"Comex will default in the next week "

[ShootSpeeders]

This sounds purty scary. Gold sure has been acting strange last week.

Force Majeure Was the End Game All Along, COMEX Will Default in the Next Week! | SilverDoctors.com

APRIL 16, 2013 BY THE DOC 103 COMMENTS

The COMEX will default in the next week or several weeks and people will be “settled” with Dollars, no more metal will be delivered! So, knowing that “game over” has arrived, they are dumping a massive volume of paper contracts with impunity to push the metals prices as low as possible before the “default”. This way the “shorts” do not have to and will not be “covered” when “supply” cannot be obtained because of “an act of God”. They will be settled in cash (at a profit no less) because these “unforeseen” disruptions in supply. “Who could have seen it coming?” will be the mantra. I would suspect that banking stress and “bail ins” will also become prevalent globally. The pricing structure” will now push any and all physical sellers away from the markets and the “door” to safety is effectively being shut. Either you own metal or you don’t.

After the closure of the COMEX and LBMA doors there will be no availability and “price” will be meaningless. Your ability to protect yourself is right now for all intents and purposes being eliminated.

Last week Barrick Resources announced the postponement of their giant Pascua Lama mine. This was to be one of the worlds largest mines and is now tied up in litigation over true ownership as it appears to show that Barrick does not have clear title. The probale reserves were nearly 18 million ounces of Gold and almost 700 million ounces of Silver. Work on this mine was completely ceased last Wednesday.
“Last Wednesday” was also an important day for the Kennecott copper mine in Utah, the ground started to shift more rapidly prior to this weekend’s landslide. They knew this was coming as they closed the visitor center on April 1st and had all equipment and personel out of harms way. This mine produces some 400,000 ounces of Gold and over 3 million ounces of Silver as a by product of copper, this is the largest copper mine on the planet. Have you heard even a peep out of the mainstream media on this on? I didn’t think so.
Is it not strange that these two events came to a head last Wednesday? The same day that out of nowhere Gold reversed from being up and give up $40? And then of course there was Friday with $85 and another $75 this morning. Gold is now down $200 per ounce in just over 3 trading days. Between these two projects, one not coming online and the other going off line, a VERY significant amount of production is not going to happen. Does this make sense? Did you not learn in school that “less” supply meant higher prices? In the real world?

 

[Mr. H.]

Ouch. I hope crude doesn't get pulled down with it.

 

[Mad Scientist]

I doubt it. First there would be limitations on withdrawals, and we're not seeing any of that yet.

 

[ShootSpeeders]

I doubt it. First there would be limitations on withdrawals, and we're not seeing any of that yet.

It's happening in yurp.

 

[Mad Scientist]

I doubt it. First there would be limitations on withdrawals, and we're not seeing any of that yet.

It's happening in yurp.

Some Banks are limiting withdrawals of Euros but I've yet to see any limits of Gold or Silver Purchases.

"Yurp", I like that.

 

[Politico]

No they won't.