21:44:56.258-07:002009-11-27T21:44:56.258-07:00So what's the position in silver as December i...So what's the position in silver as December is the silver delivery month traditionally?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-91150366442199460862009-11-27T21:07:41.921-07:002009-11-27T21:07:41.921-07:00Dave wrote:
"I believe that gold is much mor...Dave wrote:<br /><br />"I believe that gold is much more important to Central Banks, Governments and the wealthy elite than any of us can possibly comprehend."<br /><br />I agree, and I also agree with your idea that there is massive jockeying going on behind the scenes amongst very powerful players.Edwardohttps://www.blogger.com/profile/03613197383283896190noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-4557783464708401852009-11-27T20:22:28.422-07:002009-11-27T20:22:28.422-07:00@Edwardo: LOL - agree
@gyc: This is one of those ...@Edwardo: LOL - agree<br /><br />@gyc: This is one of those times when I wish that I had been tracking the amount of open contracts that historically take delivery. I would put myself in a box if I thought that I could give an answer that had even a 50% chance of being in the ballpark.<br /><br />The two biggest roadblocks to verifying how many actually take delivery is that fact that in the past, in months where there's been a fair amount of open contracts holding for delivery, it seems like there are never any drawdowns in the gold inventory. This happened last June. It was astonishing. Either all the open contracts tendered for cash (accepted cash in lieu of gold) or the Comex is playing games with their inventory. I would bet much better than even money that the latter is the case.<br /><br />Also, I recall that, this past spring, it was alleged that the ECB system bailed out a Deutsche Bank short on the Comex with 800,000 ozs. That allegation was never proved but there are enough people writing and talking about it that is likely it did occur. <br /><br />I guess the best barometer will be to watch the price of gold in December, especially in relation how the SPX and dollar move.<br /><br />One conclusion I am coming around to after over 8 years of this is that the war going on behind the scenes to manipulate gold and hide the truth about what is really going on runs far deeper and with far greater cunning than any of us can possibly understand or perceive unless we were part of the "inside" scene. I believe that gold is much more important to Central Banks, Governments and the wealthy elite than any of us can possibly comprehend.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-41788941523810488502009-11-27T20:08:10.864-07:002009-11-27T20:08:10.864-07:00@anonymous - Man, ever since that horrifying judge...@anonymous - Man, ever since that horrifying judgement by the Comex was issued, I've been kind of pretending that it's not really there.<br /><br />My best guess is that since, at least with GLD and I'm not sure how IAU works, it is possible to redeem GLD shares for gold from the GLD trust - provided the redeemer holds 100,000 share lots - that the Comex considers GLD as a physical equivalent and therefore qualifies as an EFP transaction. <br /><br />I'm not aware that shares of IAU or GLD have been used to settle a gold contract yet, but that doesn't mean it hasn't occurred. Having said that, my fund has not engaged in acquiring physical gold or silver from the Comex since that ruling was issued because when we buy, we want to buy actual physical that can be physically delivered to our depository.<br /><br />The ruling really underscores the view out there that the Comex does not physically possess all of the gold that it reports in its warehouses on daily basis and that it is getting nervous about a "run on the bank." <br /><br />I would bet that the instant the word were to leak out that GLD or IAU were actually used to settle contracts, the price of gold will parabolic, because everyone pretty much understands the implications of that. Imagine you are a large jeweler with several contracts open and you are expecting delivery of several 100 oz. gold bars, and you are notified that instead the Comex needs to know where to send your GLD certificates. That situation could become very litigious very quickly.<br /><br />What are your thoughts on that, if you don't mind?Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-27999032587389225492009-11-27T19:18:12.125-07:002009-11-27T19:18:12.125-07:00Dave,
Could you address http://www.cmegroup.com/t...Dave,<br /><br />Could you address http://www.cmegroup.com/tools-information/lookups/advisories/market-regulation/SER-4942.html and the Comex's acceptance "gold-backed exchange-traded Funds ("ETF") shares as the physical commodity component for an EFP transaction involving COMEX gold futures contracts."<br /><br />Is it correct that exchange-for-physical is not the same thing as physical delivery, and delivery means delivery of metal, not etf shares?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-70862504796659228162009-11-27T16:14:28.655-07:002009-11-27T16:14:28.655-07:00And if Comex has a problem, so too do all those fo...And if Comex has a problem, so too do all those folks who want to take delivery. I'm glad I'm not one of them.Edwardohttps://www.blogger.com/profile/03613197383283896190noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-34882875738249226002009-11-27T15:13:40.914-07:002009-11-27T15:13:40.914-07:00Dave,
not trying to box you in, but what % do you ...Dave,<br />not trying to box you in, but what % do you imagine will take delivery?<br /><br />Obviously anything over 50% is going to be a problem. I can imagine a secenario where banks will pressure any clints they have pull over to roll the contracts so their shorts do not go boom.EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.com