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  #1  
Old 04-13-2010, 01:10 PM
spartacus spartacus is offline
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Default the actual text of a COMEX silver contract

anyone ever seen it?

Anyone have a definitive link showing the actual text?

I tried a bunch of google searches, variations of these but found no CFTC site or CME site

"futures contract" language comex silver
comex "text of a futures contract"
"actual text" comex "futures contract"
text comex "futures contract"

Last edited by spartacus : 04-13-2010 at 01:22 PM.
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  #2  
Old 04-13-2010, 02:33 PM
About AG About AG is offline
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Originally Posted by spartacus View Post
anyone ever seen it?

Anyone have a definitive link showing the actual text?
You can find the contract specifications at http://www.cmegroup.com/trading/meta...fications.html

For the nitty-gritty details you can look at the NYMEX rulebook at www.cmegroup.com/rulebook/NYMEX/ (chapter 112 covers silver).

Again, sorry for no direct links; I just want to do my best to comply with the policies here.
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  #3  
Old 04-13-2010, 10:54 PM
Metal Hoarder's Avatar
Metal Hoarder Metal Hoarder is offline
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Thumbs down Failure to deliver

For a good time, read rule 7B14. In a nutshell, the way I read it, it says that if they don't deliver your silver, they only have to pay you *at most* the $FRN difference between the spot price on the day it was due to be delivered and the price you paid for the contract. No PM for you, buddy. Have some green paper instead.

But it gets better. They are NOT on the hook to make or accept delivery of the physical, or pay any damages if you get stung with counterfeit physical or a bankrupt counterparty.

Oh, and if you do get screwed, you have SIXTY MINUTES to notify them of it, otherwise they wash their hands of the deal.

It's just unbelievable. What good is a commodities exchange if it doesn't guarantee the deal?
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  #4  
Old 04-13-2010, 11:10 PM
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Bring the Gold Bring the Gold is offline
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Quote:
Originally Posted by Metal Hoarder View Post
For a good time, read rule 7B14. In a nutshell, the way I read it, it says that if they don't deliver your silver, they only have to pay you *at most* the $FRN difference between the spot price on the day it was due to be delivered and the price you paid for the contract. No PM for you, buddy. Have some green paper instead.

But it gets better. They are NOT on the hook to make or accept delivery of the physical, or pay any damages if you get stung with counterfeit physical or a bankrupt counterparty.

Oh, and if you do get screwed, you have SIXTY MINUTES to notify them of it, otherwise they wash their hands of the deal.

It's just unbelievable. What good is a commodities exchange if it doesn't guarantee the deal?
Wow, I might have to investigate that later. Seems like the COMEX is a bigger scam the more I research it. Much like every other center of money and/or power that I look into at more then cursory depth.

Thanks for the info Metal hoarder and great avatar right up my alley
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  #5  
Old 04-13-2010, 11:16 PM
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Diablo Diablo is offline
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Quote:
Originally Posted by Metal Hoarder View Post
For a good time, read rule 7B14. In a nutshell, the way I read it, it says that if they don't deliver your silver, they only have to pay you *at most* the $FRN difference between the spot price on the day it was due to be delivered and the price you paid for the contract. No PM for you, buddy. Have some green paper instead.

But it gets better. They are NOT on the hook to make or accept delivery of the physical, or pay any damages if you get stung with counterfeit physical or a bankrupt counterparty.

Oh, and if you do get screwed, you have SIXTY MINUTES to notify them of it, otherwise they wash their hands of the deal.

It's just unbelievable. What good is a commodities exchange if it doesn't guarantee the deal?
Sounds to me, you have a better guarantee of a good deal purchasing through ebay and using paypal vs. using comex. Now that's sad.
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