Possible default in December gold??

Quote from AK100:

The thing is that IF there are going to be defaults then the COMEX will probably make the dec cash settled to 'uphold order in the market' - translation, help our buddies who are up shit creek.

Comex generally likes the paper merchants, it doesn't like the physical guys especially when they're from out of town.
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The OI in Dec is only 16,053 contracts, if every long takes delivery it is only a fraction of the gold available in the warehouses.

Where does this Comex "doesn't like the physical guys" come from?

If the Comex "doesn't like the physical guys" then why do they bother to have warehouses? And why do the warehouses have over 8.5 million oz of gold?
 
Quote from jeb9999:

The OI in Dec is only 16,053 contracts, if every long takes delivery it is only a fraction of the gold available in the warehouses.

Where does this Comex "doesn't like the physical guys" come from?

If the Comex "doesn't like the physical guys" then why do they bother to have warehouses? And why do the warehouses have over 8.5 million oz of gold?
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So, does that mean over 50% are taking delivery, then?

I thought it was usually more like 2%?

For those with $70k to pony up it seems like its a good way to get large qty gold without having to pay a big premium. If it works out I might try it next time the price dives.
 
Quote from thriftybob:

So, does that mean over 50% are taking delivery, then?

I thought it was usually more like 2%?

For those with $70k to pony up it seems like its a good way to get large qty gold without having to pay a big premium. If it works out I might try it next time the price dives.
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No, nowhere near 50% are taking delivery. The open interest had been over 150,000 contracts. Most futures traders roll to the new front month.

Anyone with the cash can buy large quantities of gold in the normal gold market without a large premium. How many tons would you like to buy?
 
Quote from jeb9999:

Citibank ??? Bwahaha, they can't even run a bank.

I'd fade those clowns anytime.
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You OBVIOUSLY do not know about Tom Fitzpatrick, the bank's chief technical strategist (CitiFX).

BTW, he has NOTHING to do with Citi's executive upper management hierarchy (the PRIMARY incompetent group that was manipulted by global wealth entites into the companies financial destruction).
 
Quote from AMT4SWA:

You OBVIOUSLY do not know about Tom Fitzpatrick, the bank's chief technical strategist (CitiFX).

BTW, he has NOTHING to do with Citi's executive upper management hierarchy (the PRIMARY incompetent group that was manipulted by global wealth entites into the companies financial destruction).
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Should I be worried that Tom Fitzpatrick is going to put a contract out on me? :eek:

Maybe whack me with a 100 oz gold bar? :D
 
Quote from jeb9999:

Should I be worried that Tom Fitzpatrick is going to put a contract out on me? :eek:

Maybe whack me with a 100 oz gold bar? :D
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What??? :confused:

What does that have to do with Tom Fitzpatrick's history of accuracy in his analysis with Citi???

Strange? :eek:
 
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