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View Full Version : 50,000 tonnes of gold has been sold that does not exist



Dmax
3rd March 2010, 09:20
If only it was true and believed :wink:

https://marketforceanalysis.com/index_assets/COMEX%20Inventory%20Shows%20Alarming%20Trend.pdf

junksilver
3rd March 2010, 11:39
That says "I estimate"...............

Well written article, as many others, that all have this little problem of "guestimation"

nmreich
3rd March 2010, 11:50
I just want to know why we haven't audited the Fed yet to find out how much gold they have in reserves. It wouldn't surprise me if all the gold was gone. When audits are blocked it usually means they have something to hide, or in the case of gold they have "nothing" (ie no gold) to hide.

Matthew Shelley
3rd March 2010, 14:09
I wonder why we so often get these wild eyed articles from people who have never ever in their lives been involved in a single futures delivery.

When I was younger I used to try and contact them and straighten them out but it was if I was impugning their religion. I gave up on that form of spinning my wheels. These days, if someone is really interested, I wait for them to call me.

Matthew C. Shelley
TrendPhonic Future

Risk Disclosure: Trading involves substantial risk of loss and is not suitable for everyone and only risk capital should be used. Margins are subject to change. Past performance is not indicative of future results. Any investor could potentially lose more than originally invested.

tim
4th March 2010, 17:53
one question??? how many futures contracts have you settled for delivery in last 12 months? i have been involved in two mini silvers ... the details were posted last year... in sum, it was a ridiculous,inefficiant ,delayed, discouraged, " contract" that was settled in real metal...

Matthew Shelley
5th March 2010, 09:22
It has been more than a year since I have handled a delivery. But that's not really germaine to the issue.

I would have to guess that part of the annoyance that you had with your delivery may have been that you were on the cusp of when they were in the process of switching to cash settlements in the little contracts because no bigger dealers want to handle that small of an amount. (Something I disagree with, but unfortunately I'm not the only voice in these types of things.) You also may have had a headache with it just because your broker was simply unfamiliar with the process.

I doubt if it would have been a problem for me just because I wouldn't have stood for it regardless of circumstances. I can read a contract spec sheet with the best of them, and if someone told me there was a problem I would just say "Call me back immediately with the answer." and my next action would be to dial the next person up the line while I was waiting. Your waiting time should have been minutes rather than days.

Matthew C. Shelley
TrendPhonic Futures

Risk Disclosure: Trading involves substantial risk of loss and is not suitable for everyone and only risk capital should be used. Margins are subject to change. Past performance is not indicative of future results. Any investor could potentially lose more than originally invested.

beach miner
5th March 2010, 13:06
Howdy Matthew; I really appreciate your experience and insights to this forum. You have taken a lot of abuse from folks who feel that their opinions and knowledge obtained from a few blogs allows them to see the Big Picture. You have been working 8+ hours a day at Ground Zero of the Financial World for years, for you to take the time to Teach us some of your insights on the Silver Commodities Market is a rare opportunity for those of us who realize we will never see the exterior of the Commodities Exchange, let alone what is going on in there. Thank You Again, from an Old Guy living on an old homestead in Alaska, who has now had a glimpse of world I never knew about. Please keep teaching us, and disregard the fools. If we argue with a fool, we become one. God Bless Ya. See Ya At The Top.

tim
5th March 2010, 21:19
my experiance was one of increduality in regards to the "warehouse receipt" which stated i owned a bar that they held but at he same time in print below the warehouse receipt disclaimed any gaurantee of said bar and or content.... then the delays to settle a december contract. february to be asssigned a bar then my broker shipped weeks later... recieved in march..

my first hand experiance and the last 18 months of scandals/ponzi schemes/bailouts/modified FASB accounting for certain firms/ reclassified firms to banks to recieve bailout funds/ rule changes for select firms/ a lack of transparency of financial dealings by the fed and central banks/ AND THE CONGRESS BEING RAMMED LEGISLTION WITH HIDDEN CLAUSES THAT BENIFIT CERTAIN COMPANIES??? SHOWS THAT CROOKS FRONT RUN THE MARKETS..

I ASK U ..... U STILL BELIEVE THAT THE CFTC AND COMEX ARE AN HONEST TRANPARENT AND ACCOUNTABLE MARKET??

Mighty Moose
6th March 2010, 07:12
Matthew Shelley: It has been more than a year since I have handled a delivery.

Is that because, in the end, not too many people have wanted to settle in metal as opposed to cash? Are there incentives/perks for owners to settle in cash or even incentives/perks for brokers to get things settled in cash?

One more question, if its possible to see or know, how many deliveries do you estimate you have personally witnessed take place in the last year?

DaleFromCalgary
6th March 2010, 08:54
"During the last two years the US mint has periodically suspended production of gold and silver eagles due to shortages of bullion"

My understanding is that this was due to a shortage of coin blanks because the U.S. Mint contracts that out. The Royal Canadian Mint has not had the same problem with Maple Leaf production because they refine and make their own blanks. I've never had trouble getting gold and silver Maple Leafs.

Mighty Moose
6th March 2010, 09:05
"During the last two years the US mint has periodically suspended production of gold and silver eagles due to shortages of bullion"

My understanding is that this was due to a shortage of coin blanks because the U.S. Mint contracts that out. The Royal Canadian Mint has not had the same problem with Maple Leaf production because they refine and make their own blanks. I've never had trouble getting gold and silver Maple Leafs.

Dale, where does the RCM ultimately get their silver from? Are you saying they get it raw or smelted down & then actually refine it to .999 or better? Do they acquire it from a multitude of sources (different mining companies) or are they contractually obligated to just one?

DaleFromCalgary
6th March 2010, 09:19
"where does the RCM ultimately get their silver from? Are you saying they get it raw or smelted down & then actually refine it to .999 or better? Do they acquire it from a multitude of sources (different mining companies) or are they contractually obligated to just one?"

I don't know the sources for the RCM but they do their own refining to .9999.

You may recall the recent kerfluffle when the RCM failed an audit of their gold holdings and the Mounties were called in to investigate. It turned out to be bad accounting and management didn't get their bonuses. Some of the missing gold was found in their slag heaps. Details at:
http://www.mint.ca/store/news/gold-fully-accounted-for-at-royal-canadian-mint-7500002?cat=News+releases&nId=700002&parentnId=600004&nodeGroup=About+the+Mint