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<p>[QUOTE="desertgem, post: 3685732, member: 15199"]<span style="color: #0080ff"><i>The 7 largest comex traders are short 350 million ounces. They have to buy that much just to cover the contracts they have already sold. That means there was 350 mil. oz extra "supply" in the past and an extra 350 mil. oz. demand in the future.</i></span></p><p><span style="color: #0080ff"><br /></span></p><p><span style="color: #0080ff"><i>Do your own due diligence. Don't take anyone on the internet's word for it.</i></span></p><p><span style="color: #0080ff"><br /></span></p><p><span style="color: #0080ff"><span style="color: #000000">If you read the Exchange's rules, this is not true at all!!! Yes the author is correct about doing own diligence, as this idea above has been around for a long time.</span></span></p><p><br /></p><p><span style="color: #0080ff"><span style="color: #000000">First, if you buy a contract for DELIVERY , you have to pay up front cash when you deal with the purchase and the cost of the gold ( as it has to be in blocks, either 100 oz. gold bars or 5,000 ounces of silver ~ No less in units), plus armed delivery ( not free) and any storage costs until you actually pick it up.</span></span></p><p><br /></p><p><span style="color: #0080ff"><span style="color: #000000">Also the exchange doesn't have to have the gold physically in their vaults to issue the paper trades as they have covering deals with almost every major gold source in the world and lastly, they aren't dumb , there is a clause in the agreement, one most verify as acknowledged to deal in the market, that says if the exchange wishes they can pay the value in cash rather than metal unless the fees for delivery on a date were paid.</span></span></p><p><br /></p><p><span style="color: #0080ff"><span style="color: #000000">Anyone buying metals to work such a proposal ends up claiming they were cheated by the exchange, JPMorgan,etc. when it was their lack of reading the paperwork.</span></span></p><p><br /></p><p><span style="color: #0080ff"><span style="color: #000000">Here is one article, for general reading . best to read the perspectives. Here is a starting place, but few will read as it is over a 100 pages.</span></span></p><p><span style="color: #0080ff"><span style="color: #000000"><a href="https://www.cmegroup.com/clearing/risk-management/files/cme-clearing-principles-for-financial-market-infrastructures-disclosure.pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.cmegroup.com/clearing/risk-management/files/cme-clearing-principles-for-financial-market-infrastructures-disclosure.pdf" rel="nofollow">https://www.cmegroup.com/clearing/risk-management/files/cme-clearing-principles-for-financial-market-infrastructures-disclosure.pdf</a></span></span></p><p><br /></p><p><span style="color: #0080ff"><span style="color: #000000">IMO, Jim</span></span>[/QUOTE]</p><p><br /></p>
[QUOTE="desertgem, post: 3685732, member: 15199"][COLOR=#0080ff][I]The 7 largest comex traders are short 350 million ounces. They have to buy that much just to cover the contracts they have already sold. That means there was 350 mil. oz extra "supply" in the past and an extra 350 mil. oz. demand in the future.[/I] [I][/I] [I]Do your own due diligence. Don't take anyone on the internet's word for it.[/I] [I][/I] [COLOR=#000000]If you read the Exchange's rules, this is not true at all!!! Yes the author is correct about doing own diligence, as this idea above has been around for a long time.[/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000][/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000]First, if you buy a contract for DELIVERY , you have to pay up front cash when you deal with the purchase and the cost of the gold ( as it has to be in blocks, either 100 oz. gold bars or 5,000 ounces of silver ~ No less in units), plus armed delivery ( not free) and any storage costs until you actually pick it up.[/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000][/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000]Also the exchange doesn't have to have the gold physically in their vaults to issue the paper trades as they have covering deals with almost every major gold source in the world and lastly, they aren't dumb , there is a clause in the agreement, one most verify as acknowledged to deal in the market, that says if the exchange wishes they can pay the value in cash rather than metal unless the fees for delivery on a date were paid.[/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000][/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000]Anyone buying metals to work such a proposal ends up claiming they were cheated by the exchange, JPMorgan,etc. when it was their lack of reading the paperwork.[/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000][/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000]Here is one article, for general reading . best to read the perspectives. Here is a starting place, but few will read as it is over a 100 pages.[/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000][URL]https://www.cmegroup.com/clearing/risk-management/files/cme-clearing-principles-for-financial-market-infrastructures-disclosure.pdf[/URL][/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000][/COLOR][/COLOR] [COLOR=#0080ff][COLOR=#000000]IMO, Jim[/COLOR][/COLOR][/QUOTE]
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