Posted on 11/27/2012 6:02:00 AM PST by Perdogg
CME Declares Force Majeure Due To “Operational Limitations” On NYC Gold Depository
Today’s AM fix was USD 1,747.25, EUR 1,349.54, and GBP 1,090.46 per ounce. Yesterday’s AM fix was USD 1,747.25, EUR 1,347.56, and GBP 1,090.87 per ounce.
Silver is trading at $34.08/oz, €26.41/oz and £21.34/oz. Platinum is trading at $1,620.50/oz, palladium at $666.40/oz and rhodium at $1,065/oz.
(Excerpt) Read more at zerohedge.com ...
I know the German government under Merkel are demanding an audit of their gold holdings at the NY Fed. And they're getting nowhere.
Not good.
Dear Bundesbank:
We regret to inform you that we are not currently able to deliver the gold bullion you requested, and as such are invoking the Force Majeure clause of our contract.
Due to the recent hurricane Sandy, our underground vaults experienced significant wind damage, and though they are not located in the part of Manhattan that experienced flooding, as such, one of our secretarial staff experienced some unforeseeable, though acute, gastrointestinal problem and inadvertently caused a toilet to overflow, and before our experienced janitorial staff could respond, the vaults were flooded with biohazardous waste water.
Thus, due to OSHA and union regulations, we anticipate an extended clean-up period of some estimated 10-20 years before we can deliver the bullion we had in storage for you.
We again apologize for the inconvenience, and have asked one of our properties, US president Barack Obama, to visit your president Merkel, and humble himself before her as is his want, on behalf of the people of the United States, for causing Germany and perhaps the entire European Union to collapse in economic depression and riotous chaos.
Sincerely,
The New York Bankers and their Lawyers
You know when would be a good time to buy Precious Metals?
Right
the
hell
now.
Everytime I feel foolish (at least an hourly event) I remind myself who it was that bought gold eagles on 9/4/01@ $295 each. Makes me feel like a genius.
I’ve bought more since and silver too. I haven’t lost any money doing so either.
Nice work! Wish I’d got into PMs about then.
Merkel is not President, she is Chancellor (Bundeskanzler) -Germany’s Head of the Govt but not Head of State.
I even considered misspelling Merkel as an even further snub in the blatant humor piece.
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