Crazy to buy this #$%$ when the smackdown is around the corner.
As this is still a relevant GLD issue, I will repost this here:
Why is there a clause in the GLD prospectus that states GLD has no right to audit subcustodial gold holdings? Why would the organizations behind GLD forfeit this right and create this massive audit loophole? I haven't heard of a single good reason for the existence of this loophole so far. In addition to the audit loophole, GLD claims to be fully backed by physical gold bullion but yet it refuses to give retail investors the right to redeem for any of these ‘claimed’ gold bullion. I also welcome everyone to verify the following for yourselves as I have:
"I remember CNBC's Bob Pisani visiting GLD's vault in a well documented segment. GLD's administration arranged this visit to disprove everyone claiming that GLD's gold did not exist. However, Mr. Pisani held up a gold bar with the following serial number - ZJ6752. This serial number did not appear on the most recent bar list during that time period. Cheviot Asset Management’s Ned Naylor-Leyland later found out that this "GLD" bar actually belonged to ETF Securities."
"Did anyone try calling the GLD hotline at 866▪320▪4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I asked about how much of the gold was insured, the representative proceeded to act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors."
I see the utility in Crypto Currencies, but don't see any utility in the Precious Metals. PMs cost $ to store and are difficult to use. Time to phase out the old "Store of Value" All countries should collectively sell all their gold to the bigger fool.
I actually think higher interest rates have a positive impact on the price of gold. knee-jerk reaction to FED minutes is a little overcooked.
How are you long fools doing. You shoulda bought Bitcoin.
Bitcoin will turn into Bustcoin when the day of reckoning comes.
PM smashing will happen during periods over the next month. Hope you buy plenty of puts and shorts.
You fools. You shoulda bought BITCOIN.
See GLD at $120.87 on Friday.
Winding Down the FED Balance sheet is like watching paint dry. The smashes in the PMs will be like watching paint stripping. Short all PMs and buy Bitcoin.
JAMIE DIMON ON BITCOIN: "The currency isn't going to work," Dimon told the Delivering Alpha investor conference in New York. "You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart." << THE FED AND CENTRAL BANKS CREATE DOLLARS OUT OF THIN AIR...
"My daughter bought a bitcoin and it immediately went up, now she thinks she's a genius," Dimon said.
"It's just not a real thing," Dimon said. "Eventually, it will be 'the emperor has no clothes' WILL THE US DOLLAR BECOME an EMPEROR with no clothes as budget deficit passes 20 TRILLION and counting ? The ULTIMATE CURRENCY with NO COUNTER PARTY RISK = GOLD AND SILVER as it's VALUE IS CONTAINED WITHIN...
Gold is a screaming BUY here. It will be unstopable
The most amazing thing is the iphone has consumed 20 tons of gold since 2007. That is 25 milligrams per phone at roughly a total of 700 million phones sold. What has the gold price done...fallen! Think about that for a moment gold bugs. As you can see, gold is only a commodity and not money. Buy Bitcoin.
Weeeee down the toilet with PMs. Buy Bitcoin
Stronger USD is my bet, which means guess what guys.....PMs to be smashed big going forward.
I am so confused....
$1400 on the way. Fed is very much behind the curve. CPI print .4 m/o/m. When the fed is behind the curve gold moves up and dollar falls. Great news this morning for gold longs.
The US will try to drop Gold, now that the Gold Backed Yuan is gaining international acceptance as an emerging non-fiat based reserve currency. It will work in the short term, but the more the Yuan gains acceptance the dollar is doomed.