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Thread: Want to take delivery from the COMEX?

  1. #11

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    Quote Originally Posted by vertical1 View Post
    I see on Reddit Wall Street Silver, membership is at 172,000. I know enough about the mentality there and the noise
    to understand that there is a belief that they can IF in unison attack the COMEX with enough like minded Stock players
    that have an extra $150K to play with. They then can upset the applecart so to speak. That was what I believe the point
    was, perhaps to show how this upset could be accomplished. But I am not really in the know....just speculation.
    I am sure they won't get delivery, just like the guy in this video.
    "Compulsory altruism is none too altruistic." - me

    "All of us necessarily hold many casual opinions that are ludicrously wrong simply because life is far too short for us to think through even a small fraction of the topics that we come across." -- Julian Simon

  2. #12

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    Quote Originally Posted by windweaver77 View Post
    I am sure they won't get delivery, just like the guy in this video.
    wow that COMEX language governing all the steps to get to the WARRANT is suresome mealy mouthed mumbo jumbo BS.
    Then as the video says you have to have a broker that is able to perform a "LOAD OUT" from a COMEX approved repository
    and then a brinks truck to bring you your silver....It's like RED TAPE CITY with Lots of DEAD END alleys to actually get
    your 5000 ounces. Then once it has left the repository, it is like considered that the chain of custody has been breached.
    Hah gud luck with that bad penny.
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  3. #13

    Thumbs down

    Quote Originally Posted by vertical1 View Post
    I see on Reddit Wall Street Silver, membership is at 172,000. I know enough about the mentality there and the noise
    to understand that there is a belief that they can IF in unison attack the COMEX with enough like minded Stock players
    that have an extra $150K to play with. They then can upset the applecart so to speak. That was what I believe the point
    was, perhaps to show how this upset could be accomplished. But I am not really in the know....just speculation.
    These are stock market players though, quick gains with the click of a button. I doubt many of them realize the dead weight of a 1000 oz bar. Try selling that on Craigs List, good luck! I will give you spot minus 10$ an oz Ha Ha!

  4. #14

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    Quote Originally Posted by and4rik View Post
    These are stock market players though, quick gains with the click of a button. I doubt many of them realize the dead weight of a 1000 oz bar. Try selling that on Craigs List, good luck! I will give you spot minus 10$ an oz Ha Ha!
    I would use the bar to make miniatures for my games.

    Paint them up real nice, no one even knows I have any silver at all.
    "Compulsory altruism is none too altruistic." - me

    "All of us necessarily hold many casual opinions that are ludicrously wrong simply because life is far too short for us to think through even a small fraction of the topics that we come across." -- Julian Simon

  5. #15

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    I believe one group is cutting up the 1000 oz bars into smaller chunks and reselling them. You want a 20 oz slice of silver, no sweat. Run it through the band saw.
    Do your own due diligence

    I stand united with my friends & family in Canada who seek freedom.

  6. #16

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    I do sense that the COMEX is the source of many price control woes in PMs. If they close the window,
    I do not know what the outcome would be.? Perhaps Paper and Physical would get a divorce.
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  7. #17

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    Thanks silverpalm. this video belongs here as well. a good watch and
    info on the Comex LBMA "casino"
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  8. #18

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    Quote Originally Posted by and4rik View Post
    Interesting but not really sure what is the point of this. Can't he just go to a refiner and get them to melt 10 100 oz into one big 1000 oz bar for him? If anything I would have to discourage this kind of thinking. Should he and others succeed in making even a sizable dent in the comex vault, what would this do to the spot price of silver? I would not be happy to find silver at 200$ one day, I want to buy more and that's just too much for an ounce. Chalking this up to more silver price suppression delusions.
    I think that the first basic premise here is that when you trade on Comex, you are said to be trading at market value with no real mark up, and that the premiums charged for rounds are in excess of the actual stamping fees that a refiner would charge you if you showed up with material to be processed.

    The second basic premise is that the Comex does not actually represent trading of physical material, but rather a theoretical number that is disconnected from the underlying asset. In standing for delivery, the physical basis of the market is being challenged.

    Did the bureaucracy associated with gaining an actual warrant prove that the market is only a paper market? Or was this just an example of a commodity that nobody really want's to take actual possession of, in that market place? Or did this guy just buy his contract from an entity that didn't know what they were doing? That seems to be the basic question to be answered. In the past, I recall someone suggesting that if you wanted to stand for delivery, you should first ask the vendor of the contract if they know how to get a warehouse receipt issued & if they had done it in the past. If they answered no, you should look for a different vendor. I have never tested the possibility myself.

    I am left to recall the crash in the oil futures market when futures went to negative $35 on April 20 of 2020. The problem was that there was too much oil in one place & nowhere to put it. The cost of storage became greater than the value of the asset for a short time. Previously, text books at institutions of higher learning had stated that futures values could not drop below zero. Market realities can be strange, when previous norms are put to a test. It will be interesting to see how the silver market moves in the coming years. Anything can happen & probably will.

  9. #19

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    Quote Originally Posted by and4rik View Post
    These are stock market players though, quick gains with the click of a button. I doubt many of them realize the dead weight of a 1000 oz bar. Try selling that on Craigs List, good luck! I will give you spot minus 10$ an oz Ha Ha!
    If I found that offer on Craigslist and I had a reliable way to verify authenticity of the bar, I would be interested in that trade.

  10. #20

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    Quote Originally Posted by SilverPalm View Post
    If I found that offer on Craigslist and I had a reliable way to verify authenticity of the bar, I would be interested in that trade.
    Maybe a better question would be if there is a way to sell a bar to comex. Apmex had at least five of these 1000 oz comex deliverable bars a few years ago. They were all different weights, none exactly 1000. Some may have been less. Can't remember the price but I would say it was less than spot + .49

    https://www.apmex.com/product/81/100...ex-deliverable

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