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25%  
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  • The “Zero Hour” Scenario (Default On Precious Metals)

    03/10/2013 9:40:58 AM PDT · by blam · 69 replies
    The Daily Reckoning ^ | 3-10-2013 | Addison Wiggin
    The “Zero Hour” Scenario By Addison Wiggin 03/08/13 “Possession is nine-tenths of the law” —from a Scottish expression It’s a Sunday night. October 2013. Parents are making sure the kids’ homework is done. Football fans are settling in for the night’s NFL matchup. Reigning champs, Baltimore, are about to lose. And all hell is breaking loose in the precious metals markets. Moments before electronic trading opened at 6 p.m. EDT, Commodity Exchange Inc. — the Comex — announced it would settle a large gold contract in cash and not gold. To be blunt about it, the Comex has defaulted on...