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overtheedge
Member since May 2012
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Gold Daily and Silver Weekly Charts - South Africa Imports $1 Billion In Gold Bullion From NYC? - Jesse - Le Café Américain

"I don't think the Comex would allow anyone to take delivery of that much of the real deal."

Let us pretend that Comex calls a "force majeure" and offers a cash settlement. As these are civil contracts, imagine if the purchaser cries foul and files civil suit. Does Comex walk into the courtroom and admit the force majeure was because they didn't have the bullion to fill the contracts? What do they call that thingy when you sell something you don't own? Ooo and what do you do when these sales of "vapor" are for delivery across state lines and many folks were involved in offering this "vapor" up for sale?

Now with the economy being what it is and the plain folk being a mite unhappy about the entire financial sector, can you imagine the CFTC coming into court and claiming sales of this "vapor" is completely legal.

I'm with you. Interesting possibilities indeed. I'm betting on another slam-down along with cash premiums instead of delivery for most of the contracts. Most.

Commented 4134 days ago

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Beginning of the headline :The stories on the sidebar are interesting today. The last piece by Golem XIV about What Bankers Don't Know is a 'must read' in my opinion. I was greatly amused to read that South Africa imported about a billion dollars in gold bullion from New York earlier this year, an amount large enough to turn their trade surplus into a deficit. The reason given was that South Africa had problems in its mining sector because of union actions etc. What is not stated is that it was cheaper for South Afric... Read More

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