I was researching gold coins, as I may want to pick one or two up, when I chanced upon the following article. It's old, but I never saw it, but further cements my position that the precious metals markets are being severely manipulated. Of course, this should come as no surprise, as we're talking bankers here, lol.
The economy has been so weak the past 7 years, it's almost unfathomable that gold & silver isn't through the roof. Here's one of the reasons why...sheisters...
Joe,
Old news but relevant to the PM market today. The flipping COMEX currently has about a 200 to 1 ratio, paper claim v. 1 oz of inventoried physical gold in GLD shares. (The big pension push when the scare hit. Move a portion to Gold!!! All the fund managers bent to the pressure of the big holders like state pension funds, etc...) So they just keep moving the same gold over to another part of the vault. (Rehypothecation, look it up! Those idiots at Lehman did the same crap with Mortgage Tranches in 2007/08.) Hope nobody wants physical delivery right away because they'll settle in cash in a New York Minute and make money on the trade, no less. They're thieves, pure and simple.
Don't buy Gold Eagles or Private Mint. Only buy Canadian Maple Leafs which are .9999 pure and only buy 1 oz. coins. Don't buy fractions like 1/10th or 1/20th because the premiums are way too high for such. And buy from a reputable coin dealer or online well established outfit or from the RCM direct. There are a TON of fakes out there.
And unless the Unicorn craps more skittles and the stock market goes wayyyyyyy up, I think the bottom is in for gold and silver right now!
But for Gods' sake, don't bet the farm on it! 20% max. But physical in your hands.
Ed/ODF
Guys, Thanks for all the information.
(11-11-2015 07:56 PM)Ohio Dirt Fisher Wrote: [ -> ]Joe,
Old news but relevant to the PM market today. The flipping COMEX currently has about a 200 to 1 ratio, paper claim v. 1 oz of inventoried physical gold in GLD shares. (The big pension push when the scare hit. Move a portion to Gold!!! All the fund managers bent to the pressure of the big holders like state pension funds, etc...) So they just keep moving the same gold over to another part of the vault. (Rehypothecation, look it up! Those idiots at Lehman did the same crap with Mortgage Tranches in 2007/08.) Hope nobody wants physical delivery right away because they'll settle in cash in a New York Minute and make money on the trade, no less. They're thieves, pure and simple.
Don't buy Gold Eagles or Private Mint. Only buy Canadian Maple Leafs which are .9999 pure and only buy 1 oz. coins. Don't buy fractions like 1/10th or 1/20th because the premiums are way too high for such. And buy from a reputable coin dealer or online well established outfit or from the RCM direct. There are a TON of fakes out there.
And unless the Unicorn craps more skittles and the stock market goes wayyyyyyy up, I think the bottom is in for gold and silver right now!
But for Gods' sake, don't bet the farm on it! 20% max. But physical in your hands.
Ed/ODF
A 200 to 1 ratio is RIDICULOUS. Imagine this for a second...
I sell you stock in a company. $20 per share. I tell you that you can cash out anytime, whether at a profit or loss. It goes up or down by $2 (you choose). You then decide to cash out, and come back to me to do so. I then tell you that we can't cover the shares. That's fraud 101. Same thing as selling stuff that doesn't exist. How in the hell do these guys get away with this $hit?!
Joe
Yeah, they are really over selling those gold shares hand over fist.
Boy if the bottom falls out of the gold shares market it might upset the entire commodities market again.
Right now it seems to me when folks realized that oil stock piles were too high for demand that the entire commodities market to a hit along with the oil slide.