Comex does not deliver physical.

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drawho
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Comex does not deliver physical.

Why is the 27.9 million oz of silver important when comex can deliver in SLV shares instead of physical metal.

Edited by admin on 11/08/2014 - 06:10
duckwomanloulou
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ZeroHedge piece
I guess at some point people will realize that the SLV is worthless and that all the real phyzz is gone.

http://www.zerohedge.com/article/first-time-total-comex-silver-drops-below-100-million-ounces-physical-deliverable-silver-und

As with all ZH pieces the comments can be almost as good as the header piece!

Lou

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MultiM
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Comments are the best part

duckwomanloulou wrote:

As with all ZH pieces the comments can be almost as good as the header piece!

Lou

I agree fully, the comments are the best part.  Thanks for the link.

tmosley
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Physical is REQUIRED.

drawho wrote:

Why is the 27.9 million oz of silver important when comex can deliver in SLV shares instead of physical metal.

If they don't deliver physical, then it is a default, no matter whether it is allowed under the rules or not.  It means only that end users get shafted, and are forced to look elsewhere for physical.  Their demand for a known price at a future date will lead to a new futures exchange opening.  Once that happens, the users will flock there, and suppliers will follow (as the price there will be higher).  With both the buyers and sellers of physical silver gone from the COMEX, the specs will be forced to follow, as they will have no-one to sell their contracts to just prior to the end of the front month, except for the shorts.  The price there will totally decouple from physical at that point, and trend toward zero as people flee paper.

caramel
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I agree with tmosley as to

I agree with tmosley as to how it'll play out.  

Keep the physical & never get rid of it - it'll be a huge temptation as the price falls, but don't fall for it!

proformatrillionaire
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how many ounces of physical silver should I own?

I know the answer is as much as possible, but should the minimum be 500 oz, 1,000 oz or what would you say could get a family of four to survive the end of the Keynesian experiment?

pailin
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500 oz

proformatrillionaire wrote:

I know the answer is as much as possible, but should the minimum be 500 oz, 1,000 oz or what would you say could get a family of four to survive the end of the Keynesian experiment?

Your first oz, if you don't have any, is the most important. I've seen 500 oz quoted as a minimum in other places, works for me.

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tmosley
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If you have other

If you have other preparations in place, you shouldn't need much.  If your food an water are covered, and you are able to produce EXTRA, then you can trade that for what you need, and not need anything.

If you have NO preparations, then you must be prepared to pay out the nose for things when they are in high demand.  1000oz might be enough for that.

I keep 200oz "handy", if that tells you anything.  My preparations are pretty good.  All I feel like I lack now is motive power, ie solar panels and a large battery bank.  I have a small system now, but I would have to cut WAAAYYYY back to get by with that one.

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