Will The Comex Default Starting Nov 20th?

I have been reading many articles including this one online

www.marketoracle.co.uk...

saying that many people are going to ask for delivery of their gold purchased on the Comex. The rumor is that they dont even have close to enough gold to cover all of these deliveries. If this is the case you will see the price of gold go to the moon. Has anyone heard rumors of the Comex going into default here soon?

Comex needs to default so that the gold miners can finally get some compensation for the work they do. Some are going bankrupt as their costs are so high, not to mention the frequent deaths in the industry. Comex is just a paper trade and its main use is so that the elite can keep a lid on the prices as they fear that the sheeple may wake up to the fact that gold is real money unlike the fiat currencies which are backed by nothing. If Comex does default gold will be priced at its true value.

I haven't heard anything about the Comex but a recent local story said a few of the coin/gold dealers have stopped selling gold simply because there sold out and don't have anymore coming... These same dealers have placed ad's in the newspapers and even TV trying to get people to bring in their gold... its not happening apparently?

There is another new recent development I heard in passing... Seems people who are offered to refinance there homes at lower rates are taking that money buying themselves a cheap foreclosed home, free and clear with the refinance money, then giving the old home back to the banks with no intention of ever repaying the loan... in essence they give up the big fancy house and settle for the more modest one but its paid for So it cannot be taken away.... now what do you think that will do to the bailout if that becomes a common practice?

Just another example of another aspect of the world's economy that started out as a pretty good idea, but got bastardized through greed at the hands of the people who could make the most money from it . . .

Let me ask you this . . . how much sense would it make for you to go to a grocery store meat counter and ask for a half dozen NY Strip steaks and the attendant behind the counter gives you a slip of paper that reads STEAKS on it . . .

You'd be standing there going What the hell is THIS?.

Puzzles the heck out of me that it actually works for things like gold . . .

But it does . . . in fact . . . I've got some 'gold' for sale . . . yeah . . . gold . . .

Any bidders . . .

Damn.

How come it works for them?

reply to post by mybigunit



something is gone really whacky with the gold deliveries and the COMEX
trading...
How is it that there is a severe shortage of COMEX physical gold and way delayed delivery...

But,... in the last 2 weeks, a lot of individual buyers of gold in Saudi Arabia and i'd guess many of the other Gulf States... have been buying up the metal at some $3.5 billion , and their demand is being satisfactorily processed and physical gold delivered without delay.


while the COMEX is hobbled by supply/delivery problems,
which is way below a $3.5 billion rate per week which Saudi just experienced...
see: www.321gold.com...
(there are 2 recent articles about the recent gold buying activity on their daily menu of articles)


hmmm
maybe the paper metals certificates are as valuable as many of those derivatives that are selling for .20 cents-on-a-dollar

Originally posted by St Udio
reply to post by mybigunit

 

something is gone really whacky with the gold deliveries and the COMEX
trading...
How is it that there is a severe shortage of COMEX physical gold and way delayed delivery...

But,... in the last 2 weeks, a lot of individual buyers of gold in Saudi Arabia and i'd guess many of the other Gulf States... have been buying up the metal at some $3.5 billion , and their demand is being satisfactorily processed and physical gold delivered without delay.

Or even better than that how is it that there is a shortage of gold but yet the price is still being hampered down. Ill tell you why because people are selling their paper and buying the real thing that is why. Its keeping the price low so they dont have to pay the big bucks for the real stuff. Iran too just bought a ton of gold. Im buying gold too.