tag:blogger.com,1999:blog-7982981413278241287.post6780692059246151715..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: Is The Comex The Next Madoff Disaster?Dave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger37125tag:blogger.com,1999:blog-7982981413278241287.post-18084722538521096782010-01-21T22:43:20.403-07:002010-01-21T22:43:20.403-07:00interesting,very nice i appreciate what is says he...interesting,very nice i appreciate what is says here.Arizona Payroll Serviceshttp://tagpay.com/noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-14581619826385941232009-12-06T07:42:26.649-07:002009-12-06T07:42:26.649-07:00Roly
Thanks for your advice. I started researchi...Roly<br /><br />Thanks for your advice. I started researching the ZKB Gold ETF (Zürcher Kantonalbank). Wiki has some info on the fund: <br /><br />"ZKB Gold ETF<br />The ZKB Gold ETF was launched on 15 March 2006 by Zürcher Kantonalbank and is listed in Switzerland under the symbol ZGLD. The fund invests exclusively in physical gold. The ETF has three unit classes traded in different currencies: USD, EUR, and CHF.[11] Shares are sold in 1 ounce gold units, with a minimum purchase of one unit (one ounce). As of August 2007, ZKB Gold ETF held 22.0 tonnes of gold in storage.<br /><br />The gold bars used are not LBMA good delivery[citation needed] and investors can not sell in the spot market. The metal has to be sent back to a refiner for recasting and stamping. This means the NAV is erroneous as it uses the London fixing which is only available for LBMA good delivery. The ETFs only have one market maker which is ZKB and there is no verifiable bar list or independent audit of the gold."<br /><br />There is more info on Gold EFTs at: http://en.wikipedia.org/wiki/Gold_exchange-traded_fundAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-37724454995063593752009-12-04T06:39:28.056-07:002009-12-04T06:39:28.056-07:00It is the duty of every investor to UNDERSTAND the...It is the duty of every investor to UNDERSTAND the business he is investing in: so if you buy an etf you MUST buy an etf that invests physically in gold and is independant and in addition this investment vehical should be in a safe country outside USA. Remember in the deep depresssion (1932) there was Roosevelt's bank holiday and gold trade was forbidden.<br />There is only one Bank I trust: the Zuercher Kantonalbak (ZKB) in Switzerland, they have a GOLD (and a SILVER ETF) traded at the SIX Ticker: ZKB GOLD ETF (ISIN CH0047533549)<br />Good luck in your investment, I shall buy a silver mining stock, (e.g. first majestic silver), because, if gold expoldes, silver will skyrock!<br />Merry christmas and a happy new year, with profits from clever investments.<br />RolyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-91449459231048383242009-12-03T23:13:18.174-07:002009-12-03T23:13:18.174-07:00Dave,
You are absolutely correct!
Jim Sinclair...Dave, <br /><br />You are absolutely correct!<br /><br />Jim Sinclair pointed out that GLD has since ammended it's prospectus to eliminate the words "gold bullion" and replace it with the words "gold investments". They don't even have to buy real gold anymore!<br /><br />Jim also points out that the amount of Gold that GLD claims to have purchased would certainly show up as price movements in the physical marketplace, but there is no trace of any such buying activity at any of the major exchanges!<br /><br />I traded in my GLD and SLV for the real thing long ago.<br /><br />John K.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-71727608632650488942009-12-03T21:31:17.267-07:002009-12-03T21:31:17.267-07:00@Dave or anyone with knowledge: Are these funds l...@Dave or anyone with knowledge: Are these funds legit? Any issues/concerns with these funds? <br /><br />Thanks on the GLD info. I'm selling mine tomorrow. <br /><br />GTU (AMEX)<br />Central GoldTrust (GoldTrust), formerly Central Gold-Trust, is a passive, self-governing, single-purpose trust. Its purpose is to acquire, hold and secure gold bullion on behalf of its unitholders. Central GoldTrust’s administrator is Central Gold Managers Inc. GoldTrust’s gold assets are traded internationally and are denominated in United States dollars. Gold bullion owned by GoldTrust is stored in segregated safekeeping in the treasury vaults of the Canadian Imperial Bank of Commerce (the Bank) and insurance is maintained by the Bank. As at December 31, 2008, its assets consisted of 94.8% gold bullion, 3% gold certificates and 2.2% cash and interest-bearing cash deposits and other working capital. <br /><br />CEF (AMEX)<br />Central Fund of Canada Limited (Central Fund) is an investment holding company. Central Fund’s objective is to provide investment alternative for investors interested in holding marketable gold and silver related investments. The Company invests virtually all of its assets in long-term holdings of unencumbered, allocated and segregated gold and silver bullion. The Company holds at least 90% of its net assets in gold and silver bullion, primarily in bar form. As of October 31, 2008, the Company’s assets were made up of 58.9% gold bullion, 37.4% silver bullion and certificates, 3.7% cash and interest-bearing deposits and other working capital amountsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-4506958109905544772009-12-03T11:26:09.986-07:002009-12-03T11:26:09.986-07:00GOLDMONEY.COM
BULLIONVAULT.COM
Best way to own ph...GOLDMONEY.COM<br />BULLIONVAULT.COM<br /><br />Best way to own physical in my humble opinion. Forget the pretend paper gold ponzi markets.<br /><br /> I also have Gold 1oz Maple leafs as the fitzch counterfeit coin detector works on these.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-23002605880886763152009-12-03T07:17:11.867-07:002009-12-03T07:17:11.867-07:00Dave, the first post is right you know!
Educating...Dave, the first post is right you know! <br />Educating people to make up their own minds causes the extinction of fraud.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-40305545219454815052009-12-02T22:11:37.318-07:002009-12-02T22:11:37.318-07:00Not to worry fellas, Gary Gensler here at the CFTC...Not to worry fellas, Gary Gensler here at the CFTC, and I have your back.<br /><br /><br />GaryAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-25739045548433069882009-12-02T17:16:42.394-07:002009-12-02T17:16:42.394-07:00Dave,
I heard Dubai was a great place to retire.....Dave, <br />I heard Dubai was a great place to retire....oh wait.EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-66471991804505813592009-12-02T16:54:45.267-07:002009-12-02T16:54:45.267-07:00@gyc: LOL. I know a guy in Denver who buys 1 oz. g...@gyc: LOL. I know a guy in Denver who buys 1 oz. gold coins from people on craigslist in $20k lots if you have 'em to sell. He wants everything all cash/no trail.<br /><br />I'm okay with bank wires to Tulving because by the time it becomes an issue, I'll be living in Uruguay or Panama.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-63665681252139304612009-12-02T16:44:05.813-07:002009-12-02T16:44:05.813-07:00"The prices aren't as tight at Tulving, b..."The prices aren't as tight at Tulving, but you can to cash for coin swaps in person with no paper trails"<br />Ah yes, my preference is for the no paper trail route, but then again I am a tin foil hatted type.EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-67537327491133914732009-12-02T15:30:24.432-07:002009-12-02T15:30:24.432-07:00@Arkady: depending on how much gold/silver you ar...@Arkady: depending on how much gold/silver you are looking to buy, you can buy from www.tulving.com - i buy from him personally and for my fund and he is 100% trustworthy and reliable. other's I've bought from are www.apmex.com and CNI (google that for the website). Those 2 dealers have the best prices after Tulving. Tulving requires minimum size. Apmex and CNI do not.<br /><br />Stay away from infomercials and big national coin dealers with expensive websites and marketing campaigns. <br /><br />You can also check your local craigslist. search on "gold eagles" or "silver eagles" and you'll find the folks who buy and sell coins locally. The prices aren't as tight at Tulving, but you can to cash for coin swaps in person with no paper trails. I've done that here in Denver - both bought and sold - and have had no problems.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-81450423237037476732009-12-02T15:26:17.143-07:002009-12-02T15:26:17.143-07:00@Anonymous. I'll probably try to post my rese...@Anonymous. I'll probably try to post my research piece on GLD on this blog this afternoon. It's a fraud and, as per the report posted over multiple comment posts above, I'm not the only one who understands the loopholes in the prospectus. James Turk was the first one to put out a thorough piece detailing how and why GLD is a big gold leasing scheme over 4 years ago.<br /><br />But hey, if you want to trust HSBC, State Street and the World Gold Council with your money, god love ya.<br /><br />If anything, the burden is now on the entities running GLD to prove to the world that they really have in custody all the gold they say they do. There's enough evidence and legal holes in the prospectus to suggest they do not. They can dispel all that with one simple independent physical audit.<br /><br />If it walks, like duck, quacks like a duck and looks like like a duck...well, you what they say...eventually GLD will be a dead duck.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-45120225724319750572009-12-02T14:39:35.282-07:002009-12-02T14:39:35.282-07:00anyone who has taken a logic class in high school ...anyone who has taken a logic class in high school can easily see that you lack support for your conclusions. you simply jump to conclusions without building the argument. sure, it's flashy and generally scary business, but you provide not a single bit of evidence that anything whatsoever is askew. i own both physical and GLD and until someone gives a real good reason why i shouldn't, i'll continue to. seriously, if you have some evidence, spit it out!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-15333502257429028202009-12-02T13:49:04.707-07:002009-12-02T13:49:04.707-07:00GLD at this point looks more like a short than any...GLD at this point looks more like a short than anything viable. <br /><br />However since most people do not have access to a futures account, what other way is there other than GLD to purchase gold? Assuming we do not want to contact the annoying infommercial people and pay crazy premiums on pretty looking coinage.Anonymoushttps://www.blogger.com/profile/15370187326629655604noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-9786757404140073592009-12-02T13:16:09.889-07:002009-12-02T13:16:09.889-07:00@mabman: email me at midas10k@comcast.net and I&#...@mabman: email me at midas10k@comcast.net and I'll send you the post in one piece.<br /><br />@adam: thanks for visiting - i hit your blog all the time!Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-36185780137268876722009-12-02T10:59:14.372-07:002009-12-02T10:59:14.372-07:00The GOLDEN RULE
He Who Owns the Gold, RulesThe GOLDEN RULE<br /><br />He Who Owns the Gold, RulesAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-83535997618749620592009-12-02T10:55:37.376-07:002009-12-02T10:55:37.376-07:00Spot on Dave.
It's the same paper hanging bast...Spot on Dave.<br />It's the same paper hanging bastards that got<br />kicked out of the Temple 2000+ years ago by<br />Who...and for WHAT?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-18300919900142934912009-12-02T07:21:27.600-07:002009-12-02T07:21:27.600-07:00Hi mabman,
I have noticed the same issue. I have...Hi mabman,<br /><br />I have noticed the same issue. I have Firefox and find if I right click on the comment box and select open in a new window or open in a new tab, then I can then cut and paste into the comment box.<br /><br />Hi TheBoogieMan,<br /><br />I agree with much of what you write. I am long America. The dollar collapse I see as more and more likely is gonna hurt lots of people I care very dearly about - I don't relish in this possibility.<br /><br />But I also have a lot of anger, as there are many real nasty folks out there in both the public and private sector who have and who continue to take actions that are contrary to their nation and its people's well being, and who spread economic misinformation in an effort to divert and distract. <br /><br />We are being looted, and I refuse to stand idly by because of the likelihood that those who have been mislead by our economic elite might not understand my point of view. I will not pander to their ignorance, but rather seek to overcome it by sharing knowledge and information. And I will not feel guilty for hoping for the fall of those whose destructive and exploitative schemes have caused so much harm to others.JRhttps://www.blogger.com/profile/16345441084565082627noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-38853520643050234842009-12-02T05:02:51.116-07:002009-12-02T05:02:51.116-07:00Dave-
Thanks for your great work! Keep in mind an...Dave-<br /><br />Thanks for your great work! Keep in mind another reason to buy physical for newbies: You are helping your own cause! By not giving the big boyz ammo to short physical with more paper (i.e. by not buying GLD and instead buying physical metal), you are creating your own short squeeze on the paper kings. The more people demand physical metal, the higher and faster the price will move up.<br /><br />Cheers!<br /><br />Adam<br />http://goldversuspaper.blogspot.comAdamhttps://www.blogger.com/profile/06211744365333009028noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-36521585665172716242009-12-01T23:33:48.933-07:002009-12-01T23:33:48.933-07:00Thanks for this great and informative post.
I agre...Thanks for this great and informative post.<br />I agree with your assessment of the described possibilities..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-60261402356009936932009-12-01T22:59:25.245-07:002009-12-01T22:59:25.245-07:00any reason why i can't paste into this field. ...any reason why i can't paste into this field. i have a URL that I want to share but its long and don't want to type it in, would rather cut/paste it but can't seem to get paste to work in this comment window.mabmannoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-59956073202414679622009-12-01T21:03:09.424-07:002009-12-01T21:03:09.424-07:00And why else would that language be in there, unle...And why else would that language be in there, unless the founders expected it to happen eventually?<br />The Early Stages of a Panic The collapse of a gold lessor is often very similar to a bank run. First, a few big depositors get nervous and withdraw their gold. As word spreads, a few analysts quietly tell their clients to do the same. This strains the lessor’s reserves even more, making the collapse more likely. Sooner or later, the broader market catches on. At that point, the run begins and the implosion can happen overnight. And that brings us back to our topic today. When Greenlight Capital fled GLD, many others in the market noticed. Now other managers are abandoning ship too. As investors sell GLD shares, the fund must sell its gold. We can see the panic among GLD investors when we see that…Since early July, GLD’s gold reserve has shrunk by 60.5 tons! There are three major dangers with owning shares in GLD. First of all, several hedge funds are fleeing the ETF in favor of physical. When multiple high profile players all run in the same direction, they can start a stampede in the larger market. And if you’re in the wrong position, you’ll get trampled by the herd. Second, the hedge funds might inadvertently start a run on physical metal. Greenlight Capital alone vacuumed almost one-half million ounces off the market. The gold market was already stretched dangerously thin. Just in the last year, we’ve seen the US Mint shut down gold coin production several times because it ran out of blanks and couldn’t get more. When even the US government can’t get enough gold, what does that say about the market? Third, even if the market survives the first two dangers, GLD looks very much like a sophisticated gold-leasing operation masquerading as a fund.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-26495765811725119782009-12-01T21:02:41.801-07:002009-12-01T21:02:41.801-07:00I think GLD was set up to do two things:
1. Make ...I think GLD was set up to do two things:<br /><br />1. Make gargantuan profits from the gold leasing<br />trade, and…<br />2. Make others pay for it.<br />The gold market has a huge sector that few know about: gold leasing. Gold leasing can be done for a variety of reasons, but here’s a common example. A jewelry manufacturer wants to create and market a new line of jewelry, but doesn’t have the money to do so. Rather than pay high interest rates to a bank, it just leases gold from a large gold holder. The manufacturer uses some of the gold to make its jewelry, and sells the rest to raise money for marketing and other expenses. Once the new jewelry is made and sold, the manufacturer buys gold on the open market to pay back its lease, including some extra metal as interest. Gold leasing is a very lucrative industry. However, it’s very difficult to get started. You need a tremendous amount of money to buy your ‘inventory’. That’s why the industry is dominated by just<br />a handful of mega-banks like UBS and JP Morgan Chase. But imagine what you could do if you could get the market itself to buy your inventory for you. Imagine how much money you could make if you<br />noticed the growing popularity of ETFs (exchange traded funds), and set one up to buy gold. If you did<br />a good job marketing it, you could convince hundreds of thousands of people to buy gold with their<br />money and allow you to “store” it for them. Now you have a vault brimming with millions<br />of ounces of gold. And you didn’t pay a dime for any of it. The best part of all is that…None of the suckers— I mean, investors— have the right to ever inspect the vault and make sure all the gold is there, or that any of it even exists.<br /> <br />How much money could you make lending out that gold over and over again? There’s just one problem though. Gold leasing schemes work fine—and generate huge profits for their managers—only as long as gold prices stay flat or go down. If this is true, it will explode in the face of those investors who “own” it when gold’s price really takes off. When leasing schemes collapse, they always<br />drive gold prices to the moon. People who own the commodity (physical gold owners) are ecstatic.<br />On the other hand, people who had their gold “safely” deposited with a fund or a bullion bank or<br />an unallocated pool account… are usually ruined. Don’t be among the latter group. If you still<br />own GLD shares or pool account shares, You can switch from shares in GLD’s so-called “trust” to<br />owning the real, physical, precious metal itself.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-74834562303926293732009-12-01T21:01:33.486-07:002009-12-01T21:01:33.486-07:00Would you turn your gold over to someone like this...Would you turn your gold over to someone like this? No? Then don’t buy shares in GLD, because that’s exactly what you would be doing. What is GLD’s True Purpose? Why do you suppose GLD’s founders gave themselves the right to lose all their shareholders’ gold, with absolutely no accountability? Does that sound like an ‘honest’ way to run a precious-metals fund? Or is there a more sinister motive?<br /><br />Sooner or later, though, the metal’s price breaks out of its range and shoots up. (And in recent issues<br />of GEA, I’ve documented a long list of reasons I think gold prices are ready to explode soon.)<br />Once the price shoots up, gold lessees (those who borrowed gold) go upside-down on their loans. The<br />gold they owe suddenly costs a lot more, and they can’t buy enough of it to repay their loans. When<br />they default, the lessors (those who lent gold) start defaulting on their commitments to their depositors<br />(gold owners)… and the depositors panic and start the precious-metal equivalent of a bank run…and that’s when the leasing market implodes. This cycle has happened over and over again. That’s why…<br /><br />Gold Leasing Schemes Always Collapse Eventually In 1989, the central bank of Portugal lent 17<br />metric tons of gold to Drexel Burnham Lambert. Just a few days later, Drexel went bankrupt. The<br />citizens of Portugal lost all that gold. In 1984, Johnson Matthey Bankers was as “blue chip” as an institution can be. Johnson Matthey was founded in 1817, and the bank was one of the five “fixing” members of the London gold market. It held a large percentage of the world’s gold. Despite being one of the largest gold banks in the world, it suddenly collapsed anyway, leaving its account holders in a very ugly situation. The government had to nationalize the bank to clean up the mess. <br /><br />In early 2000, Handy & Harman Refiners imploded. It too was one of the largest precious metals companies in the world—until the day in March 2000 when it suddenly went bankrupt. Customers<br />who had thought they owned silver and gold suddenly discovered they owned nothing at all.<br /><br />The lesson is clear. One of gold’s many benefits is its immunity to financial and political crises.<br />Indeed, gold usually flourishes during these situations. But owning your gold through another party<br />like this might expose you to the exact same problems you’re trying to avoid! While you should be<br />profiting handsomely, you suddenly find yourself as unsecured creditor to a bankrupt trustee instead.<br />And in the case of GLD, thanks to the weasel language buried deep in its prospectus, you would<br />have no recourse at all against the fund. After all, the Trustee “does not have the obligation to seekDave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.com