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chroNick
25th November 2009, 11:13
We should all work together by putting our money in one account, and buy as much silver from COMEX and request delivery by December 28. With the money that we put together, we'll allocate a small portion and invest it in equipment to divide the silver and give everyone who chipped in his/her contributed amount. Together we can bring COMEX down. Not that this will benefit anyone though... the longer the paper schemes continue, the higher the prices will inevitibly go.. but it would just be fun to say that we busted the COMEX.

lacaprup
25th November 2009, 11:19
How much money do you think we'd need $200 million FRNs?

ryshay
25th November 2009, 11:26
We should all work together by putting our money in one account, and buy as much silver from COMEX and request delivery by December 28. With the money that we put together, we'll allocate a small portion and invest it in equipment to divide the silver and give everyone who chipped in his/her contributed amount. Together we can bring COMEX down. Not that this will benefit anyone though... the longer the paper schemes continue, the higher the prices will inevitibly go.. but it would just be fun to say that we busted the COMEX.

Great idea. Lots of big-time investors are forced to hire specialized brokers that focus on taking delivery from COMEX, because the COMEX tries every trick in the book to avoid deliveries. Check this out. I give the COMEX one year before they run out of PMs for physical delivery.


Investors emptying COMEX warehouses

Gold Market Reaching The Breaking Point

http://www.marketskeptics.com/2009/1...ing-point.html

SNIP:

In order to secure gold at the lowest possible price, US investors are turning to the complex, lengthy process of taking delivery of gold futures contracts. By buying gold contracts in deliverable months and wait for them to expire, sophisticated investors are emptying COMEX warehouses. The incredible hassle of trying to pry gold out of Comex warehouses appeals to investors because no other place in the US offers a price equal to the Comex exchange. Nothing even comes close.

Guiding investors through the delivery process are gold and silver brokers like JB Slear who specialize in helping high net worth clients take delivery of gold and silver futures contracts. These advisors are necessary because, as investors are discovering, that there is trouble at Comex warehouses:

1) Delays and complications in the delivery process have become increasingly commonplace. It is taking weeks and possibly even months, and sometimes dozen of inquiries, for investors to get the gold they already own out of the warehouse.

2) More restrictions are being applied to overseas buyers requesting delivery.

3) Some brokerages will not help with the delivery process or refuse to help even after the commissions are paid.

4) The cost in just about everything "Comex" is increasing

5) Investors withdrawing their 100oz. bars from the Comex depositories are being given bars with incorrect serial numbers or weight.

With the difficulties and irregularities in the COMEX delivery process, many, including gold brokers like JB Slear, have doubts as to whether there is gold in inventory to match existing warehouse receipts.

Like others involved in the gold market, Slear believes that there are real shortages of precious metals that have yet to be exposed. But he recognises the futures market as a last resort for people who canít buy metals at reasonable prices elsewhere: "If a buyer wants to buy a physical product and cannot find it locally, he or she can go to my firmís web address to transact that business. My business model is a last resort purchase arena for those who need to protect their personal wealth."

He says there is anecdotal evidence that this activity is widespread enough to be affecting warehouse stocks as high net worth clients remove metal from warehouses.

But, he [JB Slear] says that the activity has yet to show up on Comex warehouse stock data: "I find it interesting that the Comex numbers donít show any movement at all as far as deliveries are concerned. I have spoken to three of the warehouses and each facility confirms the fact that the metals are being moved out, and in size. One of my clients says that when she went to "will call" her purchase, that the "will call" staging area for deliveries was stacked high and busy. Seems curious that the warehouse numbers reported through Comex, are not showing any reductions. In the Comex defence though, I donít know how long it takes them to account for the movements. I just keep my head down and focus on the job allotted me. That is to get the gold into my clientsí hands as fast as possible.

It is absurd that, as gold pours out of the Comex, warehouse stock data shows nothing. The chart below shows gold inventory levels at COMEX warehouse over the last year. Notice, above all, the lack of change.

Although warehouse facilities themselves confirm large gold outflows every month, the activity does not show up on COMEX warehouse stock data. Over the last year, total gold in COMEX warehouses INCREASED 10% or 24 tons (868,000 oz). See for yourself:

COMEX Gold Stocks - October 30, 2008 (total=8.56 million oz)
COMEX Gold Stocks - October 27, 2009 (total=9.43 million oz)

(excel documents downloaded from NYMEXís website)

The sad part is that, even if Comex warehouse data is to be believed, there is only 66 tons of registered gold backing 1465 tons of gold promised for future delivery. So according to official data, there only enough gold to cover 4.5% of outstanding Comex gold futures contracts.


SNIP:


London Vaults also being emptied

Like Comex warehouses, London gold vaults are being emptied. Hong Kong is pulling all its physical gold holdings from depositories in the UK and moving their $63 million worth of gold home to newly built vaults near the city's airport. Dubai is also planning to withdraw its gold from London. Meanwhile, private investors and Swiss ETFs continue to move gold out of London.

On top of investor demand prying gold out London and COMEX vaults, Germany and Switzerland are reportedly demanding the return of their custodial gold from the US. In the face of this onslaught of demand, the US/UK gold markets are crumbling
[/quote]

Longhaul
25th November 2009, 11:29
Sounds good on paper, but I bet the CFTC would come down on us saying that we are colluding efforts to cause a disturbance in market equities and wind up in a heap of trouble.

Got to remember, TPTB hate competition and anyone getting in on their game:rolleyes:

I still like the idea though.

chroNick
25th November 2009, 11:35
Sounds good on paper, but I bet the CFTC would come down on us saying that we are colluding efforts to cause a disturbance in market equities and wind up in a heap of trouble.

Got to remember, TPTB hate competition and anyone getting in on their game:rolleyes:

I still like the idea though.

They don't need to know that. :p

What is Truth?
25th November 2009, 19:42
We should all work together by putting our money in one account, and buy as much silver from COMEX and request delivery by December 28. With the money that we put together, we'll allocate a small portion and invest it in equipment to divide the silver and give everyone who chipped in his/her contributed amount. Together we can bring COMEX down. Not that this will benefit anyone though... the longer the paper schemes continue, the higher the prices will inevitibly go.. but it would just be fun to say that we busted the COMEX.

Great plan Mr. Madoff. When you get out let's know and we will get right on it. :rolleyes:

Smokey-Seven
26th November 2009, 05:30
What is Truth? said
Great plan Mr. Madoff. When you get out let's know and we will get right on it. :rolleyes:

The funniest thing is that if old Bernie just took in all those invested dollars and bought gold with them, his investors would have done extremely well and Madoff would be walking the streets a very wealthy man.

silverheartbone
26th November 2009, 09:34
We should all work together by putting our money in one account, and buy as much silver from COMEX and request delivery by December 28. With the money that we put together, we'll allocate a small portion and invest it in equipment to divide the silver and give everyone who chipped in his/her contributed amount. Together we can bring COMEX down. Not that this will benefit anyone though... the longer the paper schemes continue, the higher the prices will inevitibly go.. but it would just be fun to say that we busted the COMEX.

Like Longhaul said,
(I am paraphrasing)
the chosen would have you prosecuted.