Comex Deliveries Update

Vaporize COMEX 2008-12-17
Posted on December 17, 2008 by Scott Gallup

http://meltdown2011.wordpress.com/category/silver-gold/vaporize-comex-countdown/

Gold: 46.0% depleted. Delivery notices today: 2,500 oz.
Silver: 43.6% depleted. Delivery notices today: 0 oz. (yes, zero, again. But, a big decrease in “registered” inventories today pumps up the pct depleted.)

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4 Responses to “Comex Deliveries Update”

Mike Phillips Says:
December 31st, 2008 at 12:03 am
Alex,

The silver situation is interesting as supply is restricted and the US Government doesn’t have any.

But gold is another matter. If, as the manipulation theorists claim, the US Government is aiding and abetting a ceiling on the gold price, don’t look to the Comex running out of gold any time soon. The USG has 270m oz of gold and would lend some of it to Comex before it allowed Comex to default IMHO. Remember, we are in the new era of Government bail-outs. They can include gold!

Mike Phillips
Alex Stanczyk Says:
December 31st, 2008 at 8:15 am
Hi Mike thanks for the comment.

I agree with you, in that the US Gov probably has no qualms at all bailing out the COMEX.

The interesting thing though is watching the supply demand fundamental in play here.

All the other bailouts were to rescue failing “key” firms.

This bailout would be to maintain a price manipulation!
Mike Phillips Says:
January 1st, 2009 at 1:20 am
Alex,

You are right. And also if the USG were to use the Comex as a conduit to access the gold reserves it basically returns the dollar to the gold standard at the current gold price, except that at that price the US only has $220b to back its currency. Not enough. So even if it does bail Comex out the game is changed.

Mike
Alex Stanczyk Says:
January 1st, 2009 at 2:00 pm
“if the USG were to use the Comex as a conduit to access the gold reserves it basically returns the dollar to the gold standard at the current gold price”

Very good point