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Napanee, Ontario | could be an interesting wkd....?
"This coming Friday is the 1st notice day for both Dec. COMEX gold and silver contracts. COMEX in my opinion has a potentially huge problem where a default in both contracts is a distinct possibility! As of this past Friday, 61,763 contracts still open, this represents 308 million ounces of silver. The COMEX claims a registered (deliverable) inventory of just under 65 million ounces. With only four days left there are roughly 5 silver ounces contracted for every one ounce available!
The situation in gold has quietly become much worse than silver, there were 162,509 Dec. gold contracts open which represent over 16 million ounces of gold. The “registered” (deliverable) category at the COMEX inventory shows only 868,910 available to deliver! Do you see the problem here? There are only 4 days left until this contract goes into the delivery process, yet there are 20 ounces contracted for each ounce available!"
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"Yes I understand, there are still four days left for the open interest to bleed down and roll out to the next contract month but we now stand in totally uncharted territory. Never in the past has this much open interest been still outstanding with deliverable inventory as low as it is. It is also astounding that total open interest could have risen to these levels while the price dropped. For open interest to increase and the price to drop, the “initiation” to the opening of contracts has obviously been done by sellers. This is exactly what I have been saying all along, the dropping price has been dictated by paper sales of COMEX contracts …"
Discussed this in a thread about 6 weeks ago.
"Pushing on a Spring"
http://talk.newagtalk.com/forums/thread-view.asp?tid=505648&mid=411...
guess the time has come. We'll see how the open interest plays out in the next few days....
Edited by OldMcdonald 11/25/2014 15:49
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- J Burns,Von, Old Mc,Cfdr,anyone I left out. - ng01 : 11/25/2014 13:43
- RE: J Burns,Von, Old Mc,Cfdr,anyone I left out. - Brown : 11/25/2014 13:54
- RE: J Burns,Von, Old Mc,Cfdr,anyone I left out. - Von WC Ohio : 11/25/2014 14:14
- Now France wants it Gold back(?).. - OldMcdonald : 11/25/2014 14:46
- RE: J Burns,Von, Old Mc,Cfdr,anyone I left out. - Boone & Crockett : 11/25/2014 16:24
- RE: J Burns,Von, Old Mc,Cfdr,anyone I left out. - John Burns : 11/25/2014 16:56
- RE: J Burns,Von, Old Mc,Cfdr,anyone I left out. - cfdr : 11/26/2014 10:46
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J Burns,Von, Old Mc,Cfdr,anyone I left out.
