What is more clear is that you, and not the author of the original post, don’t know what you are talking about. The original post writer is simply confused about which exchange he bought his contracts on. He bought them on NYSE-Liffe (formerly CBOT), not COMEX.
Contrary to the incorrect information you are spouting, deliverable 1 Kilo gold contracts were offered for years on the CBOT, and, now that the NYSE-Liffe has taken over the CBOT gold and silver trade, 1 Kilo contracts are offered through it.
Settlement of delivery occurs through the same banks, mostly HSBC in NY. They also settle COMEX warehouse claims, so the original poster got confused between the two exchanges. He obviously bought his mini-contracts on NYSE-Liffe, where they are deliverable, not on COMEX.
The 1 kilo bars are the most popular format for consumer buyers, who want to take delivery. It makes sense that NYSE-Liffe would start running out of the smaller bars of gold because the other exchange (COMEX) doesn’t even offer them. COMEX miNY contracts are cash settled only.
All the futures exchanges are operating on the basis of fractional banking. Last year, for example, between options on futures contracts, and the futures contracts themselves, the COMEX was offering many times the known amount of silver mined each year, in the entire world. This is close to impossible for one New York City based exchange to do, especially when its official warehouses don’t have even a tiny fraction of that silver in storage.
Had everyone demanded delivery, back then, COMEX would have been sunk, once and for all. But, even now, in the tiny January delivery month, repeated delivery demands by small buyers, like the poster, is forcing up the price of silver, because the COMEX clearing members have even less silver than they have gold. I suspect, further, that their warehouse stock figures are heavily inflated and they have even much less than they list as warehouse “stocks”.
Since last year, COMEX clearing members managed to crash the price of silver, through a host of corrupt tactics, including temporarily raising the margin minimums at a time when hedge funds were being clobbered by crashing stock prices. That allowed clearing members of COMEX to buy back a lot of their contract obligations, at a profit obtained through techniques of fraud.
Take delivery folks, of NYSE-Liffe mini-contracts, and, for those who can afford them, the full 100 ounce gold/5,000 ounce silver COMEX and NYSE-Liffe standard contracts. Doing so will force a vast rise in the price of gold and silver to their real valuation. Right now, we are allowing a deb of vipers and thieves in NYC to profit from periodically crashing prices using fake contracts for non-existent metal, with questionable warehouse reserves, and fractional banking.
LOL. As if you would have any idea, never mind proof.
NYSE-Liffe has taken over the CBOT gold and silver trade
Whoopee. That market is so chickensh!t, the fact that CBOT metals are now at NYSE-Liffe went under my radar. Mainly because I don't trade mini contracts and couldn't care less about them other than when they're used as a vehicle to advance conspiracy BS like this. Probably a forced divestiture due to the CME buying up every exchange in sight. Comex is somewhere between 50 and 100 times as large a metals market as was the CBOT before CME bought them. NYSE-Liffe's had their tiny little niche for a month.
Anyway, so what? This is about a Comex hoax story. One that people like you seem to suck up like it was some sort of gospel.
The 1 kilo bars are the most popular format for consumer buyers, who want to take delivery.
And actual December deliveries on kilo contracts were what? 10? 50? 100? 1,000? How many? Cough up a number, you made the claim it was the "most popular" format.
It makes sense that NYSE-Liffe would start running out of the smaller bars of gold
Only if you're a conspirazoid.
All the futures exchanges are operating on the basis of fractional banking.
Once again, why is it so hard for people to understand that 99.99+% of all trades are entered into by people who have no intention of ever making or taking delivery and are liquidated long before delivery is an issue?
"Fractional banking" has absolutely nothing to with commodity exchanges. It only appears that it does to those with an unsophisticated and simplistic level of comprehension of futures trading.
I suspect, further, that their warehouse stock figures are heavily inflated and they have even much less than they list as warehouse “stocks”.
And I'm the Queen of England.
COMEX clearing members managed to crash the price of silver, through a host of corrupt tactics
Got any proof? Of course not. You're a conspirazoid, so you don't need any. A mere assertion is good enough for you. Not surprising, considering that you believe hoaxes.
Take delivery folks
LOL. Very few people out there in the "public" are dumb enough to take delivery of a kilo bar.
Doing so will force a vast rise in the price of gold and silver to their real valuation. Right now, we are allowing a deb of vipers and thieves in NYC to profit from periodically crashing prices using fake contracts for non-existent metal, with questionable warehouse reserves, and fractional banking.
Ah, yes, investment advice from someone who makes a big pile of unsubstantiated and ridiculous assertions based on absolutely nothing. No doubt gold was down 50 bucks in the last week due to the machinations of evil banksters and the corrupt vipers at the Comex.
Very funny stuff.