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Is there enough Gold to satisfy the gold binge?

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Renew Deal Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-17-10 10:39 AM
Original message
Is there enough Gold to satisfy the gold binge?
My understanding of the purchase of metals like Gold, silver, etc is that if the purchaser demands delivery, they will receive it. But I don't think anyone ever really demands delivery. So is there an actual ounce of gold for every ounce sold? What happens if everyone requests delivery? Is the metals market one big scam?
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MineralMan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-17-10 10:44 AM
Response to Original message
1. Just let me check my wife's jewelry box...
Yup...there's plenty. :rofl:
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pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-17-10 11:21 AM
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2. I hope not
The price would rise to stratospheric levels.
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rucky Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-17-10 11:22 AM
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3. Now that you mention it...
it's probably a scam.
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Renew Deal Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-18-10 02:36 PM
Response to Original message
4. So no one has an answer to this?
Someone here has to know.
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reformist2 Donating Member (998 posts) Send PM | Profile | Ignore Sun Jul-18-10 02:42 PM
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5. There are big long and short positions now.

http://www.321gold.com/cot_gold.html
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tkmorris Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-18-10 02:44 PM
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6. Apparently not, not in the way you mean
There is a type of fractional reserve system in place in the gold market, that allow several times the amount of gold to be traded as actually exists, at least in the hands of investors. No one is really certain how much gold is privately held, or if it would be enough to cover the undersupply should everyone start demanding their gold in actuality as opposed to on paper.
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