To AntiScumbag:
You say
“You (and your “dealer”) don’t know what you’re talking about.”
This may very well be true.
Why don’t you sit down, and fully explain it all to us?
I happen to work in the technology field, and one thing I can say about that, is that the most promoted analysis and the media’s push on what is right and wrong, is the utter opposite of what is right and wrong.
The general consensus that the media is currently pushing is your position. I’d be happy to know I’m wrong about that, but I’d need somebody who truly is an expert to fully explain it to me, so I can sit down, and get all the information myself, and confirm if it’s true or not. I’m capable of doing that.
So far, you’ve not done much explanation, and you’re arguing from supposed authority. It’s easy to be a bully, and it’s just as easy to show expertise, when you’re an expert.
Demonstrate your expertise to all of us. I would find that read very interesting.
Delivery notices are given by the seller, not the buyer. If you're long and hang around long enough, you're gonna get one, assuming someone who is short wants to make delivery. What you do then is up to you. You can retender and liquidate your futures position. If you don't liquidate your futures position you're gonna catch another notice. Or, you can accept the notice and pay for your metal and take delivery.
If you're long and want to take delivery, you need only hang around until the contract expires and you will force whoever holds the offsetting short(s) to make delivery to you.
All previous deliveries against December are already reflected in the Comex warehouse stocks number. If all of the 811 December gold contracts which are currently still open remain open until trading expires, less than 1% of currently registered deliverable Comex stocks would be delivered. Even that 1% figure is meaningless because anyone with metal can add to Comex registered deliverable stocks at any time they wish.
This "take delivery, break the Comex and the evil gold-loaning brokers and bankers" nonsense has made the rounds every time gold prices have risen for the last 30 years. It's rubbish. There ain't no shortage of the stuff. This idiocy is the product of the fevered imaginations of various gold-bugs and conspiracy nut-balls, primarily GATA and Sinclair, but spread around and multiplied via the internet ad nauseam.
And, like I said, the Comex (or any other exchange for that matter) NEVER, EVER gives ANY trading advice to ANYONE, which makes the original post an obvious total fabrication suitable only for the gullible.
So, did you?
10 days have now gone by and Dec Comex open interest fell to 369 contracts, just as everyone who doesn't believe in whack-job conspiracy theories would have expected.
Monday, the 29th is the last delivery day and everyone who is still open is going to be delivered by then. 1/2 of 1% of Comex deliverable stocks will be routinely delivered, not unlike many expirations.
Lo and behold, the Comex is not "busted," nobody is demanding delivery of anything other than routine quantities, there is no shortage and the sky did not fall on the "evil gold manipulators" or evil "banksters" nor any of the other dozen boogey-men that the conspirazoids hallucinate about regularly.
Have you seen enough yet or will you have to wait until Feb gold also expires in the same uneventful manner that has characterized every gold futures expiration since the beginning of gold futures trading?