Numerous members of the community have reported dealers asking $100 or more above spot price for gold!
1. Coin dealers are in the main all related to Pirate Pete and Black Beard. There are no Mother Theresa’s there.
2. If you can afford 100 ounces you never need to pay even one cent above spot.
3. You can buy the COMEX gold contract in the delivery month at the first notice day for delivery.
4. You take delivery of the gold, which will be hallmarked and registered, saleable ANYWHERE WITHOUT RE-ASSAY, EXCEPT THE COMEX.
5. That quirk is only to dissuade you from taking delivery.
6. 100 ounce bars taken delivery of can, if you wish and in the light of day, legally be shipped to a Swiss free zone depository. I will have more information on costs, segregation and so on shortly.
7. You do not need gold certificates or mints anywhere. You do it all yourself therein eliminating all financial agents or certificates.
8. The only way to remove paper gold manipulation is to remove gold from the COMEX warehouse.
9. I am sure that the gold dealer asking $100 or more above spot for gold will not buy any at even $5 above gold’s quoted bid. If they did you could take delivery and with some effort and proper procedures sell to the coin dealer.
"Nothing will unnerve the paper gold shorts more quickly and do more to undercut their confidence than to strip them of the real metal and force them to come up with more hard gold bullion to make good on deliveries. "Stand and Deliver or Go Home" should be the rallying cry of the gold longs to the paper gold shorts." –Trader Dan Norcini
There were 11,554 deliveries for the month of October. Thus far for November there have been 1228 deliveries. November is a rather unknown quantity as a contract so I expect to see a very significant number of deliveries as December goes into its delivery period.
Total registered category ounces – 2,804,270
Total eligible ounces 5,713,922
To make the taking of delivery meaningful, it must be removed from the COMEX warehouse.
Harry Schultz once told me I was a general without an army because of the principle that you cannot herd cats.
I replied to Harry that I felt that in the main the gold gang were not pussies.
Are you, those who can afford 100 oz?