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JohnQPublic
19th May 2010, 04:27 AM
From Harvey Organ's The Daily Gold (http://harveyorgan.blogspot.com/2010/05/may-182010-commentary.html)

In the option department for gold contracts, it is a disaster zone for our cartel members;

In case you hadn't checked yet, the June Options Expiration is coming up next Tuesday, May 25:

price calls
1100 7,105
1150 4,976
1200 18,103 - W-O-W !
1250 4,781
1300 5,306
1400 6,227
1800 5,814 - W-o-w again: at +1800+ !

PLUS +another+ 18,000 (or so, aggregated) from 1155 to 1195.

That sets up a task for the Cartel to take gold down to 1150 if they want to neutralize some 41,000 potential calls for delivery. Alternatively: if they fail, perhaps the melt-up will finally start. High stakes...


...Gold trade suffers huge losses on margin calls - Emirates Business 24|7


Maybe you've already seen this but the link below is a fascinating article from Emirates Business about gold lending by unamed banks to wholesalers in the Dubai region. This is everything GATA has said for 11 years about banks surreptitiously "lending" gold into the market. As it says the wholesalers were "unable to "fix" their open position with (gold) lender banks, and now face financial ruin". The article doesn't bother to connect any huge dots, such as WHO the bullion bank lenders are, or HOW the bullion banks expect to ever be repaid their gold. It also gives a glimpse into the reckless nature of many who have "borrowed" gold, and saw it as a risk-free loan to reinvest in any stupidity, including the real estate bubble. It's notable that the article mentions many bullion banks downsizing their gold loan facilities without bothering to question WHY. My guess is because as the article states, they AREN'T GETTING PAID BACK...