LBMA failure to deliver September gold?

Discussion in 'Commodity Futures' started by nevadan, Oct 10, 2009.

  1. nevadan


    Impeccably reliable sources have informed me that as recently as Sept. 30, 2009 – the last possible day of trade in the Sept. 09 gold futures – a number of well-heeled market participants “bought” substantial tonnage worth of gold futures on the London Bullion Market [LBMA] and immediately told their counterparties they wanted to take instantaneous delivery of the underlying physical bullion.

    The unexpected immediate demand for substantial tonnage of gold bullion created utter panic in at least two banks who were counterparties to this trade – J.P. Morgan Chase and Deutsche Bank – because they simply did not posses the gold bullion which they had sold short [an illegal act which in trading parlance is referred to as a “naked short”].
  2. If true, what will they do NEXT month?

    Like a little white lie that snowballs...

    Good money will drive out the bad.
  3. John Embry (Sprott Mgmt.) warned this was coming, could be the reason Comex shorts were fried at 1000.


    Credit where credit is due please, it was Mr. Ted Butler who has been campaigning for over 20 years now & has been warning about a possibility of this taking place. So far CFTC still denies any sort of manipulation. Though Butler's argument is very simple, CFTC avoid answering his question like a plague. When & if these banks will be asked to deliver (which they won't) it would be another fiasco story on US markets, bigger than the Madoff case, as CFTC, unlike the SEC, have been told God knows how many times that there is a problem with silver markets concentrated short positions & they turn a blind eye.
  5. good information, he was really ahead of the curve.

    of course they turned a blind eye, powers that be wanted a supressed gold price. It is looking like game over for them.
  6. The same snakeoil like all the other "COMEX SHORTS ARE ABOUT TO DEFAULT" stories over the last couple of years.

    Gotta love how the gold bugs have "impeccable sources" or are in constant communication with "informed circles" or "high ranking Chinese officials". If you didn't know better one would guess the Gold Bugs themselves are running the strings of the world, not the evil bankers & free masons.


    How can you deny a fact Mak? Look at what has/is happening to Barrick. Did you see the COTs? Have you read any of Butler's arguments?
  8. zdreg


  9. the trend is your friend. why fight it.
  10. nevadan


    #10     Oct 16, 2009