He had me at, "However, we have sinned against God, so this is our just reward." [facepalm]Quote:
Originally Posted by sellersm
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He had me at, "However, we have sinned against God, so this is our just reward." [facepalm]Quote:
Originally Posted by sellersm
Double Check on that.Quote:
Originally Posted by rbeau30
http://www.barnhardt.biz/2014/12/17/...-gold-trading/
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The fifth largest Commodity trading company (not a brokerage firm per se, but specializing in trading commodities in both the physical and on paper) just announced that they are ceasing ALL gold trading activity. Why? Because the PHYSICAL GOLD that is allegedly stored and/or backing the paper markets ISN’T THERE, everyone knows it, and they want out before the manure impacts the rapidly spinning airfoils.
Anne is spot on. Gold and silver are overbooked to say the least. If everyone who has a certificate stating they hold x amount of PM and they all went to collect they'd be sorely disappointed. I'd bet that less than 20% would get their PM.
This is a link to Fractional Reserve Banking, financial instututions practice these same principles and apply them to many commodities.
http://www.investopedia.com/terms/f/...rvebanking.asp
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DEFINITION OF 'FRACTIONAL RESERVE BANKING'
A banking system in which only a fraction of bank deposits are backed by actual cash-on-hand and are available for withdrawal. This is done to expand the economy by freeing up capital that can be loaned out to other parties. Most countries operate under this type of system.
Also known as "fractional deposit lending".
I get what you're stating, but "Fractional Reserve Banking" is legitimate, to a degree, and legal.
Selling the same serial numbered bar of gold to multiple people is not.
Then there's also the problem with fake gold bars being exchanged.
Gonna be one hell of a crash.
More NIRP on selected accounts.
http://www.zerohedge.com/news/2014-1...sending-deposi
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none other than the Swiss National Bank joined the ranks of the ECB in scrambling to stem the wave of capital flight, not to mention the cost of money, when it announced it too would start charging customers for the privilege of holding cash in its banks, when it revealed a negative, -0.25% interest rate on sight deposits: a step which according to the SNB was critical in maintaining the 1.20 EURCHF floor.
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Sight deposit account
A sight deposit account is a bank account through which transfers in the form of cashless payments and cash deposits and withdrawals can be effected.
Thank you for bringing up an important point that I missed, I didn't give a thought to serialized bars.Quote:
Originally Posted by davsel
Then again who is going to prosecute them?
What if the paper isn't on serialized gold? AGEs are not serialized.
All this talk about counterfeit gold and silver.
Anyone have a suggestion on a good scale to verify your coins/bars/etc ?
hmmm... that could be a new item on my Christmas list.Quote:
Originally Posted by rbeau30
I recently saw a very good tool to test coins...I will find it and post.
Here
http://thefisch.com