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The COMEX will default in the next week or several weeks
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<p>[QUOTE="InfleXion, post: 1695353, member: 29012"]They don't have or need a large inventory, at least on a percentage basis. Sure it's a lot of metal, but with less than 2% metal backing the paper contracts, accordingly even less than that 2% is ever demanded for delivery - typically. However now in the 1st quarter of 2013 there have been greater outflows from the COMEX than ever before, so I take these typical numbers with a grain of salt. </p><p><br /></p><p>This link is specific to gold, not silver. Gold is in demand from both nations and central banks. Joe Sixpack's silver stack isn't going to make or break anything until mania phase, but silver is harder to source than gold right now on the physical side. Also if the institutional money went for silver it would be sold out in a heartbeat. You can buy the entire silver market with a mere $30 billion. That's just under 1/3 of the QE money each month ($85 bn). Some hedge fund managers like Kyle Bass work in the trillions. They COMEX doesn't need a large metal supply, but it does need powerful friends. The big money can't and won't get into silver until it's far more valuable than it is today. </p><p><br /></p><p><a href="http://bullmarketthinking.com/comex-gold-inventories-collapse-by-largest-amount-on-record/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://bullmarketthinking.com/comex-gold-inventories-collapse-by-largest-amount-on-record/" rel="nofollow">http://bullmarketthinking.com/comex-gold-inventories-collapse-by-largest-amount-on-record/</a> </p><p><br /></p><p>The point is the trend. Metals are flowing out of the COMEX at record levels and that was when gold was flirting with $1600, before the rush to physical we are now experiencing. This doesn't mean they will default, everything might be fine, they might buy some more metal like they did late last year from Poland, but it's hard to see them holding on to the rest of their metal if the price doesn't go back up.[/QUOTE]</p><p><br /></p>
[QUOTE="InfleXion, post: 1695353, member: 29012"]They don't have or need a large inventory, at least on a percentage basis. Sure it's a lot of metal, but with less than 2% metal backing the paper contracts, accordingly even less than that 2% is ever demanded for delivery - typically. However now in the 1st quarter of 2013 there have been greater outflows from the COMEX than ever before, so I take these typical numbers with a grain of salt. This link is specific to gold, not silver. Gold is in demand from both nations and central banks. Joe Sixpack's silver stack isn't going to make or break anything until mania phase, but silver is harder to source than gold right now on the physical side. Also if the institutional money went for silver it would be sold out in a heartbeat. You can buy the entire silver market with a mere $30 billion. That's just under 1/3 of the QE money each month ($85 bn). Some hedge fund managers like Kyle Bass work in the trillions. They COMEX doesn't need a large metal supply, but it does need powerful friends. The big money can't and won't get into silver until it's far more valuable than it is today. [url]http://bullmarketthinking.com/comex-gold-inventories-collapse-by-largest-amount-on-record/[/url] The point is the trend. Metals are flowing out of the COMEX at record levels and that was when gold was flirting with $1600, before the rush to physical we are now experiencing. This doesn't mean they will default, everything might be fine, they might buy some more metal like they did late last year from Poland, but it's hard to see them holding on to the rest of their metal if the price doesn't go back up.[/QUOTE]
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The COMEX will default in the next week or several weeks
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