Quote:
Originally Posted by ENdJOY
Right now, gold is being paid for but not delivered...protect yourself from this kind of trap by only buying what you can walk away with....
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I looked into this and found a couple of things.
Gold contracts are purchased that provide delivery with 30-60 days.
I could find no reports of defaulting on deliveries. Please provide info on this.
Gold contracts are usually never fulfilled. Generally they are sold to others for profit/loss. Gold is usually never delivered.
You can buy a contract and simply take the delivery.
There is no shortage and you can buy a contract now.
It's been this way for a long time. Of course like any contract, you risk the other party violating it and not delivering. There are reputable companies that have been buying/selling Gold and if you are buying then just be sure you pick a reputable dealer. I wont mention the big names here, do your homework and pick one yourself. Gold is north of $170/oz. today.