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COMEX scrambles for more real metal

derrybderryb Posts: 36,034 ✭✭✭✭✭
edited August 25, 2020 4:03PM in Precious Metals

Mass Approval of 267 LBMA Gold And Silver Bar Brands

Making delivery must be tough these days. Speaks volume for physical demand. Won't be long before they'll accept those tungsten filled bars. Those taking COMEX delivery are going to have to be cautious. Wouldn't be surprised for COMEX to purposely deliver some bad bars just to reel in delivery demand.

The decline from democracy to tyranny is both a natural and inevitable one.

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Comments

  • blitzdudeblitzdude Posts: 5,303 ✭✭✭✭✭
    edited August 25, 2020 4:05PM

    Those Bulgarians are telling stories again. Implosion imminent. lol

    The whole worlds off its rocker, buy Gold™.

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @blitzdude said:
    Those Bulgarians are telling stories again. Implosion imminent. lol

    https://www.bullionstar.com/blogs/ronan-manly/lbma-comex-collusion-intensifies-as-cme-approves-267-lbma-gold-and-silver-bar-brands/

    here is the US version as you still haven't figured out how a news aggregator works...

  • derrybderryb Posts: 36,034 ✭✭✭✭✭

    Now why did you go and quote him? I was enjoying my block user feature.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    wow. what a total and complete fabrication of some "issue."

    such as the Royal Mint’s refinery and Johnson Matthey, which previously administered the London Good Delivery list.

    uhoh. LBMA took control of the JM list... JM must be ready to implode....

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    @taxmad said:

    @blitzdude said:
    Those Bulgarians are telling stories again. Implosion imminent. lol

    https://www.bullionstar.com/blogs/ronan-manly/lbma-comex-collusion-intensifies-as-cme-approves-267-lbma-gold-and-silver-bar-brands/

    here is the US version as you still haven't figured out how a news aggregator works...

    news aggregator? us version? how about here is the BLOG written by the author on its original site.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • blitzdudeblitzdude Posts: 5,303 ✭✭✭✭✭

    @MsMorrisine said:
    wow. what a total and complete fabrication of some "issue."

    such as the Royal Mint’s refinery and Johnson Matthey, which previously administered the London Good Delivery list.

    uhoh. LBMA took control of the JM list... JM must be ready to implode....

    Fiction not facts. That's how the doomsday crew rolls around here.

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,034 ✭✭✭✭✭

    @MsMorrisine said:
    wow. what a total and complete fabrication of some "issue."

    such as the Royal Mint’s refinery and Johnson Matthey, which previously administered the London Good Delivery list.

    uhoh. LBMA took control of the JM list... JM must be ready to implode....

    says no such thing. it does say that JM previously administered the London Good Delivery list for the LBMA.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • derrybderryb Posts: 36,034 ✭✭✭✭✭

    And it looks like they're going to need a lot more silver

    "Where the long-term average delivery month totals less than 4,000 contracts or less than 20,000,000 ounces, delivery demand for COMEX silver surged in May and then exploded in July to 17,294 contracts for 86,470,000 ounces."

    "Could we see upwards of 90,000,000 ounces of silver "delivered" over the next thirty days? Yes, we sure could."

    The decline from democracy to tyranny is both a natural and inevitable one.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭
    edited August 26, 2020 7:26AM

    Is there such an upcoming shortage of physical silver that the COMEX needs to approve every silver refinery on the planet, both current and former, so as to have a large enough universe of silver bars to tap including long forgotten silver bar brands?

    above supposes

    In a move which has gone entirely unnoticed in the precious metals markets, but which signals gold and silver bar delivery constraints for the COMEX gold and silver futures contracts, Chicago Mercantile Exchange Group (CME), operator of the New York based COMEX, has quietly and under the radar, hugely expanded its lists of eligible refinery gold and silver bar brands that can be delivered against the massively traded flagship GC 100 (100 oz gold) and SI (5000 oz silver) contracts.

    the opening of the blog concludes.

    while there was a dislocation in gold available for delivery in March, they read into the newly expanded good for delivery lists as a metal crunch is coming.

    also they place a negative connotation on their working together to prevent future dislocations through their use of "collusion."

    nah, they didn't say JM was imploding I was reading into the list takeover as some sort of defense against something bad. perhaps JM was colluding with someone, I ask. just because they removed stewardship does not mean there was bad stewardship. perhaps a better idea was for LBMA to control what has influence in their contracts.

    perhaps working together is not a sign of collusion and is not a signal of upcoming supply constraints, but is instead a plan to reduce the potential for future delivery constraints.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,034 ✭✭✭✭✭
    edited March 20, 2022 10:39AM

    @MsMorrisine said:
    it also does not say that comex is scrambling for more metal.

    It does say that they added 267 brands to what they call "good delivery bars." The fact that they increased from three acceptable bars to 267 more acceptable brands says they are scrambling for more metal in their vaults, especially in light of the fact they are experiencing record physical demand and a record physical delivery is expected in Sept. It doesn't take a rocket scientist to view this as "scrambling for more metal." Feel free to substitute the word "panicking."

    To anyone with their eyes open, events at the COMEX in the last six months indicate they are loosing major players (bullion banks), have been bleeding physical metal (record demand), and gaining more criminal charges (spoofing/manipulating prices). Major changes in the way they do business have been the result. Will the COMEX fail? Likely not, but the implosion taking place is likely to remove their grip on prices and that's all that holders of physical metal hope for.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • tincuptincup Posts: 4,724 ✭✭✭✭✭

    "Won't be long before they'll accept those tungsten filled bars."

    Might be more true than you think. If you look at the list of the ones they are adding, multiple ones are from China. Same with the ones they are adding to silver.

    ----- kj
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    @derryb said:

    @MsMorrisine said:
    it also does not say that comex is scrambling for more metal.

    It does say that they added 267 brands to what they call "good delivery bars." The fact that they increased from three acceptable bars to 267 more acceptable brands says they are scrambling for more metal in their vaults, especially in light of the fact they are experiencing record physical demand and a record physical delivery is expected in Sept. It doesn't take a rocket scientists to view this as "scrambling for more metal." Feel free to substitute the word "panicking."

    To anyone with their eyes open, events at the COMEX in the last six months indicate they are loosing major players (bullion banks), have been bleeding physical metal (record demand), and gaining more criminal charges (spoofing/manipulating prices). Major changes in the way they do business have been the result. Will the COMEX fail? Likely not, but the implosion taking place is likely to remove their grip on prices and that's all that holders of physical metal hope for.

    that was fast. I edited it out because it does say there is a coming future supply constraint.

    see edited reply above for more info.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    "Won't be long before they'll accept those tungsten filled bars."

    it also does not say this.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • metalmeistermetalmeister Posts: 4,584 ✭✭✭✭✭

    Watching with my pop corn. This is going to get interesting!

    email: [email protected]

    100% Positive BST transactions
  • derrybderryb Posts: 36,034 ✭✭✭✭✭
    edited March 20, 2022 10:41AM

    @MsMorrisine said:
    .

    @MsMorrisine said:
    .

    @MsMorrisine said:

    "Won't be long before they'll accept those tungsten filled bars."

    it also does not say this.

    No it does not and that is whyI said it facetiously, I did not put it in quotation marks.

    The links are simply further pieces to the puzzle that it is not "business as usual" at the COMEX. I see it as the eventual loss of real world pricing control. Read into it whatever you wish.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • derrybderryb Posts: 36,034 ✭✭✭✭✭
    edited August 26, 2020 8:41AM

    @metalmeister said:
    Watching with my pop corn. This is going to get interesting!

    The decline from democracy to tyranny is both a natural and inevitable one.

  • derrybderryb Posts: 36,034 ✭✭✭✭✭
    edited August 26, 2020 8:28AM

    @MsMorrisine said:

    Is there such an upcoming shortage of physical silver that the COMEX needs to approve every silver refinery on the planet, both current and former, so as to have a large enough universe of silver bars to tap including long forgotten silver bar brands?

    While COMEX does not buy the metals in its approved vaults it does control ("approved for delivery") the metals that its customers place in its vaults to be delivered to someone else in the future. The fact that COMEX just went bonkers in quickly approving such a high number of other bars indicates that they may very well have weakened the quality of what they issue from their vaults. I suspect they would welcome a public claim of "bad bars" which would in turn drastically reduce demand for delivery of physical metals. It is this demand that has them in a crisis mode.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭
    edited August 26, 2020 9:07AM

    Gold delivered under this contract shall assay to a minimum of 995 fineness.

    https://www.cmegroup.com/trading/metals/precious/gold_contractSpecs_futures.html

    and from the blog you posted about:

    If it wasn’t for those Pesky Rules
    It will be interesting to see how COMEX, the LBMA and the bullion banks will get around the “significant legal and regulatory concerns with making changes" to GC and SI contracts that have significant open interest, but with the expanded approved refiner lists now done and dusted, the next step will be to get the CME lawyers, in league with an as always compliant CFTC, to change the GC and SI contract specs. As they used a stealthy and covert approach when implementing the refiner list changes, expect similar such attempts with the contract specs.

    @derryb said:

    While COMEX does not buy the metals in its approved vaults it does control ("approved for delivery") the metals that its customers place in its vaults to be delivered to someone else in the future. The fact that COMEX just went bonkers in quickly approving such a high number of other bars indicates that they may very well have weakened the quality of what they issue from their vaults. I suspect they would welcome a public claim of "bad bars" which would in turn drastically reduce demand for delivery of physical metals. It is this demand that has them in a crisis mode.

    reading into what is not there.

    it's a contract. .995 fine. an easy to vault (see what I did?) hurdle.

    again, the effort is to prevent further delivery disruptions, not to contain a current panic.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    @derryb said:

    While COMEX does not buy the metals in its approved vaults it does control ("approved for delivery") the metals that its customers place in its vaults to be delivered to someone else in the future.

    >

    I suspect they would welcome a public claim of "bad bars" which would in turn drastically reduce demand for delivery of physical metals. It is this demand that has them in a crisis mode.

    they'll not only allow the receipt of bad bars, but those placing them in there would be providing them. would there be collusion or does comex reject bad bars as a matter of regular business? Also, the suppliers would need to go to a refiner to get a bad bar made. I suppose they could be made from melted 90%, but who is going to stamp it with the wrong fineness?

    or, they want to expand good delivery lists so metal can be moved or released by LBMA vaults during a future dislocation.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭

    I hope they accept sterling flatware, cufflinks and tie clips. Lol. Or we are doomed!!!
    Haha

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,034 ✭✭✭✭✭
    edited March 20, 2022 10:44AM

    COMEX's prior, limited list of "good delivery" bars ensured good bars. The massive increase in acceptable bars increases the odds of bad bars getting into the COMEX delivery system. COMEX does not assay bars it accepts into its vaults. Of course their intent with the change was to expedite metal transfers from LBMA by including the LBMA's massive list of good delivery bars at COMEX. What's to prevent bad bars getting into LBMA and then sent to COMEX?

    My concern is not with potential bad bars; I don't source my silver or gold from COMEX vaults. My point is that we now know COMEX is making record deliveries and expects more record deliveries while at the same time losing bullion bank trades. What this says about physical demand and how it could affect COMEX's business model is the story.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭
    edited August 26, 2020 10:00AM

    @derryb said:
    It is this demand that has them in a crisis mode.

    go look at the blog's borrowed charts.

    deliveries went from the 1s and 2s to the 8s, 10s, 12s. how is this demand that can't be kept up with?

    furthermore, as you noted, it is not comex supplying the metal but the customers. should deliveries increase comex can simply require more stored gold from the customers. should there be another dislocation like in march, they can get it from london.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,034 ✭✭✭✭✭
    edited August 26, 2020 9:26AM

    Obviously COMEX is concerned about keeping up with demand or they would not have added 267 bar brands to their list of "acceptable bars."

    London? As pointed out earlier COMEX does not "get" physical metal. Their customers put it in their vaults. COMEX massively increased the list of what it will accept from those customers. What COMEX did was increase the supply of metal it would accept.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    @derryb said:
    Obviously COMEX is concerned about keeping up with demand or they would not have added 267 bar brands to their list of "acceptable bars."

    What COMEX did was increase the supply of metal it would accept.

    expanding the acceptance list gets read into "keeping up with demand" as it relates to the read into demand "panic."

    it's all misinterpretation.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭
    edited August 26, 2020 9:56AM

    @derryb said:

    London?

    while comex merely receives metals, london is still in play.

    they blog title says:

    LBMA-COMEX Collusion Intensifies

    >

    While this 400 oz 4GC contract launched in late March has hardly traded since then, its primary purpose now looks to have been a trial run to test out linking COMEX precious metals contracts to the London vaults and to the LBMA Good Delivery refiners lists, and to test implement the construction technique for the expanded eligible gold and silver bar brand lists of the GC 100 gold and SI (5000) silver contracts.

    interestingly enough the blog has this:

    As the CME and the LBMA said in another joint statement on 1 April, they “will continue to coordinate efforts as market circumstances evolve”. And continue to coordinate they have.

    and to continue to read what is not there the blogger has. the blogger brands cooperation as collusion and "signals gold and silver bar delivery constraints for the COMEX gold and silver futures contracts"

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • tincuptincup Posts: 4,724 ✭✭✭✭✭

    @MsMorrisine said:

    "Won't be long before they'll accept those tungsten filled bars."

    it also does not say this.

    Just for clarification; this wasn't quoted from any blog or article. This was a tongue-in-cheek response to derryb's first post, where he posted "Won't be long before they'll accept those tungsten filled bars."

    ----- kj
  • tincuptincup Posts: 4,724 ✭✭✭✭✭

    Glad I don't get any metals from COMEX or London... I just stick with trustworthy ebay (lol!) for all my needs... !

    ----- kj
  • jmski52jmski52 Posts: 22,271 ✭✭✭✭✭

    I'm tempted to buy some 90% from Apmex, just to see what happens.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    from the blog:

    Since late March 2020, a net 879 tonnes of gold has arrived into COMEX approved New York vaults, with total gold stocks more than quadrupling from 271 tonnes to 1151 tonnes. Of these net additions, 461 tonnes have ended up as registered gold inventories, the eligible gold inventories have swelled by other 418 tonnes. (by other? I can't figure this typo out)

    Since April inclusive, a massive 155,430 GC 100 gold contracts have been delivered (warrants changing hands), predominantly across the April, June and August contracts, representing 483 tonnes of gold.

    I wouldn't call this a need to "panic." and as can be seen, as demand for delivery has increased, so has supply.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • AzurescensAzurescens Posts: 2,665 ✭✭✭✭✭

    @derryb said:
    Now why did you go and quote him? I was enjoying my block user feature.

    Always remember, there have been innumerable people who have come out and admitted to being "online moderators" e.g., shills for these metals companies and banks. They are put on payroll to suppress other peoples opinions and lay out disinformation campaigns.

    There are far weirder "online moderator" type jobs and none of this is far fetched or outside the realm of possibility. We dont discuss politics on this forum so I will limit the scope of this and keep it specific to metals and this type of specific poster.

    They pay fines for this very thing and for fixing the market, and go to jail.. yet, there are some people like on one of my forums that are on year 15, lived through the last boom, are experiencing this boom, yet are still shilling about how theres no money in it or whatever they can to suppress the market. They continuously posting degrading things about their employees or quality of their gold, money, bad press.

    It's strange they all have such negative experiences but never leave a single rating or feedback or comment on customer service nor do they describe their experiences in detail, e.g., "went to the coin shop Wednesday bought some quarters" is always avoided. They never have personal anecdotes or anything about themselves.

    I started politely contacting people like this on reddit and assorted forums, just to say hi and thank them for their contributions. They never respond. But they're always the quickest to slap dozens of fake sources on their post, psychologically intimidate you, and any number of other harassing behaviors like doxxing and spamming.

    Dont take my word for it. Sign up for a dozen communities in related fields that overlap with metals. They all post the same stuff and copy paste so its not hard to see who they are, or their links go to fake websites that were just registered, etc. Not sure? Copy paste their post into Google. Use reverse image search for when they share "their collections".

    I'm very aware how conspiratorial or whatever it sounds, and dont care. Tired of being psychologically intimidated by trolls that are on payroll for the banks. Disgusting subhuman people. They always delete their accounts immediately when called out so theres never a long term solution.

    I recommend trying to see as many sides of things as possible in this present moment.

  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭

    But, MSMorrisine, your thinking doesnt fit the narrative.

    So, derryb, how would all of what you write impact the price of silver?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭
    edited August 26, 2020 1:45PM

    @Azurescens said:

    I recommend trying to see as many sides of things as possible in this present moment.


    At a country level, China was the largest producer in the world in 2019 (383.2 Tonnes) and accounted for around 11 per cent of total global production. https://www.gold.org/goldhub/data/historical-mine-production

    and you are bothered that some people on reddit and other sites are trying to negatively influence "people?" (how many read these sites?)

    perhaps they are trolls and chain yankers instead.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭
    edited August 26, 2020 2:00PM

    @MsMorrisine said:
    from the blog:

    Since April inclusive, a massive 155,430 GC 100 gold contracts have been delivered (warrants changing hands), predominantly across the April, June and August contracts, representing 483 tonnes of gold.

    interesting that 483 Tonnes were delivered by Comex alone mostly(?) in 5 months inclusive, and China mines 383.2 Tonnes in one year. I'd love to double check that 483 Tonnes number. of course one could say the 383.2 Tonnes could be suspect, too.

    483 / about 150 days is 3.22 Tonnes. That's 103525.4 troy ounces or 1035 futures contracts taken delivery every day even when the market is closed. I don't see anywhere close to that for 8/27: https://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsReport.pdf

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭
    edited August 26, 2020 3:26PM

    come to think of it, the link above has month-to-date deliveries:
    https://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsReport.pdf

    MONTH TO DATE: 48,851

    that's 4,885,100 troy ounces is about 152 Tonnes in a month. So, perhaps the 27th was slow.

    Hmmmmm..... makes one think.

    .... just found a monthly one. check out the size of the first entry for the august contract. :#
    https://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsMTDReport.pdf

    heh heh heh
    YTD by the month... add up Apr-Aug-to-date.
    https://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsYTDReport.pdf

    155,503 contracts, 15,550,300 troy ounces, 483.66 Tonnes :# spot on? :*



    check out the months before April

    Dec-Mar: 89 Tonnes over 4 months. :# yes, deliveries are up significantly.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,034 ✭✭✭✭✭

    @MsMorrisine said:

    yes, deliveries are up significantly.

    so, after all that you do agree with the first sentence in the first post? lol

    The decline from democracy to tyranny is both a natural and inevitable one.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    no

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    title of blog:
    LBMA-COMEX collusion intensifies as CME approves 267 LBMA gold and silver bar brands

    first line:
    In a move which has gone entirely unnoticed in the precious metals markets, but which signals gold and silver bar delivery constraints for the COMEX gold and silver futures contracts, Chicago Mercantile Exchange Group (CME), operator of the New York based COMEX, has quietly and under the radar, hugely expanded its lists of eligible refinery gold and silver bar brands that can be delivered against the massively traded flagship GC 100 (100 oz gold) and SI (5000 oz silver) contracts.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    deliveries up and them being constrained are two different things

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,034 ✭✭✭✭✭

    I asked "do you agree with the first sentence in the first post?" I did not ask if you agree with the first sentence in the link.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    @derryb said:
    Mass Approval of 267 LBMA Gold And Silver Bar Brands

    Making delivery must be tough these days. Speaks volume for physical demand. Won't be long before they'll accept those tungsten filled bars. Those taking COMEX delivery are going to have to be cautious. Wouldn't be surprised for COMEX to purposely deliver some bad bars just to reel in delivery demand.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    no

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,034 ✭✭✭✭✭

    do you know the difference between the first sentence of a post and the first sentence of a link?

    To clarify, the first sentence of the first post reads "Making delivery must be tough these day."

    The decline from democracy to tyranny is both a natural and inevitable one.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    my previous two posts stand as is.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,034 ✭✭✭✭✭
    edited August 26, 2020 4:55PM

    OK, if you post something relevant any time in the future specifically for me, have someone quote it so that it shows up on my end.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • blitzdudeblitzdude Posts: 5,303 ✭✭✭✭✭

    Has the comex imploded yet? lol

    The whole worlds off its rocker, buy Gold™.

  • OPAOPA Posts: 17,104 ✭✭✭✭✭

    @blitzdude said:
    Has the comex imploded yet? lol

    :D:D ...Or the Deutsche Bank failed? Been waiting for that since September of last year.

    https://forums.collectors.com/discussion/969639/what-will-the-upcoming-deutsche-bank-failure-mean-for-gold/p1

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • blitzdudeblitzdude Posts: 5,303 ✭✭✭✭✭

    @OPA said:

    @blitzdude said:
    Has the comex imploded yet? lol

    :D:D ...Or the Deutsche Bank failed? Been waiting for that since September of last year.

    https://forums.collectors.com/discussion/969639/what-will-the-upcoming-deutsche-bank-failure-mean-for-gold/p1

    If I read the archives looks like some have been waiting a decade at least. :smiley:

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,034 ✭✭✭✭✭
    edited August 26, 2020 5:57PM

    @OPA said:

    :D:D ...Or the Deutsche Bank failed? Been waiting for that since September of last year.

    https://forums.collectors.com/discussion/969639/what-will-the-upcoming-deutsche-bank-failure-mean-for-gold/p1

    Rome wasn't built destroyed in a day.

    DB's equity is 4.7% of their total assets. Loan losses of 5% would wipe out their capital. If you add their gross derivatives exposure of $50T, a 0.1% loan loss would be enough to bankrupt DB. DB has positions with all major banks worldwide. DB's failure would most likely lead to systemic collapse with the whole system imploding. Will take very little to push DB over the edge. You can bet ALL central banks will do what they can to prevent its failure.

    But like the dollar, COMEX PM futures trading, and Wall Street's propped up market, the jig will soon be up. DB will fail and not too far into the future, likely to be_ incorrectly_ called a black swan event, only because some saw it coming. The unicorns are dying.

    laugh now, while you can; the wise ones see what's coming and are positioning themselves for the reset.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • AzurescensAzurescens Posts: 2,665 ✭✭✭✭✭

    @MsMorrisine said:

    @Azurescens said:

    I recommend trying to see as many sides of things as possible in this present moment.


    At a country level, China was the largest producer in the world in 2019 (383.2 Tonnes) and accounted for around 11 per cent of total global production. https://www.gold.org/goldhub/data/historical-mine-production

    and you are bothered that some people on reddit and other sites are trying to negatively influence "people?" (how many read these sites?)

    perhaps they are trolls and chain yankers instead.

    It's a $5bn website with hundreds of millions of visitors if not billions.

    And no, its not just reddit either, as if that alone wasnt bad enough.

    I've been on the internet and web forums for over 25 years in some cases. I've run into any number of trolls/shills everywhere. Prepper forums are the absolute worst for it, followed by however many thousands of subreddits. I post on a mushroom forum and I would bet 10k that one of these idiots does it for a living. It's the same old things copy/pasted and coordinated. The internet isnt as nice as many think it is. Lots of stuff that is factors of worse than this happen every day.

    Please reread my post and start paying attention to that stuff and those behaviors. Once you run into two or three you'll see what I mean. Google it and read other peoples stories and the things they've experienced. Dont just take my word for it.

    This is just the tip of the iceberg. Some post predominantly from certain places which creates a unique way in which their English comes across. This isnt exclusive to metals or money or banks but I'm not here to speak outside this scope. Look it up.

  • BLUEJAYWAYBLUEJAYWAY Posts: 7,835 ✭✭✭✭✭

    Sometimes it looks like all these markets exist on artificial life support. Who will pull the plug?

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
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