Predictions of a COMEX Default Are Making the Rounds Again
Here is why it won’t happen
Four Reasons Comex Won’t Default:
(in increasing importance)
1. Comex is not a place to buy gold or silver – it is a paper market*;
2. Today, Traders and Society Accept Fractional Reserve Everything;
3. You Don’t Beat the Casino at the Casino; and
4. COMEX is a U.S. Government Protected Exchange
The following is a companion podcast to the blog post “Why COMEX Won’t Default”
Four Reasons Comex Won't Default from Smaul Gld on Vimeo.
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A YouTube version of this podcast is available on the Smaulgld You Tube Channel here.
*n.b. the scenarios imagined by the Comex default crowd are based on the theory that a trader will “stand for delivery” and not accept cash settlement. If a trader wants the metal underying his contract and is offered cash settlement or cash settlement premium instead, he can use the proceeds to go buy the metal elsewhere.
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