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E.Rifer

E.Rifer
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  • Wall Street Breakfast: Kraft, Heinz Announce Mega Merger [View article]
    Looking at the broadband sector with consumers limited to 1 or 2 choices, was there ever such a thing as "government oversight designed to prevent the market dominance that harms consumers"?
    Mar 25, 2015. 02:39 PM | Likes Like |Link to Comment
  • Wall Street Breakfast: Kraft, Heinz Announce Mega Merger [View article]
    "I can't believe that this will get DOJ approval. If it does we'll know the system is rigged and that the anti trust laws are as unenforced as our borders."

    There have been many indicators of our regulators being bought and paid for by bankers long before this event. Even outside of the scope of anti trust laws.
    Mar 25, 2015. 02:34 PM | 2 Likes Like |Link to Comment
  • Wall Street Breakfast: Kraft, Heinz Announce Mega Merger [View article]
    "You will see that CEO pay has not kept up with shareholder gains and CEO pay SHOULD BE tied to that, not what some line worker makes."

    I'll have to side with JC on this one. That is a inaccurate claim to make considering the number of CEOs that are rewarded for failure.
    Mar 25, 2015. 02:33 PM | 1 Like Like |Link to Comment
  • The Future Of Seeking Alpha, From One Contributor's Perspective [View article]
    There are advantages to SA shifting itself from a strict dependence on advertisement based revenue (especially with its inherent conflict of interest).
    Mar 25, 2015. 02:25 PM | 1 Like Like |Link to Comment
  • The Future Of Seeking Alpha, From One Contributor's Perspective [View article]
    It is too premature to say that SA will become the next motley fool. We'll see how this pans out as the site traffic will likely determine.
    Mar 25, 2015. 02:22 PM | 2 Likes Like |Link to Comment
  • The Chicago Gold Irony - Influence Of Dovish FOMC Member Evans Pushed GLD Up [View article]
    "It would stand to reason that the more hardcore fans of this argument will take the opportunity of a weaker USD to accumulate more physical gold or invest in the SPDR Gold Trust ETF (NYSEARCA:GLD)."

    While I understand the role physical gold plays here, I fail to see how paper gold junk like GLD is any better than the dollar you're hedging against. GLD can claim to be fully backed but they do not allow retail investors to redeem for any physical gold so GLD is guaranteed to be nothing more than paper at the end of the day. Of course there have been numerous red flags going against the claim of being fully backed anyways:

    "Did anyone try calling the GLD hotline at 866-320-4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I specifically asked for clarification on this clause and about how much of the gold was insured, the representative proceeded act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent doesn't know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    I remember there was a well documented visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities. I've always suspected GLD of gold hypothecation but saw no real evidence until that visit. The lack of insurance is incredibly convenient for bullion lending."

    Not to mention the number of weasel clauses seen in the GLD prospectus. They don't hesitate to give themselves an audit loophole by stating they have no right to audit subcustodial gold holdings. Yet throughout the prospectus, there is not a single clause mandating their Trustee to ensure there is sufficient gold within the trust. GLD is definitely just paper and is for sure no better than the dollar. The saying you don't hold it, you don't own it couldn't be more correct here.
    Mar 25, 2015. 02:09 PM | Likes Like |Link to Comment
  • Will Apple, Russia And India Bring Back Up GLD? [View article]
    "The Fed omitted the patient word from the statement, but it also revised down its projections about the progress of the U.S. economy - this includes GDP and inflation. This statement was enough to bring back up the price of GLD and provide some back-wind for the gold market."

    I hope you are not suggesting GLD as a suitable counter to inflation. GLD being a paper gold fund marred by numerous red flags with first and foremost denying investors the right to redeem for their "claimed physical". GLD's prospectus is chalk full of weasel clauses such as the audit loophole of GLD stating they have no right to audit subcustodial gold holdings. There are other issues as well that proves GLD is nothing more than mass printed paper at the end of the day:

    "Did anyone try calling the GLD hotline at 866-320-4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I specifically asked for clarification on this clause and about how much of the gold was insured, the representative proceeded act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent doesn't know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    I remember there was a well documented visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities. I've always suspected GLD of gold hypothecation but saw no real evidence until that visit. The lack of insurance is incredibly convenient for bullion lending."

    Physical gold works well in its role against inflation but not this paper gold junk.
    Mar 25, 2015. 01:58 PM | Likes Like |Link to Comment
  • Gold ETFs see outflows in March [View news story]
    Sounds about right. Who would want to hold paper gold junk like GLD when you can hold the real deal. GLD claims to be "fully backed" but there have been many signs pointing to the contrary. GLD doesn't allow you to redeem for the underlying physical on top of a number of other issues:

    "Did anyone try calling the GLD hotline at 866-320-4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I specifically asked for clarification on this clause and about how much of the gold was insured, the representative proceeded act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent doesn't know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    I remember there was a well documented visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities. I've always suspected GLD of gold hypothecation but saw no real evidence until that visit. The lack of insurance is incredibly convenient for bullion lending."
    Mar 25, 2015. 01:47 PM | 2 Likes Like |Link to Comment
  • Investors Flee Gold ETFs [View article]
    I couldn't have said it better myself IT. GLD is marred with so many red flags. Just read the part in GLD's prospectus where the custodian subcontracts to subcustodians but has no right to audit or visit the subcustodians' vaults. It then requires third-party audits. So we can have the custodian own or pay off the third-party auditor to give a clean audit, while knowing that the subcustodian leases out the gold into the market.

    If GLD shareholders suspect so and ask custodian to prove otherwise, custodian can simply say "we have no right to check the subcustodians, see the prospectus, but here is a clean audit result" however laughably compromised. If GLD goes bust, no holder of GLD has any claim to any gold. GLD holders simply become unsecured creditors along with all other creditors, with no precedence in bankruptcy court.
    Mar 25, 2015. 01:41 PM | Likes Like |Link to Comment
  • Russia, Gold, Oil, And Interest Rate Extremes [View article]
    Even if this is the bottom of oil, these price levels will still be painful for Russia. In conjunction with the new sanctions, Russia is going nowhere fast. Putin is learning the cold war the hard way.
    Dec 19, 2014. 10:08 AM | 1 Like Like |Link to Comment
  • Boeing Or Airbus: Whose Product Line Is Shaped Better For The Future? [View article]
    The UAE certainly seems to think Boeing is better shaped for the future when they ditched Airbus for Boeing. Well at the very least, they believe Boeing to have the superior delivery schedule.
    Dec 19, 2014. 10:04 AM | 2 Likes Like |Link to Comment
  • Wall Street Breakfast: Global Market Rally Continues [View article]
    @user 7415181

    I wondering the same thing myself. The complexity, coordination and time required of this attack seems to be far beyond the capabilities of North Korea. I seriously doubt Kim and his affiliates would even have the patience to wait years to stage such an attack.
    Dec 19, 2014. 10:02 AM | Likes Like |Link to Comment
  • Wall Street Breakfast: Global Market Rally Continues [View article]
    "The ruble is 2.4% stronger against the dollar at 60.14."

    This is peanuts compared to how much value the ruble has lost. They've only temporarily slowed its decline.
    Dec 19, 2014. 09:59 AM | 2 Likes Like |Link to Comment
  • The FOMC Kept GLD From Falling Further [View article]
    "Another factor to consider, as long as interest rates remain low, investors who fear of a rise in inflation because of that, GLD is also likely to benefit from these markets conditions."

    Isn't it somewhat hypocritical to use paper gold GLD and all its mass printed shares to hedge against inflation? If you are truly concerned about inflation, why would you go anywhere near mass printed paper gold? Especially when it is riddled with red flags like GLD.

    "Did anyone try calling the GLD hotline at 866-320-4053 and asking for any numerical details on GLD's insurance? I reached a representative that told me to look at the prospectus but I am sure the prospectus doesn't give any numbers or percentages to how much of GLD's physical gold is insured. The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." This representative proceeded to feign ignorance when informed of this and said they were just the "marketing agent" for GLD. What kind of marketing agent doesn't know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    I remember there was a well documented visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's managing groups to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities. I've always suspected GLD of gold hypothecation but saw no real evidence until that visit. The lack of insurance is incredibly convenient for bullion lending."

    If investors pick up GLD thinking they own any actual gold, they're in for a rude awakening.
    Dec 19, 2014. 09:54 AM | Likes Like |Link to Comment
  • MasterCard Inc.: Read The Fine Print [View article]
    Thanks for the charts in particular. They've been incredibly informative.
    Apr 30, 2014. 08:39 AM | Likes Like |Link to Comment
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