COMEX default Nov 28 - Dec 29?!
Posted November 18th, 2008 by Rhonda15
output
Correct me if I'm wrong but don't the COMEX December gold and silver contracts expire Nov 20? - that's just 2 days away!!!
Any predictions as to what may happen?
Anyone have any pertinent information to share?
Update: here's some info I found
http://meltdown2011.wordp...
Nov. 20 Comex December gold options expiry
Nov. 20 Comex December silver options expiry
Nov. 24 Comex December miNY gold futures last trading day
Nov. 24 Comex December miNY silver futures last trading day
Nov. 28 Comex December gold futures first notice day **1st day to take delivery**
Nov. 28 Comex December silver futures first notice day **1st day to take delivery**
Dec. 29 Comex December gold futures last trading day **Last day to take delivery**
Dec. 29 Comex December silver futures last trading day **Last day to take delivery**
If December Gold or December Silver will fail to deliver it should happen between Nov 28 and Dec 29.
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So what's up or down?
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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This is ...
what i was able to find
Vaporize COMEX
http://meltdown2011.wordp...
As of 12/12/08
Gold: 43.1% depleted. Delivered today: 3,700 oz.
Silver: 38.2% depleted. Delivered today: 135,000 oz.
OK so almost HALF their reserves of gold are depleted already!
The Roots of Violence: Wealth without work, Pleasure without conscience, Knowledge without character, Commerce without morality, Science without humanity, Worship without sacrifice, Politics without principles. – Mahatma Gandhi
Gold took it on the chin. Down $41
Who's monkeying around?
COMEX should be swaying back and forth by now. People must be getting the hint.
Is this a last-ditch effort to keep prices low while governments top off their gold supplies?
I may not know the truth, but I know when I'm being lied to...
Strange
Stocks, gold, silver down and the dollar up. It looks like it may be just another roller coaster day.
It isn't all that strange
The dollar being up would make things priced in dollars (stocks, gold, and silver) to go down. It's a very normal day, especially in the past few months.
Still holding your breath for a Comex default? It's not going to happen.
I am glad you have it all figured out
I don't hold my breath on anything to happen. The sun still comes up and sets and I am healthy and happy. I would just think typically if stocks are nosediving, you have a President elect that no one has a clue who is, the FED bailing and consolodating as fast as they can, other banks not to be saved on the brink, the jobless rate going up every day, record foreclosures, trillions of dollars of dirivitives waiting to chernobyl, the big 3 holding their breath and all that will domino down to, the rest of the worlds economy in dire straights, Hey I would just figure precious metals should be going up. That is just me though, maybe trying to be somewhat logical with the world picture at hand. I don't have a clue if the Comex will default or not, just that I am happy I do have some silver and gold to use as an alternate currancy if needed down the line. If what you are seeing around you day to day is your idea of normal, what can I say?
How's COMEX?
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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Wonder if anyone is making a COMEX DEFAULT version of
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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this video?
http://www.youtube.com/wa...
What does a "COMEX default" mean?
?
My understanding
Unable to deliver physical gold and silver on demand for paper PM's sold through COMEX. So that inability to perform per contract will cause a default. The theory than is that gold could double. I don't know what is going on today though because so far gold is taking a nosedive right along with the stock market, so I guess there is a big sell off of both going on. Who knows anymore what is really going on behind the scenes.
No increase on the 28th.
Gold has been steady for over four trading days. It gained over 11% just before that, going from about 730 to 815. The market anticipates. As I write this, the COMEX will close in about two hours. The stock market is closing early, an hour from now. The big run-up in gold that some anticipated is not happening. I bought some Dec. calls in anticipation. They are up slightly over what I paid. Hey, better than losing.
How is gold doing today? Today is Nov. 28.
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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Gold rises; monthly gain biggest since 1999
http://www.marketwatch.co...
"NEW YORK (MarketWatch) -- Gold futures rose Friday in light trading following the Thanksgiving Day holiday, heading for a fourth straight week of gains and poised for their biggest monthly gain in nine years.
Gold for December delivery rose $7, or 0.9%, at $815.50 an ounce on the Comex division of the New York Mercantile Exchange. It's heading for a weekly gain of nearly 3%. In the month, gold has risen 14% so far, the biggest percentage gain since September 1999."
silver and palladium are a bit down but Platinum is rising.
Tomorrow will be Nov 28.
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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http://www.thestandard.co...
http://www.thestandard.co...
http://www.reuters.com/ar... s&rpc=22&sp=true
"Part of Iran's assets in European banks have been converted to gold and shares and another part has been transferred to Asian banks," Mohsen Talaie, deputy foreign minister in charge of economic affairs, was quoted as saying.
So it wasn't the full 75 billion used to buy Gold. We have no idea how much they bought. Whether it was physical or just paper......
John Embry about Dec COMEX possible failure
http://au.youtube.com/wat...
Presented by http://www.RunToGold.com
John Embry of Sprott Asset Management on BNN discussing the potential of a failure on the COMEX gold contract in December.
My two bits
Look, you have to take emotion out of it. Ask any gambler (and that is what you are doing) and look at the basics.
You are trading in a commodity
This commodity is priced in dollars
I suggest studying the dollar chart
Once you do this you will learn a chart fundamental
The dollar has bottomed
The emotions scream "The dollar is going to collapse!" Gold will be more valuable!
Common sense looks at the dollar chart for the last 120 months and says
http://finance.yahoo.com/...
"THE DOLLAR ALREADY COLLAPSED"
The euro was $.89....it went to a $1.49.
Is that enough of a collapse for ya?
You missed the collapse, live with it.
Gold went from $300 when the dollar was at it's peak against the Euro to $1000 when the dollar was bottoming.
That $ chart is showing a classic "bottom."
Sorry to be the bearer of bad news.
You're not alone...I had silver at $4.25 an ounce...I sold at $6.15...I'm a genius right? I didn't need that 7 more bucks an ounce did I?
Look at platinum. Good God did that sucker get out of hand. Now it is cratering as it should. Stuff that goes up too far tends to go down too far. Talk to any real estate guy on that one.
As soon at the commodities market is littered with shorts and as soon as the dollar is the "strongest currency" then go long commodities.
Too many commodity bulls screaming "buy" for my tastes.
Remember this basic point about trading anything.
THERE ARE TWO SIDES TO EVERY TRADE.
When you buy someone is "getting out."
When you sell someone going the opposite way with their money against you.
If you are a long you sell "towards the top."
There are very few smart shorts left in the commodities markets now. Most have covered. There are new shorts coming into commodities NOW, but they are the "dumb shorts."
These dumb shorts are the same as the people who went long gold at $980 an ounce. Guess who they bought their 980 an ounce gold from?
Smart longs who got out near the top.
Now this is how you become a smart trader.
The dumb shorts who are shorting commodities now are gonna get killed because they are dumb...they are shorting at the bottom. They have made AN emotional "this is the end of the world" decision and bet the commodity market collapse AFTER THE COMMODITY MARKET COLLAPSED....sound familiar? They missed the boat.
Now here is the secret....when there is a ton of short interest you go long. Those losers are going to be the same ones who were covering (losing their shirts) on the way up of the last move.
If you want to look at some low low prices on anything start gradually buying a group of solid stocks by indexing...it is nearing the bottom over there.
There is ALWAYS money that needs to go somewhere. It will go into blue chips. Intel will always be in business and always spread your investment into groups of solid, boring well performing companies.
That is how you trade. Stop listening to the "buy" screamers. The Gold and silver guys are nuts, I started following them in 1985. Watch out...it is a racket....look at the ad to the right of this post...they are banging you by playing your emotions...don't let'em.
Good God! Have you read Hommel? You are going to do what that man tells you? Gracious me! Shrill enough for ya?
A hilariously blunt
A hilariously blunt assessment. And I agree with you 100%.
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Truther?
No, sir!
but don't look at the
but don't look at the literal trillions of dollars being created out of thin air!
the more of something you make the less it is worth! do not take into account how China, Russia, Iran, and Saudi Arabia have recently used "dollar" reserves to purchase gold! Ron Paul said this morning that Iran has purchased 75 billion in gold! what does Iran know that you don't?
maybe the arabs are getting ready to dump there dollars? Now good Gracious! did tstorey read Hommel?? HELL NO! he's a shrill why would he read what he says or a whole bunch of others! what about multi billionaire Jim Rodgers.. is tstorey more wealthy than him and is much smarter then Rodgers! Rodgers says buy Silver.. wonder is Hommel is wrong? how can hommel and a multi billionair be both wrong? now tstorey says that gold and silver are commodities! the only reason gold and silver are classified by the idiots as commodities is because the government cannot make them out of thin air! if the government does not want you to own something I would buy it! TSTOREY you are getting the absolute truth from CNBC lmao! so Ron Paul must also be wrong since he advocates gold! hmmmmm
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
somebody
explain to me what this means
Where is jzneff
when you need a positive spin? He is always the one saying how wonderful our economy is and how great it is going to be in a few months from now.
No need to speculate at all....
The 20th is only two days away.
Pretty soon, we'll all know for sure.
I may not know the truth, but I know when I'm being lied to...
and the word is out...
I made my weekly stop to my local coin dealer yesterday.
He was breathless, literally, from a frantic day. He already had a few thousand oz of silver in and out before I got there. He had nothing left but junk silver (I took half) and a few mexican one ounce coins which I took.
Gold? He used to have lots of interesting gold but now he has absolutely nothing,
While I was there, others arrived looking for silver and gold. He is frustrated to not be able to make these sales.
Why Gold Is Down, But You Can't Get Your Hands on Any
http://www.foxbusiness.co...
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“The Roots of Violence: Wealth without work, Pleasure without conscience, Knowledge without character, Commerce without morality, Science without humanity, Worship without sacrific
MSM reverse psychology
I have this notion that the best way to get financial advice from the MSM is to listen to what they say and do the opposite. If they bring in a guest commentator and treat him like he is nuts, that is good advice, too.
Today Yahoo's finance page has this headline and video on their page:
"Why Investors Should Not Own Commodities."
http://finance.yahoo.com/...
Now I don't call my method scientific but if you like my logic, you can join me in rejoicing today, the MSM has endorsed my investment in metal and food - lol!
That's just funny, not ha ha funny, pathetic and transparent
funny. Thanks for the link I needed a chuckle.
Here's a quote
"There's no reason for most investors to own commodities. Contrary to popular belief, they aren't a good inflation hedge, and they don't provide a long-term real return that investors aren't already exposed to through normal stock ownership."
What he failed to mention is that if you own stocks in companies that go out of business, then he's wrong.
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A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history.
~Mahatma Gandhi
Observe the Masses.
Do the opposite. =]
I like your logic....
but also listen to what Jim Rogers and Peter Schiff are saying before you continue down this path.
omg when Peter Schiff sees this he'll have a coronary! lol
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“The Roots of Violence: Wealth without work, Pleasure without conscience, Knowledge without character, Commerce without morality, Science without humanity, Worship without sacrific
The Hedge Funds are all being unwound/liquidated.
Gold is being dumped in exchange for dollars to pay off the people cashing out of their Hedge Funds. This activity is keeping the price of gold artifically low. When this unwinding is done, watch out. The demand for precious metals will continue, but the supply will be gone. Thus, no more to sell, and end of story.
you are right Steve. its
you are right Steve. its funny how you are tought in economics class that rising demand commnds higher prices.. and slowing demand see's prices come down.. right now we have the highest demand ever for Gold and silver and the prices (spot- see fake derivative paper gold and silver) come down? why are all the economic geniuses here at the daily paul not complaining about this! during the run up in 1980, you could buy all the silver and gold you wanted at those high prices! but today you have a hard time finding it! also Ron Paul said this morning that Iran just bought 75 billion in gold! ofcourse countries have different avenues to buy from!
better get what you can folks.. the dollar will be worthless soon!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
I am sure they will try some
I am sure they will try some more manipulation to keep from being exposed. If they manage that then it will only be exposed when industry runs low on silver and expects to take delivery on one those fake short contracts then even if they continue to some how manipulate spot physical silver will go through the roof. it is already trading well above spot if you take possession.
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Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. H. L. Mencken
Get Prepared!
The G-20’s Secret Debt Solution
Behind the scenes, a far more fundamental fix is being discussed — the possible revaluation of gold and the birth of an entirely new monetary system.
http://www.moneyandmarket...
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“The Roots of Violence: Wealth without work, Pleasure without conscience, Knowledge without character, Commerce without morality, Science without humanity, Worship without sacrific
interesting... I bet this is
interesting... I bet this is why they are trying to panic people out of thier metals.. you know all the deflation comments, etc etc.. they keep people from buying, and get people to sell, then pull this on them!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
And I'm sure it will be "Obama's Idea" or "Bush's Idea" ....
Anybody but Dr. Paul's.
I may not know the truth, but I know when I'm being lied to...
.
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“The Roots of Violence: Wealth without work, Pleasure without conscience, Knowledge without character, Commerce without morality, Science without humanity, Worship without sacrific
it will be interesting .. i
it will be interesting .. i don't know much about it .. but i own a whole bunch of a silver and a little bit of gold