Might want to read the deliveries report again. The 37 deliverable contracts you mention are only from the list of the top 19 brokerages/banks. Total deliver notices for DEC 08 is 12,673 (cumulative).
COMEX can cover this, if the ounces in the deliverable stocks are actually there. It may or may not be physical. Some of it may be paper gold only.
Yup.
And open contracts for February of 165,595 which represents sixteen and a half million ounces. Twice what COMEX has, even if you count in the registered stuff, not just the eligible stuff.
I talked to a dealer last week. He flat out said COMEX is busted, there is no way they can keep it going, unless the price of gold totally collapses.
Why would I want to do that? I read it right the first time. Cumulative notices have nothing to do with it.
Thanks for demonstrating that you are yet another who has no clue about that of which they speak, a characteristic of many who post here.