[For news on NWT Mint, see http://about.ag/NWTMint.htm]
[For research on bullion dealers, see http://BullionDealerData.com]




Forum
Sign up Calendar Latest Topics
 
 
 


Reply
  Author   Comment  
roadrunner

Junior Member
Registered:
Posts: 9
Reply with quote  #1 

I put in an order for my first shares of paper gold (GLD) today. Up until the BDI theft, I believed all the axioms about physical gold. If you don’t hold it, you don’t own it. And at some point there’s going to be a big disconnect between GLD and the physical metal, and GLD will be worth $0. That may happen during WWIII, when your next door neighbor invades your house and kills everyone to get your food and physical possessions. Based on history, I don't think the world will end before I die.                   

GLD is issued by State Street Advisors, is listed on the NYSE, and is regulated and overseen by the SEC. I can place a limit order at a lower price than current market to take advantage of falling price trends. And a buy/sell order executes immediately, and can be followed easily on an on-line account. 

If I had used the money I sent to BDI for physical gold to purchase GLD instead, I would still have all of the shares I purchased. And at present, each share is worth around $104, not $0. As far as I know, State Street or the brokerage you purchase their ETF from never took money for GLD shares and didn’t deliver. I purchase through Vanguard, and have more confidence in them than anyone else. Certainly much more than an anonymous, unregulated website business run by a Ponzi scheme operator. 

So while the reasons for holding physical metal may sound logical, how much money have people lost trying to accumulate physical metal through unscrupulous and unregulated businesses such as BDI, Tulving, and other we don’t know about? If there were fraud or thievery  involving GLD, the world would hear about it immediately and federal authorities would take immediate action. How many people know that 5-6000 of us were robbed by BDI, and who cares? Only those of us who are BDI victims. If lucky, we’ll get a few pennies on the dollar a couple of years from now, and that will be the end of it. 

From now on, I’ll take my chance on GLD. 

0
tboll

Senior Member
Registered:
Posts: 299
Reply with quote  #2 
Plus when you call Vanguard, you can actually speak to a person rather than just leave a voice message.

Most of us don't buy gold because we are prepping for the end of time.  We are just buying it to diversify our portfolio and to have some when the market goes through a BEAR stretch.  Like Roadrunner, I'm not expecting the end-time anytime soon, but I wouldn't be surprised if the US stock market takes a breather for a few years while all the babyboomers are drawing from their 401ks.  However, unlike in the past, since there aren't a lot of safe, high-interest investments for seniors, I suspect that even elderly folks will have to keep money in the market for the rest of their lives as opposed to converting it all to bonds and CDs.
0
LoneStarHog

Member
Registered:
Posts: 45
Reply with quote  #3 
Quote:
Originally Posted by roadrunner

I put in an order for my first shares of paper gold (GLD) today. Up until the BDI theft, I believed all the axioms about physical gold. If you don’t hold it, you don’t own it. And at some point there’s going to be a big disconnect between GLD and the physical metal, and GLD will be worth $0. That may happen during WWIII, when your next door neighbor invades your house and kills everyone to get your food and physical possessions. Based on history, I don't think the world will end before I die.                   

GLD is issued by State Street Advisors, is listed on the NYSE, and is regulated and overseen by the SEC. I can place a limit order at a lower price than current market to take advantage of falling price trends. And a buy/sell order executes immediately, and can be followed easily on an on-line account. 

If I had used the money I sent to BDI for physical gold to purchase GLD instead, I would still have all of the shares I purchased. And at present, each share is worth around $104, not $0. As far as I know, State Street or the brokerage you purchase their ETF from never took money for GLD shares and didn’t deliver. I purchase through Vanguard, and have more confidence in them than anyone else. Certainly much more than an anonymous, unregulated website business run by a Ponzi scheme operator. 

So while the reasons for holding physical metal may sound logical, how much money have people lost trying to accumulate physical metal through unscrupulous and unregulated businesses such as BDI, Tulving, and other we don’t know about? If there were fraud or thievery  involving GLD, the world would hear about it immediately and federal authorities would take immediate action. How many people know that 5-6000 of us were robbed by BDI, and who cares? Only those of us who are BDI victims. If lucky, we’ll get a few pennies on the dollar a couple of years from now, and that will be the end of it. 

From now on, I’ll take my chance on GLD. 



Carefully read the Prospectus and you might change your mind.  Really READ and COMPREHEND the original Prospectus and the revised ones.

The same goes for the SLV ETF.
0
JG

Administrator
Registered:
Posts: 991
Reply with quote  #4 
Quote:
Originally Posted by LoneStarHog
Carefully read the Prospectus and you might change your mind.  Really READ and COMPREHEND the original Prospectus and the revised ones.

The same goes for the SLV ETF.


FWIW, I carefully follow SLV (as in providing weekly updates of metal movement, etc.), and see no signs of metal not being there (except for short shares, which is by design in the world of stocks, where one person gives up their rights to let another borrow the share). The worst I saw was what I believe to be a violation of one set of terms, where there was a replacement of metal for good reason (a vault was closed, and instead of shipping the metal to a new vault, different metal was deposited there).

That said, the prospectus does admit that quite a bit could go wrong (e.g. the metal is not authenticated).

0
LoneStarHog

Member
Registered:
Posts: 45
Reply with quote  #5 
Quote:
Originally Posted by JG
Quote:
Originally Posted by LoneStarHog
Carefully read the Prospectus and you might change your mind.  Really READ and COMPREHEND the original Prospectus and the revised ones.

The same goes for the SLV ETF.


FWIW, I carefully follow SLV (as in providing weekly updates of metal movement, etc.), and see no signs of metal not being there (except for short shares, which is by design in the world of stocks, where one person gives up their rights to let another borrow the share). The worst I saw was what I believe to be a violation of one set of terms, where there was a replacement of metal for good reason (a vault was closed, and instead of shipping the metal to a new vault, different metal was deposited there).

That said, the prospectus does admit that quite a bit could go wrong (e.g. the metal is not authenticated).



The second of four major points at the beginning of my presentation Preparing to Exit the Matrix:  If You Don't Have It In Your Possession, You Don't Own It
1
nobody

Senior Member
Registered:
Posts: 360
Reply with quote  #6 
Without wading too far into the weeds, I'm a holder of most of the Sprott ETF's for my paper holdings.

In theory convertible to physical (though there could really exist more than 100% of shares at any given time since you could borrow shares and sell them short) - though I'm not certain anyone's ever tried.

Since you're both in the same room talking about paper vs physical, either of you want to comment on TF's recent post RE: Comex delivery spike? (Yes, he's got an angle, but I'm curious to hear thoughts from either end of the spectrum here).

And on a completely orthogonal note -  I've been eyeballing Platinum/Palladium from a value perspective - there's just so little of it in COMEX to sell, and both have been hit harder than gold in recent months).  Anyone else following the less-loved PM's?

Not an investment recommendation, not legal advice, not to be taken internally, etc.
0
JG

Administrator
Registered:
Posts: 991
Reply with quote  #7 
Quote:
Originally Posted by nobody
Since you're both in the same room talking about paper vs physical, either of you want to comment on TF's recent post RE: Comex delivery spike? (Yes, he's got an angle, but I'm curious to hear thoughts from either end of the spectrum here).


I hadn't seen that yet. He follows the COMEX delivery cycle closer than I do. If he hasn't seen something like that before (over 100% of open contracts at expiration taking delivery), then I'm sure it is quite uncommon. As for an explanation, I cannot say; I do not know how someone can take delivery of a contract that is not open (it defies my sense of logic). It could be an error on the part of COMEX or TF, or something we just aren't aware of (either normal or highly unusual).



0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.