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E.Rifer

E.Rifer
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  • 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 | Likes 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
  • Halliburton Could Be Derailed By Gulf Oil Spill [View article]
    It is unfortunate but HAL knows how to play our politicians too well. They have been getting away with so much BS.
    Apr 30, 2014. 08:35 AM | 1 Like Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    "U.S. authorities are reportedly planning to criminally charge the bank with doing business with countries including Iran, Sudan, and Cuba, and - in addition to monetary fines - BNP Paribas (OTCQX:BNPQY, OTCPK:BNPQF) could face a ban or suspension on its ability to do dollar clearing in New York, and possible action against individual employees."

    Heard this song and dance before. Seriously doubt any bankers will be charged and face time.
    Apr 30, 2014. 08:31 AM | 3 Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    You may very well be right about this. The market does seem to be pumped full of air right now. It is a perfect setup for a fall.
    Apr 30, 2014. 08:26 AM | 4 Likes Like |Link to Comment
  • Gold ETFs' 2014 Rally Set To Resume As Gold-Futures Selling Wanes [View article]
    Everyone can read your comment history too. You always blindly push the same paper junk without understanding its structure. I fully agree with Gold_Fund on how questionable GLD is. The point raised about GLD's sketchy insurance is legitimate. If you're so confident in this fund, go ahead and explain to all of us why these GLD representatives refuse to be straightforward to investors about the state of GLD's insurance. Why the smoke and mirror responses?

    And insurance is just one of its weaknesses. I doubt that there is insurance on the gold stash for it would open a can of worms that State Street would want to avoid. The insurer, of course, would want to know about safety, access, audits, claims on it, etc to even come up with a premium for the insurance. Now, State Street would never accept such intrusion, in part because the gold stash is probably used for all kinds of shady purposes, including backing shorts.

    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 or State Street 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.

    Sorry but buying the paper junk GLD is definitely not the same as buying gold. At the end of the day, GLD is just paper while physical is the real deal.
    Apr 30, 2014. 08:16 AM | 3 Likes Like |Link to Comment
  • How 2014 Could Be Like 1929 [View article]
    As long as the other economic indicators such as the transportation industry are not showing similar signs, I'm fairly confident that there won't be a repeat of 1929.
    Feb 17, 2014. 07:52 AM | 5 Likes Like |Link to Comment
  • Will Facebook Ever Fundamentally Support Its $170 Billion Market Capitalization? [View article]
    I've always found businesses solely based on advertising revenue to be incredibly risky. Not only on the seasonal ups and downs but also the combination of online + ads. Any web developer can tell you the more obtrusive ads are, the more it will drive users away from a site. And if they aren't driven away, they're likely using ad block.
    Feb 17, 2014. 07:47 AM | 5 Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    I'd go one step further and say it is irresponsible for them to never report their status on paying back the money they owe us taxpayers.
    Feb 17, 2014. 07:38 AM | Likes Like |Link to Comment
  • Will The Gold And Silver Surge Continue? [View article]
    GLD seems more and more like cancer to gold each passing day. It is used to pump the gold price full of air or artificially depress the gold price. All this for the sake of convenience? What a farce paper gold is.
    Feb 17, 2014. 07:35 AM | 3 Likes Like |Link to Comment
  • This May Be Gold, But It Is Not Golden [View article]
    "As for GLD, be wary about paper gold. Is it really fully collateralized by audited gold in a warehouse? There are lots of promises of gold being traded, but how much physical gold could you have delivered to you, should you want it?"

    GLD does not give retail investors the option of redemption. Anyone that calls the GLD number for general inquiries will be told as such. Are you also aware of GLD's marketing agent claiming to "know nothing" about GLD's insurance?

    “Did anyone try calling the GLD hotline at 866-320-4053 and asking for any numerical details on GLD's insurance? I reached a State Street 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 only vaguely mentions HSBC holding some kind of insurance policy for GLD. This State Street 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.

    There are not many ways for the average investor to verify GLD's physical assets since most retail investors won't even have the right to redeem their shares for physical bullions. The prospectus is full of legal writing protecting GLD organizations from any liabilities but not a single clause to protect investors from bullion lending.

    On top of everything, the GLD manager - State Street, has been shown to be less than trustworthy (Carina CDO, multiple instances of forex fraud). Where is the credibility in GLD?"

    I've had them tell me that they don't publicly disclose the insurance information. Now why is that? I can't think of a single good reason why they would hide this information from investors. Although it has been a while since I last called the GLD number, I think the GLD marketing agent is still feigning ignorance on this subject. Are they doing this to pretend that GLD has some form of insurance when it really doesn't have squat? It seems like the people behind GLD are not the most honest type since they won't even be straight with investors information like this.
    Feb 17, 2014. 07:20 AM | 3 Likes Like |Link to Comment
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