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Did the ECB Save COMEX from Gold Default?
  • 30th March Deutsche Bank gives notice of delivery of 850,000 ounces of gold to fulfill its obligation to Longs demanding delivery on the March COMEX futures contract.
  • On 31st March the ECB makes surprise announcement of the sale of 1.1 million ounces of gold to an undisclosed purchaser.
  • On the same day Deutsche Bank delivers the 850,000 ounces to a COMEX Warehouse.

Interesting - if obvious - questions raised at 'Seeking Alpha'

My two pennyworth: The incidence of futures contract longs demanding physical delivery on expiry is going parabolic. There were rumours of an impending default right up to the December expiry. It did not materialise in spite of the largest ever physical delivery required. The above article makes a credible case for DB having been saved from a default by the ECB on the March contract. All eyes now turn to June where I have no doubt it will be a close run thing again but with the much ballyhoo'd 'inevitable price explosion' still tantalisingly on the horizon.

Da Boyz are still in control.
Peter Presland

".....there is something far worse than Nazism, and that is the hubris of the Anglo-American fraternities, whose routine is to incite indigenous monsters to war, and steer the pandemonium to further their imperial aims"
Guido Preparata. Preface to 'Conjuring Hitler'[size=12][size=12]
"Never believe anything until it has been officially denied"
Claud Cockburn


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