Seeking Alpha

Jack Levenstein

 
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  • Gold Will Bottom Soon - What Do You Need To Know? [View article]
    http://bit.ly/V2JbRN may be an alternative. I am not able to comment on the legal status of these Exchange Traded Receipts as I have almost no legal training or experience. However the Royal Canadian Mint which is a Crown Corporation may turn out to be financially sound under even the most extreme financial shocks to the world economy. Economic, political, or military events that would result in a default by the Royal Canadian Mint and by implication the Government of Canada are events that we would not like to see. Owning or not owning gold would be the least of our problems.
    Sep 29, 2014. 04:29 AM | Likes Like |Link to Comment
  • Comex Gold Inventories Collapse By Largest Amount Ever On Record [View article]
    The bullion that was withdrawn still exists. It is of interest to know why the owners of this bullion no longer wanted to keep their bullion in the Comex Warehouse. My understanding is that this "warehouse" is a number of large banks. I think the holders receive a certificate for each of his 100 ounce bars of gold and I think each certificate has the bar number of each bar and the exact number of ounces and the purity. Thus the gold is safe. I don't have an answer as to the cause of this move. I would be interested in knowing the reason for this withdrawal.
    Apr 10, 2013. 05:14 AM | 3 Likes Like |Link to Comment
  • Which Form Of Gold Investment Provides The Best Hedge For A War Or Global Crisis? [View article]
    What about MNT or MNT.U which trade on the Toronto Stock Exchange?
    See http://bit.ly/V2JbRN

    These exchange traded receipts have traded at a small premium of 1-2% to the net asset value of gold represented by these receipts. The daily volume of trading is small. The bid-ask spread is wider than that of GLD. However the receipts are issued by the Royal Canadian Mint. The gold is held in Ottawa by the mint in their vault. It is possible, but difficult, to ask for delivery of the gold. However one can imagine a scenario where there is such turmoil in the world that the gold might not be as readily available as gold coins "buried in the backyard" so to speak. Barring such turmoil the gold is held by a Government of Canada corporation, the Royal Canadian Mint, which seems good.
    Jan 15, 2013. 03:37 PM | Likes Like |Link to Comment
  • Under the Hood: How GLD Works [View article]
    There are two alternatives that trade on the Toronto Stock Exchange, MNT and MNS. The volume of trading in these securities is much smaller than the trading in GLD. However the gold and silver bullion are stored at the Royal Canadian Mint in Ottawa and Canadian law protects your ownership. In reading the information at the web site below you will see that there are other advantages.

    http://bit.ly/RR51GR
    Nov 20, 2012. 10:32 AM | 1 Like Like |Link to Comment
  • Global Warming Will Push Gold Higher [View article]
    Yes the Fed has created a huge quantity of Monetary Base. Yes, they have stopped for now. Yes, they can resume creating more Monetary Base any time they want. But if for some reason they decide not to, this will be significant. What happens next is a political question. This decision may be in the hands of only a few people. This makes it difficult to predict what will happen next. What if these people decide that the dollar should be a strong currency and are willing to pay the price of this decision? I really don't know. I know that to answer this requires an understanding of politics in the United States that I do not have.
    Nov 5, 2012. 01:39 PM | Likes Like |Link to Comment
  • Global Warming Will Push Gold Higher [View article]
    The year over year growth rate of the Adjusted Monetary Base, which is what the Fed creates (creates is more accurate than prints), is -0.8% per annum. Adjusted Reserves, year over year, are shrinking at a rate of -8.7% per annum. Both aggregates are falling and their rate of falling has been increasing in recent months.

    For the author to be correct these growth rates have to reverse and become substantially positive and for more than a few months.

    The year over year growth rate in M2 is 7.2% per annum which while positive is not excessive.

    http://bit.ly/RHJZrM
    Nov 4, 2012. 12:47 PM | Likes Like |Link to Comment
  • The Problem Of Fake Gold Bars [View article]
    When I was much younger I worked in the gold department of a Canadian financial institution. This was one of my first jobs and the beginning of my exposure to the world of gold. This was so long ago that I think the price of gold was much lower than $100 per troy ounce. The Manager of the gold department was one of the most remarkable individuals I have ever met. One day he showed me a 400 ounce bar that someone tried to sell to that institution. He was so capable that he could pick up a gold bar and tell it was fake. The vendor had no chance in defrauding this institution and left the bar with the bank. This was my first, actually my only, exposure to handling a 400 ounce bar (I was allowed to pick up a real one) so I could not tell that the bar was fake neither by density nor by appearance. He could. I know that this institution now has policies that are designed to prevent them from buying fake gold bars. Thus one can buy gold bullion from them and from similar institutions with confidence.
    Mar 26, 2012. 11:25 AM | 3 Likes Like |Link to Comment
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