/biz/ - Business & Finance

Jim Sinclair, a businessman and economist, has been calling for this for years. It was almost a decade ago I remember him practically begging whales on his blog, jsmineset.com, to "break" the comex with a large order and liberate the gold price.

As I remember, there was a bit of an attempt to do that, not by a billionaire whale, but by his readers and le gold community™.

There were then lots of reports to him from readers who attempted to do this (take delivery of the physical gold they owned) saying that the comex often refused to deliver the gold, instead issuing certificates and maybe some other excuse that I can't remember because it's been a while.

So this has been attempted, though not on a huge scale. The question is what recourse people have if the comex just refuses to give up the physical gold. If there isn't anything that can be done, because ultimately they have the gold and he who owns the gold makes the rules (XD) then there's the answer. I don't know any more about it than that.

A dive into jsmineset.com's archives would give more insight into this for anyone curious.