Gold Delivery Problems
In 2009 it was reported that holders of COMEX gold futures contracts experienced problems taking delivery of their metal. Along with chronic delivery delays, some investors received delivery of bars not matching their contract in serial number and weight. The delays could not be easily explained by slow warehouse movements, as the daily reports of these movements showed little activity. Because of these problems, there were concerns that COMEX did not have the gold inventory to back its existing warehouse receipts.
Read more about this topic: New York Mercantile Exchange
Famous quotes containing the words gold, delivery and/or problems:
“In relation to God, we are like a thief who has burgled the house of a kindly householder and been allowed to keep some of the gold. From the point of view of the lawful owner this gold is a gift; From the point of view of the burglar it is a theft. He must go and give it back. It is the same with our existence. We have stolen a little of God’s being to make it ours. God has made us a gift of it. But we have stolen it. We must return it.”
—Simone Weil (1909–1943)
“There was no speculation so promising, or at the same time so praisworthy, as the United Metropolitan Improved Hot Muffin and Crumpet Baking and Punctual Delivery Company.”
—Charles Dickens (1812–1870)
“Wittgenstein imagined that the philosopher was like a therapist whose task was to put problems finally to rest, and to cure us of being bewitched by them. So we are told to stop, to shut off lines of inquiry, not to find things puzzling nor to seek explanations. This is intellectual suicide.”
—Simon Blackburn (b. 1944)