COMEX will default within weeks, that was the plan

[Large Sarge]

http://silverdoctors.com/force-majeur-was-the-end-game-all-along-comex-will-default-in-the-next-week/

[gunDriller]

"The COMEX will default in the next week or several weeks and people will be “settled” with Dollars, no more metal will be delivered! So, knowing that “game over” has arrived, they are dumping a massive volume of paper contracts with impunity to push the metals prices as low as possible before the “default”. This way the “shorts” do not have to and will not be “covered” when “supply” cannot be obtained because of “an act of God”. They will be settled in cash (at a profit no less) because these “unforeseen” disruptions in supply."


Do they even need to Declare "force majeure", related to supply interruptions ?

i had the impression that Crimex always had the option of arm-twisting to force people to settle in cash. from reading Harvey Organ's blog, the one guy who tracks Crimex religiously, he's always talking about contract-holders NOT demanding physical, and "rolling over" their contracts.

[Shami-Amourae]

http://images2.wikia.nocookie.net/__cb20111107003558/runescape/images/1/1f/Emoticon-Facepalm.gif
Hasn't the COMEX been about to default by "next week" for like 6 years now or something? We had threads on this stuff on GiM1.

[mamboni]

"The COMEX will default in the next week or several weeks and people will be “settled” with Dollars, no more metal will be delivered! So, knowing that “game over” has arrived, they are dumping a massive volume of paper contracts with impunity to push the metals prices as low as possible before the “default”. This way the “shorts” do not have to and will not be “covered” when “supply” cannot be obtained because of “an act of God”. They will be settled in cash (at a profit no less) because these “unforeseen” disruptions in supply."


Do they even need to Declare "force majeure", related to supply interruptions ?

i had the impression that Crimex always had the option of arm-twisting to force people to settle in cash. from reading Harvey Organ's blog, the one guy who tracks Crimex religiously, he's always talking about contract-holders NOT demanding physical, and "rolling over" their contracts.


But now is different: gold inventories at the COMEX are falling off a cliff and redemptions at GLD are accelerating. Someone is demanding physical delivery now.

[Twisted Titan]

I remember when I was a silver Neophyte and i use to read Ted Butlers archives.

He was ALWAYS railing about it and had every reason under the sun why it was going to push Silver to levels that are absolutely schocking.

Pay it no mind.

When it comes to silver you one have to do 2 things:

Buy till you cant find it or afford it.

the rest will take care of itself.

[SWRichmond]

But now is different: gold inventories at the COMEX are falling off a cliff and redemptions at GLD are accelerating. Someone is demanding physical delivery now.

I think it might finally be LOTS of someone's who are demanding delivery. The MF Global theft, Cyprus theft of depositors' funds, the Japanese policy of doubling their monetary base in a year, the talk up that Cyrpus is a "template" for future bailouts of EU banks...I think more "mainstream" large investors are starting to see the train wreck unfolding.

[Sparky]

They can prevent a COMEX default by simply making it even more difficult to take delivery. I think the current process already takes months. They can string this out further, the way the U.S. is returning gold to Germany over a 7-year period.

Also, as we have learned from previous COMEX default warnings, sometimes "taking delivery" just means having them push your stack of gold to a different side of the room, and calling it something else. That seems pretty easy to manipulate.

[Uncle Salty]

There ain't no run like a bullion bank run. It is the mother of all panics because it is the whales who are trying to preserve their wealth, not the shrimps. Shrimp runs only happen after the whales have secured their wealth. The shrimps are always the last to find out so when they go on a bank run it is too late.

This is what is happening now. The whales are demanding physical gold, not paper gold, because they know the paper game is ending. So, of course paper gold is collapsing. No one has any confidence that paper gold will ever turn into physical gold. So all the sheeple just think that gold was in a bubble and is collapsing when the exact opposite is happening. The buses are going to stop running soon and the bus owners are preparing for that. The bus riders have no clue that soon they will be walking.

I think this is finally it. Game on...party on!!

[mamboni]

There ain't no run like a bullion bank run. It is the mother of all panics because it is the whales who are trying to preserve their wealth, not the shrimps. Shrimp runs only happen after the whales have secured their wealth. The shrimps are always the last to find out so when they go on a bank run it is too late.

This is what is happening now. The whales are demanding physical gold, not paper gold, because they know the paper game is ending. So, of course paper gold is collapsing. No one has any confidence that paper gold will ever turn into physical gold. So all the sheeple just think that gold was in a bubble and is collapsing when the exact opposite is happening. The buses are going to stop running soon and the bus owners are preparing for that. The bus riders have no clue that soon they will be walking.

I think this is finally it. Game on...party on!!

Good summary - spot on! But be careful: you're starting to sound a bit like Uberkitty. Whatever you do, don't mention the hairless monkies.

[ximmy]

so is it busses or whales? bus riders or shrimps?

[gunDriller]

http://images2.wikia.nocookie.net/__cb20111107003558/runescape/images/1/1f/Emoticon-Facepalm.gif
Hasn't the COMEX been about to default by "next week" for like 6 years now or something? We had threads on this stuff on GiM1.

part of the information feed on this board comes from Harvey Organ - who tends to echo a lot of Zero Hedge and KWN stuff.

Harvey has had as a standard line in his daily Comex that default was imminent.


it does seem like something is accelerating. the desperation of the Cartel to beat down PM prices is HU-mongous.

their desperation is probably a signature of something. i don't think they do it for fun.

if Blankfein & Blythe Masters borrow a conference room at Citigroup so they can do the wild thing, that's for fun.

these price beatdowns have a reason and a purpose.

we know that it's related (as a form of currency manipulation) to the "Strong Dollar Policy", a euphemism for a LOT of criminal behavior.

i don't know what exactly is up, but we do know some of the likely candidates -

Israel's hard-on for attacking Iran

the US economy collapsing, and the need to hide that fact.

[Cebu_4_2]

so is it busses or whales? bus riders or shrimps?

Hairless monkeys of course...

http://justkiddingbutseriously.files.wordpress.com/2008/06/tn.jpg

[Uncle Salty]

Good summary - spot on! But be careful: you're starting to sound a bit like Uberkitty. Whatever you do, don't mention the hairless monkies.

Exactly. I didn't want to sound like this:

The whales live off the yield from the shrimp..the roof or top of the structure is supported by the bottom or foundation of the structure.

If the bottom can't support the top...the structure collapses.

The whales own the money system...it and all the money belongs to them...it's their money that monetizes the wholesale production operation...not yours...you are a mindless shrimp...all the money in circulation does not belong to any of you...You just think it does. You are just a mindless shrimp just waiting to get swallowed by the whales.


Well the whales become the top and maintain their position by always taking more than they give...always...it's the divine right of whales. Oh you think you gained independence from whales? nope...never did...you all just think you did...and if you think therefore you are...poof...it's magic...Hyper my teacher said I did and all the history books said I did...so I must have...but alas...you are a little shrimp sucking from the teat of whales.

[chad]

silver doctors is the sorcha fall of the pm sites.

[gunDriller]

The whales live off the yield from the shrimp..the roof or top of the structure is supported by the bottom or foundation of the structure.

If the bottom can't support the top...the structure collapses.

The whales own the money system...it and all the money belongs to them...it's their money that monetizes the wholesale production operation...not yours...you are a mindless shrimp...all the money in circulation does not belong to any of you...You just think it does. You are just a mindless shrimp just waiting to get swallowed by the whales.


in nature, the whale eat the krill, and the krill feast on the whale turds.

of course, some of the whale turds float down to the bottom, where they help to cover up the boating accidents.

and they all lived happily ever after :)

[joboo]

A Silver doctors lost me with the Apple products being delayed to silver shortage thing. I face palmed.

They apparently don't verify their information very well.

Silver Quacks...but hey, it is entertaining no doubt.

http://silverdoctors.com/meet-the-doctors/

4722

http://sdbullion.com/about-us/

.....and don't forget to buy the tshirt..

http://silverdoctors.com/sdstore/

4721

[ximmy]

Exactly. I didn't want to sound like this:

The whales live off the yield from the shrimp..the roof or top of the structure is supported by the bottom or foundation of the structure.

If the bottom can't support the top...the structure collapses.

The whales own the money system...it and all the money belongs to them...it's their money that monetizes the wholesale production operation...not yours...you are a mindless shrimp...all the money in circulation does not belong to any of you...You just think it does. You are just a mindless shrimp just waiting to get swallowed by the whales.


Well the whales become the top and maintain their position by always taking more than they give...always...it's the divine right of whales. Oh you think you gained independence from whales? nope...never did...you all just think you did...and if you think therefore you are...poof...it's magic...Hyper my teacher said I did and all the history books said I did...so I must have...but alas...you are a little shrimp sucking from the teat of whales.


In star trek: voyage home; she says "Most whales don't even have teeth. They have a soft, gum-like tissue that strains tiny shrimp for food. That's the limit of their hostility.

[chad]

dammit kirk, i'm going with you! you need somebody to look after those whales!

[mamboni]

I don't know if COMEX will default soon, but I believe there is a massive scramble for physical gold bullion by the bullion banks. This video discussion is relevant here. There are some key points:

1. over the last 30 years, the US has exported 4500 tons of gold that cannot be accounted for in the official books. The implication is that this is central bank gold furtively leased to the bullion banks.
2. Paper gold prices were shorted into waterfall price collapse to shake out weak hands (i.e. leverage, small speculators) who sold their paper gold, primarily GLD. The bullion bankers were waiting to buy those shares with a smile and open arms.
3. The bullion bankers are using GLD shares to essential deplete physical gold from the fund inventory to cover delivery demands for physical gold.

The way I see it, this price smash wasn't about the price of gold alone. These bullion banks have been practicing fractional reserve gold lending for years and now the chickens are coming home to roost. Except they don't have the physical gold to cover the paper, not by a long shot. They are in desperation mode, trying to free up gold bullion anyway possible. The is so bullish for gold that words cannot describe. Think about it: only a soveriegn has the tonnage of gold that they need after GLD is exhausted. Except for one problem: the US is already "holding" most of the western world's gold reserves "in safe keeping." And the only other reserves of size are held by Russia, China and India and they are aggressive buyers, not sellers. Maybe Holter is right and the CRIMEX is about to get the final comeuppance!



http://www.youtube.com/watch?feature=player_embedded&v=_u2wkW4tYEg

[mamboni]

If this isn't an approaching perfect storm for a silver short squeeze I don't know what is:

1. Demand for physical metal has exploded internationally.

2. Dealers are out of silver inventory - accepting orders for delivery in 3-4 weeks.

3. One sixth of US silver production just went off line indefinitely

4. The gold:silver price ratio hovering at an extreme 60:1, meaning silver is cheap cheap cheap

5. Finally, look at this chart:


http://1.bp.blogspot.com/-XllGi0cBU6w/UW8enBXovNI/AAAAAAAAons/KZz0A9zFAfo/s640/SilverGoldProduction.PNG


I would add that Ebay sales prices for silver eagles have risen above prices just prior to the bankster raid. Common date SAEs are fetching $36-40 on Ebay now. That's a premium of $16 over spot! Folk are not willing to wait for delivery later. They want their physical silver now. This is a run on silver.

[Large Sarge]

yes, earlier APMEX had some junk silver dimes, cost was over $33 an ounce

like a 30% plus premium on junk silver, WOW

[mamboni]

http://www.knology.net/~bilrum/811215_FtKnoxGold_globe.jpg

[mamboni]

Tuesday, April 9, 2013Comex Gold Inventories Collapse By Largest Amount On Record - "Force Majeure" will be the End GamePosted by Charleston Voice


We can expect a "force majeure" (http://en.wikipedia.org/wiki/Force_majeure) to be imposed by the COMEX when buyers will no longer agree to cash settlements as substitutes for the physical silver delivery. The imposition of such an action will be - of course - to ensure their banking co-conspirators are sheltered from financial disaster. This crime will be disguised as a 'natural occurrence'.

The public will accept this explanation as truthful, and keep on moving, while potential silver buyers and users will be on their own, or await a government nationalization edict by executive order.

April 9, 2013 | By Tekoa Da Silva

http://bullmarketthinking.com/wp-content/uploads/2012/12/Gold-Reserves.jpg
A stunning piece of information was brought to my attention yesterday. Amid all the mainstream talk of the end of the gold bull market (and the end of the gold mining industry), something has been discretely happening behind the scenes.

Over the last 90 days without any announcement, stocks of gold held at Comex warehouses plunged by the largest figure ever on record during a single quarter since eligible record keeping began in 2001 (roughly the beginning of the bull market). See chart below.

http://bullmarketthinking.com/wp-content/uploads/2013/04/warehouse-deliveries.jpg (http://bullmarketthinking.com/wp-content/uploads/2013/04/warehouse-deliveries.jpg)
(click to enlarge)

Total drainage of physical inventories reached nearly 2 million oz.’s of gold, which at today’s prices represent roughly $3,000,000,000 dollars.


According to chart sage Nick Laird (http://www.sharelynx.com/about.php), this data indicates that, “Eligible stocks which are owned in LBMA/Comex good delivery form are being drawn down—which means they are being removed from the warehouses. As to how and why they are removed, that is a mystery. , eligible stocks were on the continual increase throughout the bull market. [U]Now that trend has changed.”

What is most interesting in reviewing this chart data, is seeing where the largest drops have occurred. The largest inventory drainage is being reported from JP Morgan Chase & Scotia Mocatta warehouses. See charts below.

http://bullmarketthinking.com/wp-content/uploads/2013/04/jpmb-warehouse.jpg (http://bullmarketthinking.com/wp-content/uploads/2013/04/jpmb-warehouse.jpg)
(click to enlarge)

JP Morgan Chase’s reported gold stockpile dropped by over [B]1.2 million oz.’s, or rather, a staggering $1.8 billion dollars worth of physical gold was removed from it’s vaults during the last 120 days.

http://bullmarketthinking.com/wp-content/uploads/2013/04/Scotia-Mocatta.jpg (http://bullmarketthinking.com/wp-content/uploads/2013/04/Scotia-Mocatta.jpg)
(click to enlarge)
Scotia Mocatta’s gold stockpile removals were nominal in size when compared to JPM’s, but registered in at over 650k oz’s of gold, or over $1 billion dollars worth of physical gold was removed from its vaults over the last 90 days.

In further conversation with Nick on the implications of this chart data, he commented that, “The owners have taken [their gold] offsite, and it’s no longer stored in Comex warehouses…Has the bull market ended? Are people taking their gold out of Comex storage of lack of trust? It’s a mystery, [but] I think it’s more the majority of long term holders are taking their gold elsewhere…because they no longer want to store at Comex.”
—
Bottom line: While mainstream voices question whether or not gold is still in a bull market, smart money appears to be questioning something else. They appear to be asking themselves, “Do we want to continue storing our physical metal within the Comex system? [B]How can we best whisk it away from fraud, theft, or bankruptcy (including our own)?”

The timing of this trend change is also quite shocking, as it’s happening during a time in which public sentiment towards the metals are at their worse levels in years.

The boy who cried wolf has certainly cried many times over the years with regard to the Comex, but if there was ever a time to be concerned of a major market event or default—now might be it.
—
Enjoy the article? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.

(Special thanks to Nick Laird (http://www.sharelynx.com/about.php) for helping me on this piece.)

[mamboni]

Gold rush in Turkey:

http://www.hurriyetdailynews.com/price-slump-sparks-rush-to-gold.aspx?pa... (http://www.hurriyetdailynews.com/price-slump-sparks-rush-to-gold.aspx?pageID=238&nID=45180&NewsCatID=344)

In another link the Turkish mint said "we have never seen such a high demand in our history, even though we work in two shifts we cannot catch up the demand, we sold 40 tons of minted coins last year but this year just in 4 months we have reached total of 37.5 tons.".


http://finans.gazetevatan.com/portal/ISE/getDetailsStory.html?storyId=20... (http://finans.gazetevatan.com/portal/ISE/getDetailsStory.html?storyId=208445&goToHomePageParam=true&siteLanguage=en)

[Shami-Amourae]

http://www.youtube.com/watch?v=JerFYXzlpQM