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Trading Physical Gold: Is Gold In A Bubble?
Happy New Year to all on this first day of January, 2012! This is the 4th installment (of 5) of my interview of the CEO of GBI (Gold Bullion International), a unique firm located on Wall Street that allows investors (retail & institutional) to actually buy, sell, trade and store physical gold in the investor's own name. The previous installments (listed below) feature some very tough questions. BoomBustBlog interviews are not pushovers or advertisements. You must be able to hold your own.
- Trading Physical Gold As Easily As You Trade Stocks: Is Gold Becoming A Tradable Currency After All?
- Trading Physical Gold vs Investing In A Physical Gold Trust: Which Is Better?
- Reggie Middleton Interviews GBI: Gold Bullion International part 3 of 5
Related reading:
- Reggie Middleton's Take on Investing for Inflation, pt. 1
- Reggie Middleton's Take on Investing for Inflation, pt. 2
- Reggie Middleton's Take on Investing for Inflation, pt. 3
- Economic contractions AND rising prices, dare Reggie utter the "I" word - Enter a global phenomenon
- Global Recession - an economic reality
- The Butterfly is released!
»
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"he no gone broke the head to read, eh?" You took the words right out of my mouth.
Happy New Year Reggie :)
I agree 100% with you. What better way to safekeep larger amounts of cash than sink it into a Gold or Silver allocated account. I looked at joining a Swiss Bank (not the 2 big bankrupt Swiss banks) but why not use my GoldMoney account to buy allocated Gold, Silver, Platinum and Palladium and even detrmine which currency i prefer to be in when selling the heavy metals
Time your buys and sells of the metals and you have a Deposit Account that runs rings around the pitiful (and insolvent) retail banks for both interest earned and safety
It's a comprehensive no-brainer
the road to hell is paved with good intentions
One would think the road to hell is paved with bad intentions to...so all roads lead to hell.
I'd like to add. Arthur Levitt is a fuckin' tosser. Actually, he's a disgrace. If you heard his bullshit on bloomberg about Ron Paul, you would legalise murder. Move on.
has anyone ever heard reggie give a prediction on where he thinks physical is going? Just curious.....
I think this 5 part series speaks for itself as to direction, amplitude can be somewhat inferred. Timing is all Reggie seems to be agnostic about.
No, but I think Reggie stays away from that type of stuff in order to avoid being tossed into the gold/silver bull camp and maintain an independent stature for his analysis work. Reggie may clarify if I am off base here.
Keep yer cards close to yer vest, and yer Au/Ag chips even closer.
GBI uses Arthur Levitt as an advisor, the man who helped enable Bernie Madoff run his operation. Who else is invovled here....Zito Partners(Richie Grasso), Dick Gephardt and Wesley Clark. Just fucking YECH!!!!!!!!
+1
Scum. I would like to see Levitt/Madoff and that Dem Shill Weasely Clark in a Turban and burkah. F them!
I bet the guy with the beard is secretly stashing clients' gold in his turban.
Source?
http://www.bullioninternational.com/aboutus/our_team
http://www.zitopartners.com/clients
Thanks for the link.
I guess they are all connected somehow.
bird in hand is better.......
Wow. GBI seemed like a really solid idea/business, but as soon as I see those names I go right back to my current plan; buy American Eagles and tuck them away.
Regards,
Cooter
Levitt ran the SEC when Brooksley Born tried to stop Greenspan, Rubin and Summers. He threw his hat with those criminals.
Yeah, great guy to have on the team. I give this outfit a big fucking thumbs down.
When steak goes on sale, I buy a shitload and stack it in the freezer
When chicken goes on sale, I buy a shitload and stack it in the freezer
When silver and gold go on sale, I buy a shitload and stack 'em in a [location redacted]
Everything else is just crap!
What do you do when aquariums or bowling balls go on sale? Stock up on those, too??
Your premise is absurd, purchasing metal in the name of practicality. Unless you are in aerospace manufacturing...
the only true analogy is stacking dollar bills in a bank account.
and if one doesn't trust banks (or the system), then one stacks phyzz.
Au & Ag are money. aquariums or bowling balls are not.
I can meat using a pressure cooker and Mason Jars. No refrigeration required and it keeps for years. Another plus is it's ready to eat right out of the jar. Just heat and eat.
Maybe it would taste better grilled...
http://keystonemeats.com/home/product-cannedbeef.php
Canned hams can be wonderful because the 1 pound ones don't even have to be refrigerated. And you won't have to fend off orthodox jews or devout muslims!
Surround your gold with camp stove with canned ham cooking. Then it's safe, even from Goldman Sachs.
"Canned Ham, bitchez!" -- Johnny Bravo circa 2010
"Only $5 to dig it (silver) from the ground."
-- MathMan, circa 2011
"Gold, what good is it, you can't eat it."
-- pro-Establishment lackeys, circa the past 100 years
You will when they get hungry. trust me.
Reggie happy new year, I wish the best for you, your family and friends.
Thanks for everything you do, for speaking truth to power.
Stay up.
"They say it's lonely at the top, in whatever you do
You always gotta watch motherfuckers around you
Nobody's invincible, no plan is foolproof
We all must meet our moment of truth...
...some skanless motherfuckers wanna take what's mine
But they can't take the respect, that I've earned in my lifetime
And you know they'll never stop the furious force of my rhymes
See when you're shinin, some chumps'll wanna dull ya
Always selfish jealous punks, will wanna pull ya
down, just like some shellfish in a bucket
cause they love it, to see your ass squirm like a worm
But just as you'll receive what is comin to you
Everybody else is gonna get theirs too
I ain't no saint, therefore I cannot dispute
That everyone must meet their moment of truth
So like they say, every dog has its day
And like they say, God works in a mysterious way
So I pray, remembering the days of my youth
As I prepare to meet my moment of truth..."
Great interview.
I like their model, and in particular those aspects dealing with overseas storage and custodial fees.
There is just this nagging thought that in the current climate of insolvency, oceans of debt sloshing back and forth, minimal system integrity and so on, anything other than first person ownership / stewardship is risky.
In desperate times, desperate people (and governments) do desperate things.
Physical gold and silver in your secure possession only. Otherwise, you don't have any gold or silver.
I am Chumbawamba.
the Govt parasites will go for Gold
Silver has large industrial uses and should be safe/r
If not why, then, how? What? When? Where? Whatever. Just buy the fucking dips, dipschitz !
But Reggie... While I don't disagree, I must respectfully point out that interviewing this guy is a bit like asking the Realtors if now is a good time to buy.
These guys are offering a purchasing system not unlike others out there. Their premiums are seem to be about the same as other retailers of physical metal, like Tulving. http://www.tulving.com/
imho, the only reason a person should accept counterparty risk is because you are getting an advantage you otherwise could not obtain. For example, geographic diversification by storage overseas in different political jurisdictions. James Turk's Goldmoney.com offers this with storage options in Zürich, London, and Hong Kong. GM has been in business a long time, is safekeeping 1.5 billion dollars in client PMs, and has a founder/ceo with impeccable integrity that's been in banking since the 1960's. Given the choice, I would rather stick with a known trusted entity. http://www.goldmoney.com/