Tom Szabo

The Disconnect Between Supply and Demand in Gold & Silver Markets

slugbait and others who can only bee-yatch here: why don't you start your own assay shop and mint? That's what a lot of people did in the 70's when there wasn't enough bullion around either! It's not very expensive to get going--a furnace, a 1000 oz. bar, some molds, a brand and you're in business. Stop bugging the people trying to mint more product and get crackin' on your own.

The Disconnect Between Supply and Demand in Gold & Silver Markets

Bron, I don't believe GoldMoney or Bullion Vault have liabilities against their gold (other than the customers' fractional share).

User244350 & James Conrad & others: SLV and GLD both publish bar lists including serial numbers and they are also audited annually by a Big 4 accounting firm. The bars are held in London metal warehouses (subcontractors) that have never had a major loss of silver or gold over the years including 2 world wars. Morgan Stanley did not admit the allegations against it were true. Here is what they said:

Defendants believe that the record demonstrates that they handled their customers’ precious metals accounts properly in all respects and that if the case were not settled, they would be entitled to summary judgment dismissing all claims. Defendants believe that the evidence shows that the documents provided by Defendants to Class members contained no misrepresentations regarding the purchase or storage of precious metals from and through MSDW. At no time did Defendants make any promises to purchase or store metals on an “allocated” basis, unless specifically requested for by the customer, nor to segregate metal on a customer-by-customer basis. Defendants also assert that MSDW purchased actual, physical metals for its retail customers and that no client sustained any economic injury whatsoever. <u>The undisputed evidence shows that all of the precious metals held on behalf of Defendants’ customers are present and accounted for, purchased pursuant to each and every customer order. Defendants also arranged for the storage of metals at secure, credit-worthy depositories. Defendants were also contractually entitled to charge their customers storage fees for the services they facilitated, pursuant to the CDS that customers signed. These fees were not inconsistent with the fees charged by other brokerage firms.</u> Defendants also assert that all members of the Class were beneficial owners of their precious metals and that the metals were not subject to lien by Morgan Stanley or its creditors.

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