We investigate closed chains of conics which carry Poncelet triangles. In particular, we show that every chain of conics which carries Poncelet triangles can be closed. Furthermore, for k = 3 and k = 4 we show that there are closed chains of pairwise conjugate conics which carry Poncelet k-gons such that the contact points of each k-gon are the vertices of the next k-gon-such miraculous chains of conics do not exist for 5 ≤ k ≤ 23.