Gold - physical delivery of COMEX futures contract

  • Thread starter Thread starter Peblo
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Peblo

How can I arrange for the delivery of gold purchased via a long position in GC contract on COMEX? I read about the warrants, loud-out, etc. but my main question is: is it possible to have this gold shipped internationally? Which broker could arrange this?
 
They should do it even for 1 contract, shouldn't they? It is a legal obligation after all.

I know for sure that a warrant can be used as collateral but was wondering how the physical delivery works
 
Peblo said:
They should do it even for 1 contract, shouldn't they? It is a legal obligation after all.

I know for sure that a warrant can be used as collateral but was wondering how the physical delivery works
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Read the rule book. For an average retail person, it makes no sense to get physical delivery of a precious metal thru merc exchange. In any case buyer is responsible for getting it "off warrant" and paying any fee including delivery charges.
You receive an endorsed receipt and thereafter everything is initiated by you.
https://www.cmegroup.com/education/...-is-the-precious-metals-delivery-process.html
 
The wealthy are hoarding physical metal. Good luck forcing them to deliver the physical to you. they really want you to get an exchange for physical contract but legally and i have done it. you can pull up to any certified cme depository for what is a "load out" you pull up and just like buying a couch they bring it to you and you put it in your car or van etc. 2 days notice is required on the warrant. thats how it works but like i said right now the wealthy and gov. are hoarding metals and the cme couldnt possibly allow delivery of all the metal
 
@Girija
I read all relevant CME Rules. The delivery fee is like $30. Why does it not make sense for a retail person? Please explain further
 
it makes sense if you can go pick it up for yourself cheap. any dealer outside of these depositories that test and certify the Gold will charge 10 to 15% markup down depending on what your doing and your trusting a mom n pop to give u a purity. no thanks. i was given fake silver before cost me 800 bucks from a reputable metals dealer locally!
 
danielc1 said:
Why would you take all the cost of delivery, storage and international shipping? Sell the contract and buy the amount of gold where you are. It will be cheaper even with the higher fees of a local gold broker.
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Or just order through Kitco or JM Bullion.
 
It has become extremely difficult to take physical delivery in recent years. Most depositories are effectively in default on their obligation to arrange load out. Therefore few brokerages will allow physical delivery of contracts so check carefully with your broker first. Then you will need a contract with a carrier like Brinks since most depositories have now defaulted on their obligation to arrange delivery. You won’t get a contract with Brinks unless you are a business willing to fill out a lot of paperwork. International delivery would be even harder or impossible. Bottom line as others said, use the paper contract as a placeholder until metal becomes available in your home country close to spot price. This convergence of spot price to reality is taking much longer at times like now due to the effective default on delivery by Nymex however eventually you should be able to find metal in your area at a reasonable price.
 
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