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Jim Myrtle

Jim Myrtle
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  • Is The Gold Market Manipulated? Part 1: Introduction And The London Gold Pool [View article]
    "Jim, you fail to recognize that all gold is held by someone"

    Are all the holders happy their gold has dropped by one third over the last 2 years?
    Nov 24 06:42 PM | 3 Likes Like |Link to Comment
  • Is The Gold Market Manipulated? Part 1: Introduction And The London Gold Pool [View article]
    "I welcome these corrections as buying opportunities. No wounds to lick here"

    That is awesome! I don't mind either when my holdings drop a third to over a half in price over 2 years.

    Wait, what?
    Nov 24 01:17 PM | 2 Likes Like |Link to Comment
  • The Federal Reserve Is Monetizing A Staggering Amount Of U.S. Government Debt [View article]
    "The FED is engaged in crony capitalism helping their banking buddies"

    Exactly! Taking those pesky, guaranteed bonds, yielding 2%-4%, off the banks hands and giving them reserves yielding 0.25%.
    Banks don't need all that interest income they were earning.
    Nov 15 07:49 PM | Likes Like |Link to Comment
  • The Federal Reserve Is Monetizing A Staggering Amount Of U.S. Government Debt [View article]
    "I will send it to you for some worthless gold in return"

    Excellent! I'll give you all the gold you want, in exchange for $10,000 of those worthless FRNs per ounce.
    Get your gold, now, before I come to my senses.
    Nov 15 07:45 PM | Likes Like |Link to Comment
  • The Worrying U.S. Path Toward High Inflation [View article]
    Unrealized losses? Source?
    Nov 8 11:30 PM | Likes Like |Link to Comment
  • The Worrying U.S. Path Toward High Inflation [View article]
    "Now things are obviously even more unstable and the apologists are singing all the same songs"

    More unstable than they were in 2008? LOL!
    And the doomers keep singing, this time we're doomed, for sure.
    Nov 8 11:10 PM | Likes Like |Link to Comment
  • The Worrying U.S. Path Toward High Inflation [View article]
    "No one can prove that the Fed's unrealized losses would be relevant or irrelevant until the Fed has unrealized losses"

    Neil, pretend the Fed burns thru their huge unrealized gains and now has an unrealized loss of $100 billion on their books.
    Please explain why you feel that loss means anything.

    "Oh, yeah, that's right. Thanks, now I feel like a real moron, with sand in my ears"

    Finally, an area of agreement.

    "I do not know what happens when the backing of a major currency is impaired, but I suspect bad things happen. "

    Impaired? It's not like they issued $1 trillion in gold notes with only $100 billion in gold.
    Nov 8 11:07 PM | Likes Like |Link to Comment
  • Gold's Reaction To Fed Is A Bearish Signal, Libya Weighs On Oil, Copper At Top Of Range [View article]
    "With $67 trillion on the line, I'd be wobbly in the knees"

    What makes you think anyone has $67 trillion on the line?
    Nov 8 10:44 PM | Likes Like |Link to Comment
  • The Worrying U.S. Path Toward High Inflation [View article]
    "But just because you believe it and say it with conviction, doesn't make the Fed's "unrealized losses" irrelevant"

    You still haven't shown that they would be relevant.

    "(By the way, it's unclear what interest the Fed pays that you refer to.)"

    Interest on reserves. Currently 0.25%. Much less than they earn on their guaranteed bond portfolio.

    "How much of the banks' profitability is due to the 0.25% from the Fed?"

    Much less than the profitability of bonds yielding 2% - 4%.
    Nov 8 09:31 AM | Likes Like |Link to Comment
  • Gold's Reaction To Fed Is A Bearish Signal, Libya Weighs On Oil, Copper At Top Of Range [View article]
    "Big banks have about $67 trillion of toxic derivatives on their books"

    Who is on the other side of these derivative trades that you fear so?
    Nov 6 10:39 PM | 1 Like Like |Link to Comment
  • The U.S. Economy: How Did We Get Here? Where Are We Headed? [View article]
    "Brooksley Bourne was the lone voice arguing it was fiscally irresponsible to get rid of GS AND not regulate derivatives"

    That's an interesting story she tells, with no witnesses.
    And so what?
    What bank failed because they traded derivatives?
    Nov 6 09:29 AM | Likes Like |Link to Comment
  • The Worrying U.S. Path Toward High Inflation [View article]
    "So, if you really think your bank is the beneficiary of IoER, and that the money is not passed on to you as goods or services in this hypercompetitive business, you don't understand how free enterprise works"

    Hear, hear.
    Keep smacking down those silly claims!
    Nov 5 05:38 PM | Likes Like |Link to Comment
  • The Worrying U.S. Path Toward High Inflation [View article]
    "Most people are in no position to collect the lucre handed out by the FED"

    The Fed is handing out something? What? Where?
    Nov 1 10:43 PM | Likes Like |Link to Comment
  • The Worrying U.S. Path Toward High Inflation [View article]
    "Our currency is backed by the Fed's portfolio of bonds. If the value of that portfolio were to be reduced by, say, 10% in any one year, that could have a bad effect on the economy"

    Why? You can't turn in your FRN for a portion of the Fed's bond portfolio.
    Oct 31 08:02 PM | Likes Like |Link to Comment
  • The Worrying U.S. Path Toward High Inflation [View article]
    "Here they can buy trillions in bonds, make profits"

    The opposite of your claim, that they bought crappy bonds at above market prices, which would have resulted in Fed losses.
    Oct 31 12:44 AM | Likes Like |Link to Comment
COMMENTS STATS
981 Comments
665 Likes