Hi vhf,

Good find. Looks like they don't like to use the word "default," but if it walks like a duck, etc........... Maybe that's the out for the COMEX, if it defaults in December. Just settle those left out with cash. If the rules don't allow it, just change them.

I noticed that someone over on Minyanville claimed that COMEX has only 6 or 7 million ounces available for all gold futures, not just December. That apparently isn't all that much in the event there's a gang rush to take delivery in December, so the possibility of a default is certainly there. And as I understand it, if there is a default, COMEX is on the hook to pony up. Some people expect a default and gold to go skyward, but I'm not holding my breath. Watching those guys over the years, I imagine they have a save-your-butt plan all ready to go.

Nov. 28 is first notice day for the December gold futures contract, so I guess that's when we should know if anyone is going to take delivery.