Bank of America (BAC) settles for about $10.3B with Fannie Mae over repurchase claims on $1.4T of mortgages. The bank will pay Fannie $3.6B in cash and repurchase for $6.75B certain mortgages. BofA expects to take a $2.7B charge in Q4. Shares +2.4% premarket. (PR) [View news story]
Bank of America (BAC) settles for about $10.3B with Fannie Mae over repurchase claims on $1.4T of mortgages. The bank will pay Fannie $3.6B in cash and repurchase for $6.75B certain mortgages. BofA expects to take a $2.7B charge in Q4. Shares +2.4% premarket. (PR) [View news story]
My guess is that the Fed is not buying toxic assets and if they were, they would not be purchased at face value.
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
REGARDING: Its a long time since I had the statistics, but a lot of gold comes with copper, so as long as people demand copper, they will get gold. I would also say that I would rather produce the stuff in that fashion. Gold mining is a really difficult business.
RESPONSE: If no gold were mined for the next 50 years, there would be sufficient supply on this planet to accommodate all USES, except, of course, for HOARDING.
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
REGARDING: Don't central banks agree not to sell gold? I wonder if this couldn't be classified as the ultimate manipulation of an asset. What will happen when these same banks agree to sell gold?
RESPONSE: It might have some resistance around $700-$900, but the ultimate "bottom" could be under the 2001 level, i.e., < $300.
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
Stu Silver:
REGARDING: Yes, originally paper money was a claim check on something of real value like gold and silver held in the banks vaults, the amount of value of paper could not exceed the value of the metal in the vaults. RESPONSE: And is that what you would like to see continued??? NOTES: What was and what is may not be congruent. What was doesn't make it correct/right.
REGARDING: Then our bankers got greedy realising that most never came to collect their metal, so the bankers then began issuing more claim checks than there was metal to back them. This has progressed to today where we have paper "money" printed at will which is backed by nothing of value except a government promise to pay back debt. No metal in the vaults at all, its either owned by someone else or has multiple claims on the same metal due to our bankers selling or leasing it to market over and over in order to keep the price down, or just plain ponzi scheme as with gld and slv, and also unbacked naked shorts. Im buying silver while the music is still playing because when it stops you wont be able to buy it at anything near todays rigged price. RESPONSE: You are either confused or are attempting to mislead, but the latter doesn't make sense, because you don't appear to have the requisite knowledge.
Precious metals are not intended to "back" our currency. Currency is "used" to facilitate the exchange of goods and services. Currency is the conversion of wealth into a practical format. Someday almost all transactions will be via the Internet,, thus what happens to your "paper money". "Paper" money" is a complete misnomer.
Bank of America (BAC) settles for about $10.3B with Fannie Mae over repurchase claims on $1.4T of mortgages. The bank will pay Fannie $3.6B in cash and repurchase for $6.75B certain mortgages. BofA expects to take a $2.7B charge in Q4. Shares +2.4% premarket. (PR) [View news story]
mz
Bank of America (BAC) settles for about $10.3B with Fannie Mae over repurchase claims on $1.4T of mortgages. The bank will pay Fannie $3.6B in cash and repurchase for $6.75B certain mortgages. BofA expects to take a $2.7B charge in Q4. Shares +2.4% premarket. (PR) [View news story]
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
RESPONSE: Buy a hard hat for you and, sadly, your family (you are risking your family's wealth).
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
RESPONSE: If no gold were mined for the next 50 years, there would be sufficient supply on this planet to accommodate all USES, except, of course, for HOARDING.
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
RESPONSE: It might have some resistance around $700-$900, but the ultimate "bottom" could be under the 2001 level, i.e., < $300.
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
What is the relevance to today's situation?
mz
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
REGARDING: Yes, originally paper money was a claim check on something of real value like gold and silver held in the banks vaults, the amount of value of paper could not exceed the value of the metal in the vaults.
RESPONSE: And is that what you would like to see continued???
NOTES: What was and what is may not be congruent. What was doesn't make it correct/right.
REGARDING: Then our bankers got greedy realising that most never came to collect their metal, so the bankers then began issuing more claim checks than there was metal to back them. This has progressed to today where we have paper "money" printed at will which is backed by nothing of value except a government promise to pay back debt. No metal in the vaults at all, its either owned by someone else or has multiple claims on the same metal due to our bankers selling or leasing it to market over and over in order to keep the price down, or just plain ponzi scheme as with gld and slv, and also unbacked naked shorts. Im buying silver while the music is still playing because when it stops you wont be able to buy it at anything near todays rigged price.
RESPONSE: You are either confused or are attempting to mislead, but the latter doesn't make sense, because you don't appear to have the requisite knowledge.
Precious metals are not intended to "back" our currency.
Currency is "used" to facilitate the exchange of goods and services.
Currency is the conversion of wealth into a practical format.
Someday almost all transactions will be via the Internet,, thus what happens to your "paper money".
"Paper" money" is a complete misnomer.
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
Do you have any idea of the concept of "paper" money?????
Yeah! I thought not.......
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
lol
mz
Why Best Buy Is A Best Buy And What To Do About It [View article]
Rather than paying 20-23, he may get it for $14-18.
He should be buying common and shorting Puts.
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
And, in your fascinating world, the Easter Bunny and Tooth Fairy are real!!
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
You are persistent..., not rational, but certainly persistent.
HINTS: Think Ponzi scheme. Think Pyramid scheme. Just "think"!!
Reality is staring and screaming at you, but you appear to be oblivious.
You really cannot find a superior and rational investment for your family??
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
Your conclusion to characterize me as a "paper lover" is as fallacious as your "thinking" about and defining "shortages".
Danger lurks.
.....Time passes...................
See...., I told you so!
lol
mz
Eric Sprott: I Think We Are In For A Shortage Of Physical Gold [View article]
Discussing Gold is like discussing religion.
If you don't comprehend that gold is the #1 most hoarded commodity, time will afford you the opportunity to reconsider.
Hoping is not a great investing concept. Your "hope" is that the hoarders continue.............
If they don't.................... oops!
mz
Bank Of America: Destined To Double In 2013? [View article]
It remains that the $70 billion Goodwill may be a wee bit overstated.
mz