Comex showdown tomorrow (Wed 11-25)

Discussion in 'Silver' started by JayTeeStackin, Nov 24, 2020.

  1. JayTeeStackin

    JayTeeStackin New Member

    Joined:
    Nov 24, 2020
    Messages:
    12
    Likes Received:
    5
    Trophy Points:
    3
    What's going to happen with silver tomorrow (Wednesday 11-25) when the Comex has to cough up a historical record amount of silver tomorrow to those standing & demanding delivery?? I'm sure they will try to monkey hammer it down as much as possible in the off hours tonight/tomorrow morning. Could be huge buying opportunity.
     
  2. ozcopper

    ozcopper Administrator

    Joined:
    Jul 17, 2009
    Messages:
    17,885
    Likes Received:
    4,137
    Trophy Points:
    113
    Location:
    Australia
    That is probably why the price has been hammered for 2 weeks straight.
     
    kilo and 66rounds like this.
  3. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,738
    Likes Received:
    2,911
    Trophy Points:
    113
    Location:
    Melbourne
    Let them worry about the shortfall, and in the meantime keep calm and stack on.
    I'm just waiting for my credit card to arrive so I can load up on some interest free silver :D
     
    JayTeeStackin likes this.
  4. JayTeeStackin

    JayTeeStackin New Member

    Joined:
    Nov 24, 2020
    Messages:
    12
    Likes Received:
    5
    Trophy Points:
    3
    Also the dollar is tanking right now, with the DXY down to 92.15 as I write this. Normally this would be rocket fuel for the metals.
    So obvious this metal slam is artificial.
    The Comex is trying to wash out the weak hands to force them to sell and drop the price. Stay strong and hold your metals!
     
    spannermonkey likes this.
  5. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2016
    Messages:
    4,310
    Likes Received:
    1,158
    Trophy Points:
    113
    Location:
    North Sydney
    LOL what does comex have to do with staying strong or not for the average stacker?

    Besides when has Comex ever missed delivery other than when there was a transportation strike.

    If there was ever a time a trader ever missed delivery date and defaulted it would be on the news on all the metal forums, with verifable videos of interviews with faces and names named and thousands of articles in mainstream and metal press.

    Not just "rumours"
     
    Last edited: Nov 25, 2020
    wrcmad likes this.
  6. ozcopper

    ozcopper Administrator

    Joined:
    Jul 17, 2009
    Messages:
    17,885
    Likes Received:
    4,137
    Trophy Points:
    113
    Location:
    Australia
    Alasdair Macleod: Just totted up the expiring Dec gold cals on Comex with strikes at $1800 or more – about 150,000. This is why gold has been smashed, so that they expire worthless!
     
    kilo likes this.
  7. JayTeeStackin

    JayTeeStackin New Member

    Joined:
    Nov 24, 2020
    Messages:
    12
    Likes Received:
    5
    Trophy Points:
    3
    As of this morning there was 43,000 open silver contracts which is 3 times greater than the last July. Those contracts are 5,000 ounces each. That equals over 200 million ounces. Not all will stand for delivery but if just half of the contract holders do then the Comex is absolutely effed.
    Try to find a million real physical silver ounces.
    It IS INDEED different this time.
     
  8. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2016
    Messages:
    4,310
    Likes Received:
    1,158
    Trophy Points:
    113
    Location:
    North Sydney
    It is about 6220 tons of silver = 200 million ounces (if all needed to be delivered) why would that be hard (barring maybe logitics/transportation covid delays that can be negotiated) ?

    Last year annual output of mined silver (not recycled) amounted to 27,000 metric tons, likely much more with recycled.

    Be it half or all doesnt seem like it is impossible
     
    Last edited: Nov 25, 2020
  9. JayTeeStackin

    JayTeeStackin New Member

    Joined:
    Nov 24, 2020
    Messages:
    12
    Likes Received:
    5
    Trophy Points:
    3
    True but alot of that 27 metric tons are not even close to being 'readily available' they are used in industry or sitting in some ones needed inventory for industrial product or stackers holding and not letting go.
    Covid has also put the clamps on some production this year.
    I'm not saying that silver will rocket to $80 an ounce or drop to $8 an ounce.
    Just saying that the Comex has a huge part in manipulating the metal prices and are facing probable and historically 'off the charts' physical demand tomorrow and they could be headed for some very deep sh*t!
    Could be a nothing burger but I highly doubt it.
     
  10. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2016
    Messages:
    4,310
    Likes Received:
    1,158
    Trophy Points:
    113
    Location:
    North Sydney

    Why do you say Comex is manupulating, when the trades are done by traders ie buyer and sellers of contract are not Comex.

    My understanding of Comex is that they are not allowed to trade but they make their money by providing an exchange and escrow assets.

    For example.
    Trader A sells 10 gold contracts at $1500 strike for December
    Trader B buys 10 gold contracts and "wants" physical delivery,....
    Comex delivers 1000 ounces of gold and charges spot for 10 contracts of Gold from Trader A's broker.

    If the Trader B doesnt want physical gold than buyer gets paid in cash.


    The what if.....

    If Trader A cant settle in cash Trader B will demand physical and Comex delivers.

    Comex will get paid by the Broker.

    If Trader A becomes bankrupt it is the Broker holding the bag not comex.

    If Traders A Broker defaults than Comex holds the bag but are insured but the chances of all the extraordinary events ocurring are miniscule, especially considering all brokers put limits on what thier platform users can do. For example we couldnt join a broker and write 10,000,000 contracts for Feb
     
  11. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,845
    Likes Received:
    1,523
    Trophy Points:
    113
    Location:
    Northern NSW
    Contracts will be settled.
    Then the realists will yawn ......again.
    And all the wishful excitement will be forgotten about by the week end. ;)
     
  12. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,845
    Likes Received:
    1,523
    Trophy Points:
    113
    Location:
    Northern NSW
    You are correct Ipv.
    However, for a conspiracy theory to be any good, you first need to conjure up an evil cartel.......
     
    Ipv6Ready likes this.
  13. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,845
    Likes Received:
    1,523
    Trophy Points:
    113
    Location:
    Northern NSW
    This is so misleading it needs a Twitter factcheck label applied to it.
    How many Nov contracts ended up delivering?
     
  14. JayTeeStackin

    JayTeeStackin New Member

    Joined:
    Nov 24, 2020
    Messages:
    12
    Likes Received:
    5
    Trophy Points:
    3
    I'm a bit surprised of the surprise that precious metals are manipulated. Especially as of late with all the hefty fines being issued because of precious metal manipulation. These are household names paying hefty fines. JP Morgan, Merrill Lynch, etc. There are so many articles and fact findings about the manipulation. I'm sure some are hyped up but when fines are issued in hundreds of millions of dollars I would find it hard to believe that it's just a myth or conspiracy.
     
  15. JayTeeStackin

    JayTeeStackin New Member

    Joined:
    Nov 24, 2020
    Messages:
    12
    Likes Received:
    5
    Trophy Points:
    3
    Here's just a small quick example article. I'm certainly not saying the sky is falling but it will be very interesting to see how this possible clash of PM demand and actual supply works out in the next few days.
    Here's the article snip:

    "There is probably no other topic in the gold and silver markets which incites heated debate more than the subject of precious metals price manipulation.

    That prices in the precious metals markets are manipulated is not speculation, it is fact, a fact made clear again recently by the Commodity Futures and Trading Commission´s (CFTC) ruling against investment bank Merrill Lynch Commodities Inc (MLCI) for spoofing pricing of gold and silver futures contracts on the COMEX exchange.

    The number of investigations, legal cases, class actions and financial headlines involving precious metals manipulation are now so pervasive that it’s hard to keep track of which cases are in motion and which investment banks are under scrutiny at any given time."
     
  16. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,738
    Likes Received:
    2,911
    Trophy Points:
    113
    Location:
    Melbourne
    Spoofing =/ Manipulation
     
    wrcmad and mmm....shiney! like this.
  17. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,845
    Likes Received:
    1,523
    Trophy Points:
    113
    Location:
    Northern NSW
    100% agree.
    Spoofing does not equal manipulation (except in a stacker's wet dream). :p
     
  18. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,845
    Likes Received:
    1,523
    Trophy Points:
    113
    Location:
    Northern NSW
    Blah, blah, blah.
    So how many Nov contracts were delivered? I noticed you conveniently chose to ignore that. ;)
     
  19. alor

    alor Well-Known Member Silver Stacker

    Joined:
    Jun 16, 2011
    Messages:
    11,060
    Likes Received:
    3,030
    Trophy Points:
    113
    Location:
    Pulau Alor ;)
    good buy or good bye ?
    will be watching the inventory stuff
     
  20. Alloy

    Alloy Active Member

    Joined:
    Jul 17, 2018
    Messages:
    121
    Likes Received:
    63
    Trophy Points:
    28
    Location:
    San Francisco Bay Area, USA
    What's the COMEX angle again? I've seen COMEX come up now and again with some kind of conspiracy theory. The idea is that they don't hold enough silver? Or they manipulate the price somehow? The inventory issue is strange to me – I assume the COMEX users or traders would be the ones who would know, and decide if there was a problem. By default, I wouldn't have any reason to care about some business that I don't have a relationship with.

    It reminds me of conspiracy theories about Fort Knox not having all the gold it's supposed to, or the Fed's depository in New York. I've never dug into any of that. Maybe I should, but I care less about COMEX since it's a private business.

    So nothing happened today with COMEX? They were supposed to be short of silver?
     

Share This Page