The COMEX (Commodity Exchange, Inc.) is part of the New York Mercantile Exchange (NYMEX), the world’s largest physical commodity futures exchange. Both gold and silver trade on the COMEX. Critics of COMEX have said that the market is often manipulated and that there isn’t enough physical gold and silver, for example, to back up the paper contracts.
 
The COMEX nickname of “CRIMEX” has been cited in print since at least 2005, when it was used by Russell “Rusty” McDougal (a blogger on the Investor’s Daily Edge).
 
 
Wikipedia: New York Mercantile Exchange
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New York Mercantile Exchange (NYMEX) is the world’s largest physical commodity futures exchange. It is located at One North End Avenue in the World Financial Center in the Battery Park City section of Manhattan, New York City. Additional offices are located in Boston, Washington, D.C., Atlanta, San Francisco, Dubai, London, and Tokyo.
 
The company’s two principal divisions are the New York Mercantile Exchange and Commodity Exchange, Inc (COMEX), once separately owned exchanges. NYMEX Holdings, Inc., the former parent company of the New York Mercantile Exchange and COMEX, became listed on the New York Stock Exchange on November 17, 2006, under the ticker symbol NMX. On March 17, 2008, Chicago based CME Group signed a definitive agreement to acquire NYMEX Holdings, Inc. for $11.2 billion in cash and stock and the takeover was completed in August 2008. Both NYMEX and COMEX now operate as designated contract markets (DCM) of the CME Group. The other two designated contract markets in the CME Group are the Chicago Mercantile Exchange and the Chicago Board of Trade.
 
The New York Mercantile Exchange handles billions of dollars worth of energy products, metals, and other commodities being bought and sold on the trading floor and the overnight electronic trading computer systems for future delivery. The prices quoted for transactions on the exchange are the basis for prices that people pay for various commodities throughout the world.
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In 1933, the COMEX was established through the merger of four smaller exchanges; the National Metal Exchange, the Rubber Exchange of New York, the National Raw Silk Exchange, and the New York Hide Exchange. On August 3, 1994, the NYMEX and COMEX finally merged under the NYMEX name. Now, the NYMEX operates in a trading facility and office building with two trading floors in the World Financial Center in downtown Manhattan.
 
Gold delivery problems
As of 2009, holders of COMEX gold futures contracts have experienced problems taking delivery of their metal. Along with chronic delivery delays, some investors have received delivery of bars not matching their contract in serial number and weight. The delays cannot be easily explained by slow warehouse movements, as the daily reports of these movements show little activity. Because of these problems, there are concerns that COMEX may not have the gold inventory to back its existing warehouse receipts. As a result of the CFTC’s March 2010 Metals Hearings, position limits will likely be imposed on Comex Precious Metals Futures Contracts, according to CFTC Commissioner Bart Chilton, in order to avoid continued charges of unfair concentration and manipulation.
 
Investor Words
COMEX
Commodity Exchange. The leading U.S. exchange for metals futures and options trading.
     
Gold-Eagle.com
SILVER….ANATOMY OF A CRIME{X}
Rusty McDougal
Jan 2005
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COMEX PECULIARITIES
The COMEX division of NYMEX is certainly an interesting place……….that much I’ll readily grant them. I do take issue with many of their practices and will, once again, explain my particular perspective on their future as it does differ from other Silver advocates to a degree.
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Physical is the only thing that trumps these paper games. I have yet to hear of any paper Silver shortages and never will ......... all the shortage reports are about physical Silver….. Silver someone, some where is trying to get their clutches on. Delays and shortages eventually lead to defaults and then the game is up. The entire globe is afraid of calling the CRIMEX paper bluff…......content participating in the game and content not taking home some of the dwindling COMEX Silver supply of a scant 100 Million plus ounces.
       
Investor’s Daily Edge
Wednesday, September 5, 2007
Don’t Feed the Beast!
By Dr. Russell McDougal
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Both gold and silver trade on the COMEX market, which falls under the jurisdiction of NYMEX.  Gold is “governed” and COMEX is the epicenter of this activity.
 
To many within the precious metals sphere, it’s more properly called CRIMEX.  Unless you’re looking for tax losses and/or want to help elitist insiders control the global price of precious metals, I suggest you avoid this market.  It is an un-American sham.
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What’s it all mean?  Get real metals in your personal possession.  Avoid the likes of the CRIMEX paper market like the plague, unless you want to convert their superfluous paper into your own stash of physical metals.  One thousand-ounce silver bars make the ultimate paperweight.
 
Midas Letter
Ongoing IMF Gold Myths Unravelled
By Andy Hoffman
MidasLetter.com
Monday, April 6th, 2009
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“The gold sales apply only to those amounts already agreed and announced previously by the IMF,” IMF spokesman William Murray told Reuters.
 
But by then, as usual, the damage had already been done, exclusively of course in the NY CRIMEX (sorry, COMEX) futures market, with all the sell stops having already been run and the gold stocks already hammered.
 
Investor’s Daily Edge
The Silver Market: Some Call it CRIMEX
Posted on June 24, 2009
The silver market is showing signs of bullish strain and an incredible opportunity is being presented to you. I’m a staunch silver advocate and it’s time for an update right now. Silver stands to outperform gold as the long term precious metal bull market continues to unfold.The price of silver, along with gold, is kept under wraps by officials of the New York COMEX market, aka CRIMEX. The old boy network which runs CRIMEX have whipsawed the market in their desired direction for decades and profited accordingly. These actions are government sanctioned because precious metals are competition to un-backed fiat money. State mandated fiat is so weak and poorly designed that it cannot stand competitors.
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This post was written by:
Russell McDougal - who has written 143 investment articles on Investors Daily Edge.
 
USisCorrupt’s Instablog
Will there be a DEFAULT at the CRIMEX aka “COMEX” at the End of March?
Mar 23, 2011 7:51 AM
The World seems to be sinking into the abyss with each passing day. The COMEX must deliver 625,000 oz’s of Physical Silver each day until the end of March or face a DEFAULT. I am sure they will be offering 100%+ of FIAT $$‘s to those who are waiting for their Deliveries.