Comments on Financial Foghorn's articles RSS Syndication from SeekingAlpha.com http://seekingalpha.com/author/financial-foghorn/articles http://seekingalpha.com/article/124720-top-5-highlights-from-the-phoenix-resource-conference?source=feed#comment-427432 427432 Mon, 16 Mar 2009 09:34:35 -0400
What could drive Gold down could be plain old rotation. Banks up, Gold down.

???]]> http://seekingalpha.com/article/124720-top-5-highlights-from-the-phoenix-resource-conference?source=feed#comment-427064 427064 Sun, 15 Mar 2009 22:19:43 -0400
For now, all of the headwinds listed are Knowns. To Hammer Gold? and not Hammer the USD at the same time.

I really do not have any scenario that would achieve both simultaneously But if You are serious about shorting against the Box, why not just go with DZZ in the interim? ]]> http://seekingalpha.com/article/124720-top-5-highlights-from-the-phoenix-resource-conference?source=feed#comment-420040 420040 Tue, 10 Mar 2009 00:42:02 -0400 http://seekingalpha.com/article/124720-top-5-highlights-from-the-phoenix-resource-conference?source=feed#comment-419284 419284 Mon, 09 Mar 2009 12:23:16 -0400 http://seekingalpha.com/article/124720-top-5-highlights-from-the-phoenix-resource-conference?source=feed#comment-418770 418770 Mon, 09 Mar 2009 02:28:13 -0400
"In general, he echoed others' predictions on the demise of gigantically stupid derivatives world. He also added his own Cassandra-like warning of a 50% drop in the dollar over the next two years, and another "Bank Holiday" within a month. He specifically recommended the ProShares Ultra Short Bond Fund (TBT) for these events."

Aren't the holdings in TBT based mainly in Treasury Swaps, which are derivatives, not very much unlike a CDS?

Something that just occurred to me... isn't a CDS similar to a naked PUT, except based on credit instead of equity? Aren't selling naked options what brought down LTCM in the 90's only under a different guise? I guess everyone thinks they can outsmart the market... especially with OPM, and in this case the taxpayers.]]> http://seekingalpha.com/article/124720-top-5-highlights-from-the-phoenix-resource-conference?source=feed#comment-418635 418635 Sun, 08 Mar 2009 22:44:46 -0400 stockhouse.com I would like to invite you to have a look. A lot of good posters and discussion there. Try this link to get directly to Mag's message board...
www.stockhouse.com/Bul... if not type t.mag on board search at home page. Looking forward to seeing you post there.]]> http://seekingalpha.com/article/124720-top-5-highlights-from-the-phoenix-resource-conference?source=feed#comment-418443 418443 Sun, 08 Mar 2009 17:59:34 -0400
MVG is new to me. Thank you.]]> http://seekingalpha.com/article/124720-top-5-highlights-from-the-phoenix-resource-conference?source=feed#comment-418029 418029 Sun, 08 Mar 2009 12:24:06 -0400 http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-417813 417813 I was sleeping a little better knowing that my GLD would give me > at least a grub stake in the brave new post apocalyptic world. But > your article really points out the weakness of holding GLD. Counter > party risk. Trust. > > Thanks again! I will be moving out of GLD and SLV shortly. > > What do people think about the bullion vault?]]> Sun, 08 Mar 2009 09:45:22 -0400

On Feb 20 12:46 AM mr freddo wrote:

> I was sleeping a little better knowing that my GLD would give me
> at least a grub stake in the brave new post apocalyptic world. But
> your article really points out the weakness of holding GLD. Counter
> party risk. Trust.
>
> Thanks again! I will be moving out of GLD and SLV shortly.
>
> What do people think about the bullion vault?]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-404804 404804 Thu, 26 Feb 2009 14:05:17 -0500 http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-396749 396749 I was sleeping a little better knowing that my GLD would give me > at least a grub stake in the brave new post apocalyptic world. But > your article really points out the weakness of holding GLD. Counter > party risk. Trust. > > Thanks again! I will be moving out of GLD and SLV shortly. > > What do people think about the bullion vault?]]> Fri, 20 Feb 2009 12:17:10 -0500

On Feb 20 12:46 AM mr freddo wrote:

> I was sleeping a little better knowing that my GLD would give me
> at least a grub stake in the brave new post apocalyptic world. But
> your article really points out the weakness of holding GLD. Counter
> party risk. Trust.
>
> Thanks again! I will be moving out of GLD and SLV shortly.
>
> What do people think about the bullion vault?]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-396740 396740 I agree with everything in this article and switched all my GLD holdings > to CEF earlier this year for the very reasons cited. However, there > is one other reason which is very compelling and not mentioned here: > CEF is Canadian held, and so not subject ot USA law in the case of > possible confiscation.]]> Fri, 20 Feb 2009 12:14:02 -0500

On Feb 18 06:10 AM sakata wrote:

> I agree with everything in this article and switched all my GLD holdings
> to CEF earlier this year for the very reasons cited. However, there
> is one other reason which is very compelling and not mentioned here:
> CEF is Canadian held, and so not subject ot USA law in the case of
> possible confiscation.]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-396726 396726 Fri, 20 Feb 2009 12:06:28 -0500 http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-396051 396051 Fri, 20 Feb 2009 00:46:16 -0500
Thanks again! I will be moving out of GLD and SLV shortly.

What do people think about the bullion vault?]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-395982 395982 Thu, 19 Feb 2009 22:42:37 -0500
Ok - I'm also holding some CEF, but I'm not happy with the "dip" when they issued more shares at NAV last month.
--joe]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-394388 394388 On Feb 18 03:37 PM jt wrote:]]> Wed, 18 Feb 2009 21:29:29 -0500
I like the CEF set-up. They have a physical address in Calgary.


On Feb 18 08:09 PM sakata wrote:

> On Feb 18 03:37 PM jt wrote:]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-394383 394383 Wed, 18 Feb 2009 21:26:14 -0500
Bix explains it in tonight's LeMetropoleCafe:

I see a lot of discussion on whether or not the gold and silver ETF's actually have the physical metal that they claim. Although Jim Sinclair says that he doubts it, from my analysis of GLD and SLV I believe that the gold and silver bars may actually be real and the serial numbers they quote might actually exist. Boy, wouldn't that be a shocker!

The fraud lies in the multiple ownership aspect of those bars and the physical location of the inventories. Fractional Reserve Metal Banking is alive and well in the ETF world! From my discussions with David Kass of the CFTC it is clear to me that there is a direct connection between COMEX warehouse inventories and the ETF inventories where both are being double counted without regard to sole rights of ownership.

www.lemetropolecafe.co...

Here's the way I see it:

1) There are multiple claims of ownership of the GLD and SLV physical inventories including ETF shareholders, sovereign nation reserves, working manufacturing/refining inventories, pooled accounts, metal certificates, swaps, leases, etc. Although much of it may be stored in the ETF sanctioned warehouses in London, it is also in various other places (Fort Knox for example!). It would not surprise me to find out that the "metal leverage" translates into 3 or more claims on each individual bar listed in the ETF inventories. Neither prospectus requires physical audits, sole ownership audits or any strict storage location requirements.

2) The supposed naked short positions in gold and silver on the COMEX have been justified to the CFTC by the banking cabal (mainly JP Morgan) by claiming that at any time they can back those positions with the physical gold and silver located (and identified by serial number) in the metal ETF's. As the COMEX short position grows the inventories of GLD and SLV must grow as well to justify the naked short. The CFTC has never, to my knowledge, verified that the metal is real OR that there are no other claims of ownership on those inventories. Of course the obvious claim on that metal is the shareholders of the ETF through their "Authorized Participants"....don't even get me started on who those Authorized Partcipants are!

3) In the end, a gold/silver default is inevitable thus rendering the multiple ownership aspect of the manipulation plan a success. The default will happen in concert with the multiple other financial/currency defaults thus deflecting and masking the true nature of the scam. Of course, the losers will be those who thought they owned the physical metal but will never reap the rewards of it. The winners will be the countries in which the metal is stored because a collapse on a grand scale will surely promote the nationalization of all gold and silver the government can get their hands on for the good of their population. Thus the BIG winners in this game will be the USA with the COMEX inventories and England with the ETF inventories....no surprise there.

On a side note, it is very encouraging to hear so many new voices exposing the banking cabal after years and years of the GATA faithful fighting this battle alone!

Time to buckle up...AGAIN!
Bix

]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-394317 394317 Take your money out of GLD, buy physical if you can, if you're limited > by your IRA, buy CEF, or producing mining stocks...esp mid-and early/very > near (with the capital to do it) producers. Forewarned in forearmed...jt Has anyone else noticed the performance of CEF and GTU since the end of January. During that period GLD has gone up 6.13%. GTU, whose holdings are 95% gold bullion has gone up 13.95%. CEF, which holds both gold (56%) and silver (41%) bullion should have gone up 9.11% as compared to GLD and SLV but actually went up 11.30%. GTU is trading at a premium of 17% and CEF is trading at a premium of 14.0%. There has been many posts here during the last month about how GLD is suspect for not having the physical holdings it claims. Are these figures an indication that people are beginning to listen and that a significant percentage are moving away from the US-based GLD and into the Canadian-based GTU and CEF? I, for one, switched my holdings from GLD and SLV into both GTU and CEF on January 22nd. Since switching I have made 20.33% on that portion of my portfolio. Had I stayed with GLD and SLV I would have made only 16.9%. ]]> Wed, 18 Feb 2009 20:09:25 -0500
> Take your money out of GLD, buy physical if you can, if you're limited
> by your IRA, buy CEF, or producing mining stocks...esp mid-and early/very
> near (with the capital to do it) producers. Forewarned in forearmed...jt


Has anyone else noticed the performance of CEF and GTU since the end of January. During that period GLD has gone up 6.13%. GTU, whose holdings are 95% gold bullion has gone up 13.95%. CEF, which holds both gold (56%) and silver (41%) bullion should have gone up 9.11% as compared to GLD and SLV but actually went up 11.30%. GTU is trading at a premium of 17% and CEF is trading at a premium of 14.0%.

There has been many posts here during the last month about how GLD is suspect for not having the physical holdings it claims. Are these figures an indication that people are beginning to listen and that a significant percentage are moving away from the US-based GLD and into the Canadian-based GTU and CEF? I, for one, switched my holdings from GLD and SLV into both GTU and CEF on January 22nd. Since switching I have made 20.33% on that portion of my portfolio. Had I stayed with GLD and SLV I would have made only 16.9%. ]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-394082 394082 Wed, 18 Feb 2009 16:22:23 -0500
I have no idea or understnaidng why you've written your artilce as you did. Misinformed and misrepresenting your comments. Had you done any reserach you would have seen that the SPDR is holding GOLD on deposit at State Street Bank & Trust and the following links will show all of the readers interested on what's rela or not rela by reviewing the prospectus..
It's scary that artilce like this can be wriotten and present ed in a professinal manner..hopefully interested investors haven't been turned away from a legal enity that has been reviewed and approved for sale by the SEC in the USA.

I've passed your article on to the underwriters for further review and to adress your points and respond upon them

RIchpee

by looking at the prospectus...you can see

www.spdrgoldshares.com.../

Total Gold In Trust:
Tonnes: 1,008.80
Ounces: 32,433,843
Value US$: 31,260,874,923.52


www.spdrgoldshares.com.../





Please check this article out and give me your professional opinion as to the validity of this writters comments..

on the backing of GOLD metals if any on GLD ETF series...


seekingalpha.com/artic... ]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-394036 394036 Excellent article...am emailing MIDAS to make him aware and perhaps > put a link in this evening's LeMetropole. > > Augustus...with that comment, I think you are an ideal candidate > to buy more GLD...or perhaps you work for one of the banks behind > it? > > whenmusicstops...yes, that is true about almost all commodity ETFs...CEF > is and exception rather than the rule. That is why it is so important > to own physical PMs if you're truly looking for a safe haven for > your wealth. Even CEF should be a somewhat distant second to owning > physical. But IMO, and many others who have been following the gold > / silver / currency markets and the "strong dollar policy" for years, > the ETFs were an obvious attempt by those suppressing the prices > of gold and silver (the sum total of Rubin's "strong dollar policy" > btw), to detour monies heading into the PMs into more paper that > they control. Just look at the backing of the PM ETFs and you'll > understand. > > Take your money out of GLD, buy physical if you can, if you're limited > by your IRA, buy CEF, or producing mining stocks...esp mid-and early/very > near (with the capital to do it) producers. Forewarned in forearmed...jt]]> Wed, 18 Feb 2009 15:54:57 -0500
jt


On Feb 18 03:37 PM jt wrote:

> Excellent article...am emailing MIDAS to make him aware and perhaps
> put a link in this evening's LeMetropole.
>
> Augustus...with that comment, I think you are an ideal candidate
> to buy more GLD...or perhaps you work for one of the banks behind
> it?
>
> whenmusicstops...yes, that is true about almost all commodity ETFs...CEF
> is and exception rather than the rule. That is why it is so important
> to own physical PMs if you're truly looking for a safe haven for
> your wealth. Even CEF should be a somewhat distant second to owning
> physical. But IMO, and many others who have been following the gold
> / silver / currency markets and the "strong dollar policy" for years,
> the ETFs were an obvious attempt by those suppressing the prices
> of gold and silver (the sum total of Rubin's "strong dollar policy"
> btw), to detour monies heading into the PMs into more paper that
> they control. Just look at the backing of the PM ETFs and you'll
> understand.
>
> Take your money out of GLD, buy physical if you can, if you're limited
> by your IRA, buy CEF, or producing mining stocks...esp mid-and early/very
> near (with the capital to do it) producers. Forewarned in forearmed...jt]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-394012 394012 Wed, 18 Feb 2009 15:42:32 -0500 http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-394006 394006 Wed, 18 Feb 2009 15:37:46 -0500
Augustus...with that comment, I think you are an ideal candidate to buy more GLD...or perhaps you work for one of the banks behind it?

whenmusicstops...yes, that is true about almost all commodity ETFs...CEF is and exception rather than the rule. That is why it is so important to own physical PMs if you're truly looking for a safe haven for your wealth. Even CEF should be a somewhat distant second to owning physical. But IMO, and many others who have been following the gold / silver / currency markets and the "strong dollar policy" for years, the ETFs were an obvious attempt by those suppressing the prices of gold and silver (the sum total of Rubin's "strong dollar policy" btw), to detour monies heading into the PMs into more paper that they control. Just look at the backing of the PM ETFs and you'll understand.

Take your money out of GLD, buy physical if you can, if you're limited by your IRA, buy CEF, or producing mining stocks...esp mid-and early/very near (with the capital to do it) producers. Forewarned in forearmed...jt]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-393937 393937 Wed, 18 Feb 2009 14:56:37 -0500 http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-393931 393931 Wed, 18 Feb 2009 14:52:06 -0500 http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-393646 393646 Wed, 18 Feb 2009 12:24:54 -0500
CEF is priced at about a 12% premium to NAV. What an opportunity.

]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-393628 393628 Wed, 18 Feb 2009 12:17:20 -0500 http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-393560 393560 Wed, 18 Feb 2009 11:41:25 -0500
Regards, ]]> http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-393541 393541 Wed, 18 Feb 2009 11:27:12 -0500 http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-393433 393433 Wed, 18 Feb 2009 10:43:00 -0500 http://seekingalpha.com/article/121121-ten-reasons-to-avoid-the-gold-etf?source=feed#comment-393395 393395 Wed, 18 Feb 2009 10:28:13 -0500