The disclaimer below has recently been added to the Comex warehouse report. Sharp-eyed Dave from Denver and His Band of Merry Pranksters spotted this little addition at the bottom of the page.
This is from the report that shows the amount of gold and silver said to be available at the Comex.
"The information in this report is taken from sources believed to be reliable; however, the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness. This report is produced for information purposes only."So much for even any pretext of audits and inventory controls. Just numbers on a piece of paper when push comes to shove.
One can only wonder why the Exchange felt the need to add this statement now, after all these years. Especially when Comex eligible gold inventory levels are approaching record lows, and there is widespread mistrust of certain parties and their opaque market positions on this list.
And there are rumours of forced cash settlements in lieu of bullion delivery floating around. The Hong Kong Metals Exchange just folded, and forced cash settlements. And banks are cancelling physical delivery arrangements.
How can someone who is trading metals and storing them at the warehouse not be concerned about a declaration of force majeure without liability recourse? What is the purpose of a commodities exchange when there are no representations made that they even possess what one is trading?
Who does the PR for these jokers? Or do they just not care anymore?
We'll have to call the Waffle House and see if Bart Chilton has any comments to make about this.
I wonder if we will see more disclaimers like this. The supermarket can put a disclaimer in the meat department that says that while they buy their product from believable sources, they make no representations or accept no liability with regard to the actual species of the meat which you are buying.
Weighed, and found wanting.
