tag:blogger.com,1999:blog-7982981413278241287.post7166840590762835147..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: The U.S. Banking System Is More Leveraged Now Than In 2008Dave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger22125tag:blogger.com,1999:blog-7982981413278241287.post-55057718443284172372011-11-02T12:40:59.751-06:002011-11-02T12:40:59.751-06:00MF Global Bankruptcy vs Utility Banking & Refo...MF Global Bankruptcy vs Utility Banking & Reform<br /><br />We need utility banking. MF Global CEO Jon Corzine, Former CEO of<br />Goldman Sachs- Senator-Governor, knows the program.. He wins, you lose.<br />You might have lost some money in the TIAA CREF pension fund or<br />perhaps his firm may have allegedly dipped into your client funds to<br />cover highly leveraged speculations (and possibly derivatives). Jon<br />Corzine may be illustrative of our government dysfunction where the<br />regulators are afraid to rock the boat and our congressmen are bought<br />off and paid for as they move into the revolving door between business<br />and government. Utility banking is a simple concept.. you put your<br />money in and its safe from speculation.<br /><br />http://www.youtube.com/watch?v=Lok008p7F88&feature=youtube_gdataAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-67441776293403972712011-11-02T10:31:39.932-06:002011-11-02T10:31:39.932-06:00Dave check it out...QE Never really stopped
http:...Dave check it out...QE Never really stopped<br /><br />http://s56.radikal.ru/i152/1111/52/029f017d1143.gifBillnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-21405694199350195992011-11-02T10:17:40.770-06:002011-11-02T10:17:40.770-06:00Thanks a lot Dave. Making my job frickin easier, ...Thanks a lot Dave. Making my job frickin easier, yep. I got accounts in PHYS where investors can't hold bars.johnrandinoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-54246618815312136742011-11-02T09:48:16.091-06:002011-11-02T09:48:16.091-06:00(Dave)
Ya. It's the same garbage as GLD only...(Dave)<br /><br />Ya. It's the same garbage as GLD only packaged under a different name. The most positive difference is that the Sponser and the Custodian are one and the same - the RCM. To begin with, you need to own $200k worth of shares (at issue price) in order to redeem the shares for gold. If you don't have money for that, you just own paper gold once again.<br /><br />BUT, check this out - from the prospecus: <br /><br />The gold bullion underlying the ETRs will <br />be stored by the Mint on an unallocated basis, such that the gold bullion owned by an ETR Holder will not be held separately from the other unallocated gold bullion held at the Mint, including the unallocated gold bullion underlying other ETRs<br /><br />The withdrawal of gold by the Mint to pay fees will reduce the amount of gold represented by each ETR on an ongoing basis<br /><br />There's a bunch of other risks disclosed in the part of the prospectus that brokers and invetors never read. For instance, the Mint can suspend your ability to redeem shares for bullion.<br /><br />I may blog on this, because it's maybe a little better than GLD but not much.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-4829884404706529872011-11-02T09:21:11.500-06:002011-11-02T09:21:11.500-06:00Dave - Any thoughts you can share on Royal Canadia...Dave - Any thoughts you can share on Royal Canadian Mint's ETR?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-24750344941264737912011-11-02T08:21:13.324-06:002011-11-02T08:21:13.324-06:00Ponzi would be proud DavePonzi would be proud DaveBillnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-91622704109983112102011-11-02T06:23:41.882-06:002011-11-02T06:23:41.882-06:00(Dave)
LOL. Tebow is either a really intriguing ...(Dave)<br /><br />LOL. Tebow is either a really intriguing development project or one of the biggest first round busts ever. Right now he's looking like the latter.<br /><br />Either way, when is the last time a player generated this much discussion for several weeks in a row?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-46405522114793212642011-11-02T01:14:38.156-06:002011-11-02T01:14:38.156-06:00Riddle me this...why do I get Santa images for Cor...Riddle me this...why do I get Santa images for Corzine when I google him? I'm thinking I should get the grinch. That fat motherscracther should burn in hell. Excellent blog (Tebow analysis excepted).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-64338903712613547342011-11-01T23:01:44.320-06:002011-11-01T23:01:44.320-06:00(Dave)
Hi, thanks for the inquiry. Send my partn...(Dave)<br /><br />Hi, thanks for the inquiry. Send my partner, Dean, an email at dean@goldenreturnscapital.com<br /><br />Mention me and he can get you set up with a temporary login for our website and some other information.<br /><br />We invest in physical gold and silver, primarily 1 oz. gold/silver eagles, maple leafs and austrian philharmonics and in mining stocks, with an emphasis on juniors. The metal is safe-kept at an independent depository in Delaware. When an investor cashes out, they have the option of taking delivery of their pro rata share of the bullion (which is why we invest in the 1 oz. coins). Right now we're about 65% bullion/35% stocks, but will likely reallocated closer to 50/50 over the next 3 months.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-50066316608639522222011-11-01T22:47:57.350-06:002011-11-01T22:47:57.350-06:00Dave - I am interested in investing in your hedge ...Dave - I am interested in investing in your hedge fund. Where can I get more information? Thank you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-4969666419420222422011-11-01T22:44:19.879-06:002011-11-01T22:44:19.879-06:00Dave, Which securities firms do not have banking ...Dave, Which securities firms do not have banking operations or owned by a banking entity? Thank you!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-78919235892338732402011-11-01T17:48:50.419-06:002011-11-01T17:48:50.419-06:00Rocking, Top Notch Rant! Corzine has always been a...Rocking, Top Notch Rant! Corzine has always been a spine tingler (wrong kind) for me. Thanks for all the scoop and perspectives valuable guidance. Sweet to have this level contacts to share. Kudos to them<br /><br />Kansas CrudeAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-48279967389836130122011-11-01T15:56:33.027-06:002011-11-01T15:56:33.027-06:00Dave,
Thank you for your clear and useful answer.
...Dave,<br />Thank you for your clear and useful answer.<br /><br />StephanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-23762403499351927682011-11-01T15:29:27.536-06:002011-11-01T15:29:27.536-06:00"There is one way to at least insulate your w..."There is one way to at least insulate your wealth from this poisonous garbage going on in our financial system: physical gold and silver."<br /><br /><br />Yes, that is most definitely correct, gold and silver.<br /><br />However, make sure you have the necessary provisions to stay alive to thrive, first, so you'll have the clarity to put to good use those PM's. <br /><br />What is wealth, anyway, if your health does not serve you? So many, many sick Americans out there don't even know they're state of health.<br /><br />When IT comes, it's going to be nasty. <br /><br />"Ring around the rosie,<br />a pocket full of posies.<br />Ashes, ashes,<br />we all fall down."<br /><br />This is no drill.European Americanhttp://www.flickr.com/photos/54175126@N06/5477604073/lightbox/noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-85731547777319466002011-11-01T15:07:11.225-06:002011-11-01T15:07:11.225-06:00(Dave)
i haven't really studied exactly how g...(Dave)<br /><br />i haven't really studied exactly how goldmoney works but I know Turk is the next best thing in terms of trustworthiness to having the gold in your hands. i think the big advantage to goldmoney is that it holds the gold in an international account so that if you decide to leave the U.S. and relocate you don't have to worry about getting your gold out.<br /><br />I'd say it's 9 - i say 9 only because when i have gold in my hand, i can use it today if need be. I assume with goldmoney there might be timing logistics, but i don't know.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-33317375945502745712011-11-01T14:37:16.875-06:002011-11-01T14:37:16.875-06:00Dear Dave,
supposing that GLD, SLV, CEF, GTU = ...Dear Dave, <br /><br />supposing that GLD, SLV, CEF, GTU = 0<br /><br />and PHYSICAL GOLD / SILVER IN MY HANDS = 10<br /><br />which note would you give to GOLDMONEY from 0 to 10 ?<br /><br />Thank you<br /><br />StephanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-1360814835714703602011-11-01T12:16:22.228-06:002011-11-01T12:16:22.228-06:00(Dave)
PHYS is fine because it is backed 100% by ...(Dave)<br /><br />PHYS is fine because it is backed 100% by gold and the prospectus has all the safeguards in place to enable Sprott to make sure the gold being safekept is kept in an allocated bin. The only downside for you is that you end up with cash when you sell instead of physical gold, but it's better than owning GLD thinking you have gold and then waking up one day to find gold up $300 and GLD down 50%.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-51956668976598700172011-11-01T12:01:19.582-06:002011-11-01T12:01:19.582-06:00Dave,
Thanks for your appropriate post today.I hav...Dave,<br />Thanks for your appropriate post today.I have a question.<br /><br />My 401K is rolled into IRA and is all in PHYS with Fidility and Vanguard. I am not US citizen and since returned back to my native country.<br /><br />Also my retirement fund is not so much, to qualify for physical delivery.<br /><br />Looking at your todays piece, I have no choice but to leave it as it is and be on mercy of US regulators.<br /><br />Do you recomend any other option ?<br />(Withdrawing any money for next 10 years is not an option for me at this time)<br />Thanks in advance, <br />Regards,"G"https://www.blogger.com/profile/05954757120792701723noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-21213332850913433092011-11-01T11:38:17.165-06:002011-11-01T11:38:17.165-06:00"Our system is so fucked all you can do laugh..."Our system is so fucked all you can do laugh and enjoy what you can while you can, as much as you can..."<br /><br />Isn't that's what George Carlin said too? <br /><br />Anyhow I guess, if the banks which are all interconnected have these CDS marked down as assets in their book, all we need is one domino to take the whole thing down...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-55844428075803923122011-11-01T11:19:34.704-06:002011-11-01T11:19:34.704-06:00(Dave)
Dante, the "collateral" depends ...(Dave)<br /><br />Dante, the "collateral" depends on the nature of the swap agreement and what is being "hedged." If you own a Greek bond and buy credit default insurance from me, my "collateral" would be anything on my balance sheet that is unencumbered that I might need to honor your insurance if Greece defaults. For all intents and purposes this would be cash. Greec defaults, your bond is worth 50 cents so I owe you the difference between 50 and par on the notional amount. If I don't have the liquidity to honor the claim, you are out the money you paid for the insurance AND you are out on the amount of the claim. You become a creditor to me.<br /><br />As we see with what Bank of America did in moving $57 trillion derivatives from it's Holding Company to its retail banking sub, derivatives creditors stand in the food line in bankruptcy AHEAD of depositors. It was a "clever" albeit fraudulent way of pushing the derivatives liability onto the FDIC aka the Taxpayer.<br /><br />Our system is so fucked all you can do laugh and enjoy what you can while you can, as much as you can...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-53410938219585332162011-11-01T11:13:27.111-06:002011-11-01T11:13:27.111-06:00Dave,
When a firm says they reduce and net out th...Dave,<br /><br />When a firm says they reduce and net out their exposure through hedges and taking collateral...who or what determines the value of that "collateral"?..Is their a standard? or is it like mark to make believe...just wondering if those reduced exposures are realistically determined as the linked story cites ms cfo explanation. Thanks.<br /><br />danteAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-45845891449498582112011-11-01T10:22:45.336-06:002011-11-01T10:22:45.336-06:00Thanks for this piece Dave. I am watching the Gree...Thanks for this piece Dave. I am watching the Greek meltdown today as sort of a prelude.Brianhttps://www.blogger.com/profile/11009623520148094685noreply@blogger.com