Medusa Share Discussion Threads

[nielsc] 01/6/2016 12:19

On the subject of where the gold is here is an infographic with some well talked about points.



Cheers,
Niels

[nielsc] 01/6/2016 12:04

chipperfrd,

Have read an posting from back in 2011 of someone trying to stand for a 5000oz silver contract. They never actually managed to take possession and ending up with it stored in the eligible category.

More from Bill Holter perhaps a little sensationalist, but I found these bits interesting.



"It is important to understand there are huge changes going on at COMEX. First I need to correct something I wrote last week. I said “it doesn’t make sense for the shorts to not deliver on the first or second day of the delivery period and wait until the end of the month”. This is absolutely correct, but I wrote this in late Jan. … so the deliveries we saw were some FIFTY PLUS days after the delivery period began on Dec. 1st! Are they really allowed to wait 55 days to make a delivery? Just to make it clear, it make no sense whatsoever to not make a delivery on day one or two because the storage costs must be paid. I absolutely stand by the most obvious reason not to deliver is because the gold was not available. “Waiting” to deliver earns NOTHING and costs money, Wall Street does not work this way!

We are also seeing another VERY BIG change in this delivery month. While we saw very few “serves” early in delivery months in the last couple of years, this has changed. We saw 58 on Monday, 546 Tues., and 158 on Wednesday. It is my opinion we are now seeing serious rebellion in the queue! It has been contended which I firmly agree with, “cash settlement” with premium has been prevalent on the COMEX for quite some time. I now believe there are some standing and DEMANDING delivery and refusing cash. This I believe is evidenced by gold in backwardation all the way out to October. I won’t spend the time to explain again why here, but backwardation CANNOT exist in gold in a correctly functioning market and one where the rule of law actually exists."



If COMEX allows the price to move up it may well stoke up more demand, but at least it would be easier to source gold for those standing for delivery.

Are the currently running a partial default model were they are cash settling to those that will accept it and only delivering much, much later to those will not accept a cash settlement?

Cheers,
Niels

[chipperfrd] 01/6/2016 11:56

Another suggestion for your Kindle reading: 'JPMadoff', Helen Chaitman & Lance Gotthoffer.

Details the 20-year history of JPM providing banking for the ponzi king Madoff. And also includes a load of other crimes that this bank has perpetuated on all and sundry.

Unfortunately I was left with an even greater feeling of helplessness given the extreme fraud & corruption that leaks out of every pore of the Wall Street casino. But IF you need reminding just how awful these people are, then this is quite a good book to achieve that, even if it is also extremely depressing.
Chip

[chipperfrd] 01/6/2016 10:34

I don't know how these delivery demands will work out Niels.

I am certainly not 'holding my breath' for any significant shift in the functioning of the Comex. They always seem to be able to buy off any annoying delivery requests apart from making it a very difficult and lengthy process for anyone to actually have the temerity to remove physical from their vaults.

There was a suggestion that they may even have issued GLD shares in lieu of delivery contracts - ie. using derivatives to pay derivatives - which does sound about right!!

Situation on 24th May:
Gold Open Interest = 1,689t (c. US$65.8b)
Commercial Net Short = 700t (c. US$27.3b)
Registered available for delivery = 23.1t
Eligible (client accounts) = 240t (allegedly)

Chip

[nielsc] 01/6/2016 09:37

On the COMEX front this sounds like a bit of a problem.



I am assuming that the June contract is the one were actual physical delivery is made. Is the May one is just rolled over into the June one?

Cheers,
Niels

[speedsgh] 01/6/2016 09:18

While all is quiet, I notice that Medusa's esteemed Chairman's name pops up in the following article re a family feud over a disputed will...



...Andrew Teo has worked for Mr Buckeridge's company for more than 30 years, rising to the position of financial director and secretary, and was appointed as trustee to all five of the family's trusts.

He does not benefit from the estate, and "presumably it was for that purpose he was included as a trustee", WA Supreme Court Master Craig Sanderson told the court last week.

Yet two Buckeridge family members submitted that Mr Teo take little or no part in any mediation, using arguments the judge said were "seriously flawed".

Mr Teo, who is also non-executive chairman of the ASX-listed Medusa Mining, had to fight in court for permission to receive confidential legal advice and representation to administer the five trusts and to be reimbursed for those costs.

[roguetreader] 29/5/2016 11:31

Tightfist
cheers, well dug out. Lets hope this keeps management on their toes. My immediate reaction from a brief perusal is that I'm a little disappointed that Medusa had to rely on the information from independent consultants to tell them they were going to miss their production numbers (or that's how I read it?), which in turn goes back to the old chestnut of where went Mr Gregory! and did they lose an element of focus when he disappeared?

However, I was heartened by Boyd Timmlers most recent missive so am hoping from a management and comms viewpoint they have now turned the corner. I'm still on board and waiting for Boyd's next update.
RT

[tightfist] 29/5/2016 10:13

Wow, it's quiet around here!

Take a look at the ASX MML announcements and you can see that management are being taken-to-task by ASX regarding the seemingly tardy reporting of reduced 2016 production guidance. Good work ASX!



I won't pass comment yet but leave other posters to take a look and see how convinced we are by the company's position and controls.

Cheers, tightfist

[deka1] 26/5/2016 06:53

News is all about Venezuela , the country is destroyed ,destitute ,it has the biggest oil reserves on the Planet , Well you shouldn't have taken your gold back from the Yankers, SO THERE!.

Whats the next move ?,offer from the Yankers to lease the oil rights for a hundred years for 10c on the dollar , sounds par for the course imo.

[nielsc] 25/5/2016 17:26

tightfist,

You have every right to be cynical when it is proven time and time that these big banks partake in and instigate illegal activities on a fairly regular basis.

Is it any wonder that bankster has made it into the dictionary!

Cheers,
Niels

[tightfist] 25/5/2016 14:28

Hi Niels,

More cynically it always means they can dial-up a recent past storyline that foretells of which way the market actually went....

Cheers, tightfist

[nielsc] 25/5/2016 12:15

So Citi who were predicting at the start of April:

"Citi Research said in a recent report that it sees gold averaging $1,030 in Q1, then declining gradually to an average of just $960 in Q4."




There tune has now changed again

"Citi Hikes Gold Forecast, Sees $1,300/Oz Average In Third Quarter"




These headlines are just noise. Sorry to post them, but just shows how these big banks are using the media for their own ends.

Cheers,
Niels

[tightfist] 25/5/2016 11:10

Nice call, Paul.

Having top-sliced three times over the past eight weeks I am now thinking about starting to re-build my position – probably too soon given the POG wobbles. And the ASX/Forex trading put me off too.

Cheers, tightfist

[polaris] 25/5/2016 10:53

gap closed and my order was filled at 0.62. Let's see what pog does over the coming days...i may add more but if gold continues off the cliff then all bets are off in the short term.

regards,

Paul

[tightfist] 25/5/2016 10:41

Yes, a superb film (for the financially aware).

One wonders where POG is going to find support. If one believes in consolidation patterns, I think it should be just about here ($1,220) – or maybe we enter an ongoing trading range of $1,200 - $1,300? Other TA Views?

As for MML, it looks feasible that the 60c Resistance will move to 60c Support. Paul, maybe you have had your gap-filling wishes come true; IIRC you were looking for gap-filling around 62c?


Cheers, tightfist

[sleveen] 25/5/2016 08:57

A great film, watched it a few months back.

[nielsc] 25/5/2016 08:54

chipperfrd: Yes will definitely have to watch it. 7.8 on imdb so certainly a goodie. My wife might even watch it with some of her favourite male actors in it ;-)

deka1:
A good summary. I did spot that earlier that the ETFs are increasing their holdings. The paper price goes down and buying of the physical increases.

Find it a little surreal that the talk of a small interest rate rise affects the markets so much.

"Fed is the 800,000 Pound Godzilla That Doesn’t Care About Gold: Gary Wagner"
Liked the title. The article doesn't say much more.



Cheers,
Niels

[chipperfrd] 25/5/2016 07:06

Niels,

It uses real-life characters and events to detail the events leading up to the 2008 crash.

[deka1] 24/5/2016 23:16

take heart Niels----

[nielsc] 24/5/2016 20:17

Chipperfrd: Must get round to seeing it. Fiction imitating reality I imagine.Deka1:I see gold has dropped by almost twice as much as silver. Cheers,Niels

[deka1] 24/5/2016 17:04

the latest smash down of the POG goes on, another 15 bucks today upto now

[chipperfrd] 24/5/2016 11:27

I am probably a 'bit behind the curve', but finally received my pre-order copy of 'The Big Short' yesterday. Highly recommended :-)

[nielsc] 24/5/2016 08:12

Liked this from the somewhat bullish

hxxp://goldstockbull.com/articles/gold-3000-silver-75-price-target/

"If the price manipulation via the COMEX does resume in full force, it will be interesting to see how much prices diverge versus the new price fix on the Shanghai Gold Exchange. The arbitrage opportunities could wreak havoc and the CRIMEX may have to resort to cash-only settlements or finally default."

The section on "Where are all of the Sellers?" outlines the current situation well.


Cheers,
Niels