Ed: Further to your "Swiss Bank Corp." gold/silver post:
Date: Sat Nov 15 1997 15:46
Tyler Rose (@roebear) ID#373164:
I found a place ( FWN news ) which indicated that total silver stocks are around 550,000,000 ounces and total gold stocks are around 500,000 ounces. Therefore, the Swiss Bank Corp. misstatement of silver stocks by 3.5 million ounces and gold stocks by 32 thousand ounces is not going to be that big a deal ( at least not as big as it first looked, by a long shot ) . So, I wouldn't exactly jump on gold or silver on Access Sunday night.
Date: Sat Nov 15 1997 16:47
Tyler Rose (@metalstocks) ID#373164:
Here is the url for metal stocks. The silver stocks are around 125 million ounces, rather than the 500 million I quoted earlier (I was just going from memory and apologize for the error ). The point remains the same, however, that the misstatement by the Swiss Bank is not as large as it first appears.
gamma.futuresource.com
Date: Sat Nov 15 1997 16:58
arden (ardengold@msn.com) ID#201238:
Tyler Rose - Yes comex gold stocks are around 550,000 ounces, but not all of them have contracts written against them They actually belong to someone who is just storing them there. The significance of the admission of lieing by Swiss Bank Corp should not be passed off so lightly. This may well be the first of many such 'errors and omissions' when gold derivatives are called. This looks very much like the first news we heard in the Sumitomo copper scandal.
Each subsequent news event was bigger. My point and the point the everyone should raise is "Is the integrity of Comex at stake?" "Who will honor all of the derivative commitments?" "What if the amount of 'short' positions in gold and derivatives actually exceeds the amount of gold available worldwide?" "What if the CB's can't deliver because the gold has already been loaned out?" No, 32,000 oz 'mistake' is not the end of the world. But it could very well be the end of the bear market! |
