Quiet Guy Posted June 27, 2009 Share Posted June 27, 2009 A rather curious article that says: "Jim Sinclair of jsmineset.com, a legendary gold trader, reported that some of his contacts have told him that, when they request to withdraw their 100oz. bars from the Comex depositories, they have not received the proper indicted bars. They received a bar, but not one with the correct serial number or weight." http://www.huffingtonpost.com/nathan-lewis...d_b_216896.html Not sure what to make of this but it would be 'good' news for the goldbugs if it turns out to be true. Opinions, anybody? Quote Link to comment Share on other sites More sharing options...
Errol Posted June 27, 2009 Share Posted June 27, 2009 Comex honest? Quote Link to comment Share on other sites More sharing options...
Stay Beautiful Posted June 27, 2009 Share Posted June 27, 2009 A rather curious article that says:"Jim Sinclair of jsmineset.com, a legendary gold trader, reported that some of his contacts have told him that, when they request to withdraw their 100oz. bars from the Comex depositories, they have not received the proper indicted bars. They received a bar, but not one with the correct serial number or weight." http://www.huffingtonpost.com/nathan-lewis...d_b_216896.html Not sure what to make of this but it would be 'good' news for the goldbugs if it turns out to be true. Opinions, anybody? Questions have been asked about Comex physical holdings for a fair while now but with no answers. There is plenty of juicy and tasty food in the Gold Bugs trough to feast on. The Comex being one of the Head Chefs. Quote Link to comment Share on other sites More sharing options...
thod Posted June 27, 2009 Share Posted June 27, 2009 I can see why they just hand over any old 100oz bar. Its got to be less work to just pick up the bars nearest the door than search through the stacks and assemble particular numbers. There was a shortage of 100 oz bars for delivery a few months back, most transaction in the gold market are for 'good delivery' 400 oz bars. If people start wanting 100 oz bars there is a fabrication problem. The idea that 'if they don't get their named bar means they don't have it' is not a logical conclusion. It could also mean 'it was sitting at the back of the warehouse and is still sitting there'. What matters is not bar numbers, but the total number of bars in the inventory. This can only be established by an independent audit. Bar numbers only come into it when auditing to prevent them moving the same stack around in order to get it counted twice. Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted July 25, 2009 Share Posted July 25, 2009 http://www.cmegroup.com/tools-information/...n/SER-4942.html Interpretation of COMEX Division EFPS: Gold-Backed Exchange-Traded ETF Shares Accepted as Cash Leg of EFPExchange Rule 104.36, which governs exchanges of futures for physicals ("EFP") transactions on the COMEX Division, refers to a "physical commodity" as one of the required components of an EFP transaction but also indicates that the physical commodity need only be substantially the economic equivalent of the futures contract being exchanged. The purpose of this Notice is to confirm that the Exchange would accept gold-backed exchange-traded Funds ("ETF") shares as the physical commodity component for an EFP transaction involving COMEX gold futures contracts, provided that all elements of a bona fide EFP pursuant to Exchange Rule 104.36 are satisfied. ... another conspiracy theory bites the dust. Quote Link to comment Share on other sites More sharing options...
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