What would happen if Comex defaulted?

[balou2]

I've asked this in several threads, but gotten no opinions. From an economic standpoint, what would the repercussions of Comex defaulting be? Truthfully, I don't know what the breadth of a default means. Would it mean bankruptcy? With banks closing, I really don't have a concept of what this could mean, as it is a bit of a different entity.

[valerb@bellsouth.net]

Besides all of the paper players being wiped out, both long and short. I think it would probably have a cascading effect on all the other paper PM games and pool accounts, which are probably many times greater than COMEX.
One would have to assume that all the prognosticators would then be right in their predictions of PM running wild. "BUT", will the governments really allow that to happen unless that is their plan? Who really knows if they will allow it or make trading PM illegal or whatever? I for one vote for the run wild plan, but I'm afraid my vote really won't matter. I guess we'll all have to just set back, hang on to our PM's and keep our fingers crossed. If there is ever a confiscation, I'm going to regret buying so much silver on line for my best prices.
Paying an extra $6 over spot and no records at your local coin shop will really look like a great buy in a confiscation.
I really don't believe it will have anywhere near the effects of a collapsing derivatives market, unless it starts the collapse.