Follow the run on Comex
Daily charts on the amount of physical gold being delivered from the vaults at Comex. Some have said when all the calls are made, Comex will not have enough physical gold to deliver. Hence the value of gold will be determined by supply and demand.
Any thoughts, anybody? It seems to be a very important process… If it goes on like this, the COMEX guys can celebrate a "happy" new year by shutting their gold and silver business down. I’d hate to see what would follow. Did such depletion happen in the past or is it utterly unprecedented event? Thank you for any informed comments.
In Thailand yesterday there were shops buying at 13150 baht for 15.16 grams (Weight of a 1 baht coin) of gold and selling for 13050. That was for bullion, ornamental gold still had a higher selling than buying price because of the work that has to be done.
Of course when you want to buy they can not deliver and have a waiting time of around 2 weeks. So it is not only on Comex but also ‘on the streets’.