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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (122666)	9/17/2001 10:02:34 AM
From: hunchback	Read Replies (1) of 436258

Nice to see you again! Gold warehoused at COMEX as of last Monday (9/10/2001) was a registered total of 792,170 oz of which, only 82,074 oz were available in case a futures buyer wanted to take delivery. At 100 oz per contract, this represents only 820 futures contracts (about $23 million). Under normal circumstances, apparently COMEX believes this to be a reasonable amount of eligible inventory. But these are not normal circumstances for (3) very important reasons: The financial crisis that results from Tuesday's terrorist attack has a very high potential for causing Gold demand to increase substantially -- even if Central banks intervene by selling more Gold. The blanket Congressional approval to back the President ".. by what ever means necessary.." may be interpreted to mean that US Gold may also be sold. A large portion (if not all) of the COMEX inventory lay under hundreds of tons of WTC rubble, so they cannot deliver physical gold even if they wanted to. September Gold futures expire on September 26, 2001 (next week) -- in 1999, there was a substantial price spike resulting from insufficient Gold inventory and short-sellers (ie: Goldman-Sachs) being forced to buy physical spot Gold to make delivery. geocities.com

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