Comex Default for Gold and Silver Finally at Hand for December? Looks Like It May Finally Be the Month!

It seems things are about to get really interesting at the Comex! There is one site I go to every day to read the latest of what is happening in Gold and Silver and the numbers from the Comex. That site is Harvey Organ!

If you are in the least bit interested in metals - gold and silver than Harvey Organ's Blog is a must read! Every day he will put out the numbers of the Comex and today he gave the best news I have read yet about metals!

He says a Comex Default looks to be at hand!! The amount of orders standing for delivery for the month of December is much more than the Comex has officially listed on hand!

Also, remember the shorts on metals, especially J.P. Morgan has on silver is Huge! They have to cover their shorts for those who are standing for delivery! How will they do this? Considering the millions of ounces standing for delivery in December? Bet they will be calling those longs and offering a huge percentage over the long value order in cash, instead of physical.

Portions from Harvey Organ's Blog today, excerpt from Truth in Gold Blog :

BUT, right now based on the o/i for gold and silver, the Comex is potentially insolvent.

With that said, the open gold o/i as of this morning is 59,412 contracts. This translates into 5.9 million ounces. The Comex gold inventory shows only 2.6 million ounces of gold registered and approved for delivery. There is a total of 11.4mm ounces.

In silver, there are 17,208 open contracts. This translates into 86 million ounces. The Comex reports 48.5 million ounces available and approved for delivery, 107.2 million total ounces.

What does this mean, in the context of the cartel being unable to force liquidate a majority of the open gold/silver positions? Everyone reading this can use their imagination and I'm not willing to predict how this will unfold, but right now the Comex has a problem.


**What is Great, We can all be roasting Chestnuts on the Open Fire for Christmas as the Comex will be trying to extinguish all the Fires, along with J.P.Morgan and HSBC! I think I will go and get a bag of Chestnuts...... Just for Roasting!**** So, read Harvey to know what the deal is everyday this month, we can all watch those numbers.... as we are munching on our popcorn... enjoying the show!

UPDATE - 11/30/10 - KingWorldNews - Pan American Silver CEO - says End users of Silver are having a hard time getting the physical needed for Industry, never mind investments!