2008-12-05financialsense.com

According to the December 3rd Comex delivery report, there are 11,759 notices to take delivery. This represents 1.1759 million ounces of gold, while the Comex-approved warehouses hold 2.9 million ounces. Thus 40% of the total amount will have to be delivered by December 31st. Since not all the gold in the warehouses is available for delivery, Comex supply of gold falls far short of the demand at present rates. Futures markets in gold are breaking down. Paper gold is progressively being discredited.



Comments:

tvsterling at 08:49 2008-12-06 said:
Repent, the Day of The Gold Bugs is here. My personal guess would be that a 'special' exchange will emerge for all precious metals with a strict 1 for 1 correlation between contract & physical commodity. Prices will naturally go WAY up but not an end game for what's left of the global economy. Could very well be wrong on that. Permalink

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