Missing Gold at the Comex? (Serious Doom *and* Major Shenanigans)

[JurisDoctorOfDoom]

From the Huffington Post, I'm quoting more than I usually would as if it's from HP copyright/fair use is much "looser":

Jim Sinclair of jsmineset.com, a legendary gold trader, reported that some of his contacts have told him that, when they request to withdraw their 100oz. bars from the Comex depositories, they have not received the proper indicted bars. They received a bar, but not one with the correct serial number or weight.

Why not? One possibility is that an honest mistake was made. The high demand recently has apparently kept the depository workers very busy. Wall Street veterans recall that delivery errors were chronic in the days of paper share certificates.

Another possibility is that the bar indicated on the warehouse receipt does not actually exist. The implications of that are rather dire.

This would not be so troubling if there were not already a series of very odd things happening down at the Comex. Delivery delays have been chronic. This could be a symptom of an overworked staff. Or, it could be a purposeful stalling tactic. In any case, it should not take weeks and possibly even months, and sometimes dozen of inquiries, to get the gold you already own out of the warehouse.

The Comex itself, however, has been reporting that business at the warehouse is very slow. The daily reports of warehouse movements show almost nothing happening, day after day. So which is it, busy or not busy?

As futures contracts expire, a certain number of holders elect to pay cash to receive the physical gold. The number of delivery notices has been very high since autumn of last year. For example, in May, investors requested the delivery of 20 million ounces of silver, against a dealer inventory of about 64 million ounces. Since then, there has been no record of anywhere near that amount of silver leaving dealer inventory, being delivered into the warehouse, entering customer inventory, or leaving the warehouse. Another 17.45 million ounces of silver were requested in March, evidence of which was nowhere to be seen in the warehouse reports.

In April, delivery notices were sent on a whopping 1.5 million ounces of gold, against 2.5 million ounces of dealer inventory. That month, Deutsche Bank alone delivered 850,000 ounces. This coincided, rather suspiciously, with a sale of 1.14 million ounces of gold by the European Central Bank that month, suggesting that Deutsche Bank was being bailed out in a big way. Nothing of this size turned up in the warehouse reports. Nothing followed similarly large deliveries in December 2008. By Comex rules, all physical deliveries must go through the warehouse. What happened? Until investors receive an explanation from the exchange, which has thus far been silent, we must regard it as being very suspicious. Very, very suspicious.

Source:http://www.huffingtonpost.com/nathan-lewis/wheres-the-gold_b_216896.html

[Chesyre]

musical metals  better get yours before  the music stops   

[PseudoPhil]

A Comex default would be a major SHTF event. The only ones involved who won't get splattered are those who have already taken physical delivery.

As long as "they" can plausibly claim an honest mistake, it's BAU. But not being able to get your serially numbered bar out of the warehouse stinks to high heaven. How could they not track the serial number properly in their inventory system? How can they not have procedures in place to make sure the owners of the gold get the gold they own when they want it?

The bigger question is "How long have the various data concerning contract deliveries and warehouse activity diverged and to what extent?". Also "Who knew about it and why wasn't anything DONE about it?".

The bigger the questions get, the nastier the answers become.

[FullRefusal]

Crazy Bob Chapman has been saying they've shorted the COMEX and the amount of Gold sold doesn't exist there for years.

Also after all the Financial Thievery, why would anyone doubt that the criminals have stolen the gold as well? I would say it's par for the course.

[wordnerd]

There has been rumor - in the Fort Knox area - for years about the gold "supoosedly in Fort Knox.
I live near Fort Knox (about 30 miles away) - and used to work directly in the Fort Knox area (we heard military war games all of the time). So the people in the area talked about the Fort Knox gold - the rumors were that there was no gold in Fort Knox - or very little gold - I forget which.
Like I said this is all based on the rumors of people based on Fort Knox.

But several other people have wondered the same thing
a recent article
http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5989271.ece

not -so recent articles:
http://www.fgmr.com/right2know.htm

http://www.apfn.net/Doc-100_bankruptcy10.htm

[Madnsassy]

The last act of empire is to loot the Treasury.  Where have all those trillions of dollars that evaporated from our casino economy gone?  Just how much paper gold that has been bought, sold, leased and borrowed is just that, paper?  Why do we not know how much physical gold is in Fort Knox, which has not been audited in 50+ years?  The paper markets have been an excellent vehicle for price suppression and market manipulation.  Physical gold and silver today should be worth 2-3 times it's present value, just based on inflation.  The game is rigged, but then, you all know this anyway.

[TroyPDX]

The last act of empire is to loot the Treasury.  Where have all those trillions of dollars that evaporated from our casino economy gone?  Just how much paper gold that has been bought, sold, leased and borrowed is just that, paper?  Why do we not know how much physical gold is in Fort Knox, which has not been audited in 50+ years?  The paper markets have been an excellent vehicle for price suppression and market manipulation.  Physical gold and silver today should be worth 2-3 times it's present value, just based on inflation.  The game is rigged, but then, you all know this anyway.

Very true....at this point it's all a shell game, and by the time they are forced to turn over all three shells to reveal there is no pea, then it will no longer matter and there will be no 'authority' to answer to.

[DimLightbulb]

They should be thankful they didn't receive IOU's like California is sending out

Seriously though, what are the repercussions of getting gold with a different serial number than what you have ?
I don't do gold so I'm a noob in this area.
Does the # on the bar have to match up with the # on your receipt ?
What is it considered if it doesn't ?  stolen property ?

[Hard Assets]

The last act of empire is to loot the Treasury.  Where have all those trillions of dollars that evaporated from our casino economy gone?  Just how much paper gold that has been bought, sold, leased and borrowed is just that, paper?  Why do we not know how much physical gold is in Fort Knox, which has not been audited in 50+ years?  The paper markets have been an excellent vehicle for price suppression and market manipulation.  Physical gold and silver today should be worth 2-3 times it's present value, just based on inflation.  The game is rigged, but then, you all know this anyway.

There have been several big gun, physical gold advocates, that have been warning of the physical gold siren song for a year or more. Physical delivery and standing strong separates the men fron the rabbitts !

The simple fact of the matter is paper games must cease when there is nothing to place "bets" with !

Fucking door knobs ! Did they think this was going to continue forever?

 

[Hard Assets]

It's really too bad it has to end ugly. Gold, oil, derivatives, resource wars, paper games.......George Fucking Bush !

What a fucking mess......

Buy some gold, buy lots of food, build a bunker.....what the fuck !

Sigh..........

Fucking retards.....then the 911 fucking stunt !!

Doom it is. Doom we shall have.

[Madnsassy]

It's really too bad it has to end ugly. Gold, oil, derivatives, resource wars, paper games.......George Fucking Bush !

What a fucking mess......

Buy some gold, buy lots of food, build a bunker.....what the fuck !

Sigh..........

Fucking retards.....then the 911 fucking stunt !!

Doom it is. Doom we shall have.

Have a martini, Hard Assets.  I think I will, too.  I've been stuck inside all afternoon with 105 degrees outside, and this thread is starting to depress me, too.   

[Grower]

Gin & tonic with lime is nice during the summer.

[quick]

Who cares - you all know you cant eat gold 

[ArmaGoof]

Who was it said "All that glitters is not gold."?

Wrong weight and serial number means it's a Ponzi scheme.  They are paying out with other people's gold.  The bar bearing the number on the Certificate never existed. Now do you want to buy some gold??

Say my idea is true - they long ago sold the last physical gold and probably the next 20 years' discoveries as well.  But suppose it was made known that ownership exceeded inventory by say 300 times.  All we've heard about for the last year or more is Buy Gold!

Maybe this is the Golden Bubble about to burst.  But this time it's a planetary aneurysm.

[quick]

Who was it said "All that glitters is not gold."?

Wrong weight and serial number means it's a Ponzi scheme.  They are paying out with other people's gold.  The bar bearing the number on the Certificate never existed. Now do you want to buy some gold??

Say my idea is true - they long ago sold the last physical gold and probably the next 20 years' discoveries as well.  But suppose it was made known that ownership exceeded inventory by say 300 times.  All we've heard about for the last year or more is Buy Gold!

Maybe this is the Golden Bubble about to burst.  But this time it's a planetary aneurysm.

This would mean the golden bubble is about to inflate.

Paper gold would take beating cause its worthless - Physical gold would go thru the roof in currency price cause it cant be found