COMEX Gold and Silver deliveries are up 45%
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padre31Luxury BoxOPDemand for gold reached a record high in the third quarter as investors sought refuge from the financial crisis and volatile stock markets, according to the Wrld Gold Council.
The WGC said demand for gold reached an all-time quarterly record of $32bn between July and September as investors around the world sought refuge from the global financial meltdown. This was 45pc higher than the previous record in the second quarter of 2008.
Demand for gold via exchange traded funds (ETFs) and bars and coins was the biggest contributor to overall demand during the quarter
Specifically:
his past Friday, Nov. 28, 2008, was first notice day for delivery of the December COMEX gold and silver futures contracts which trade on the New York Mercantile Exchange. The chart appended below shows that on Friday, 8,600 gold futures contracts @ 100 ounces per contract were delivered. To try to give some perspective to these numbers the previous delivery month for gold futures was October, 2008 when there were 11,554 deliveries for the entire month – a “big” number by historical standards
Gold and to a lesser extent, silver, are two of the surprising areas of some residual strength in the markets, but both markets are so small they are easily manipulated however with the money supply being inflated to astronomical levels, Gold and it's step child silver could once again retain their rolls as inflation hedges and stores of value.
What I find really funny is that the Asian Gold Market is much more sophisticated then the US Gold Market on an individual level, in India and China, average people know how to deal in gold, in the US, places like "Cash 4 Gold" routinely rip off American Gold Owners by offering a pittance of a gram weight redemption price.
Sending in scrap jewelry for 5 dollars a gram means an ounce of gold is costing them..140 bucks...Gold is currently 766 an oz...nice work if you can get it...:lol: