Hi DUB
The key points from today's wrapup are irrefutable evidence of the reason to hold physical. Paper is just that - paper (or should that be digital)!!!!
BTW I had a bit of a wake up call this weekend re. banks (#%@#%). Had a phone call on Fri arvo from NAB online trading - "sorry sir but we are unable to access your bank account for your share purchase" I said "thats @%$##&. I sold stock last week that would have more than covered the purchase" NOL says " That's fine sir but the funds from that trade were deposited into your account yesterday and now we can't access it."
Of course by that time the bank was closed. Sure enough I gone online and the account is missing, nada, nothing. Down to the atm "access denied"
more @#$%&* Lucky the cook has a credit card (I got rid of mine during a bout of rationalisation) so we get some cash to tide us over till Mon. So me thinks this is cr@p so offs I goes down to the cellar, selecting a fine bottle of rouge to sharpen to mind. With the cook sitting in my lap we discuss the pitfalls of our "financial" world. No problem - more liquidfication required (of a paper variety) as this little black duck is not going to have his gooleys manhandled by these heathen bankers again. So off I go to the bank on a lovely Mon morn with a 5 grand cash cheque firmly in my grasp but, "no sir, you have to give us notice if you wish to withdraw that amount of funds" My face darkened to a similar shade of the black shiraz I so gleefully consumed the previous night. "So where is MY money???????" Oh you can go into the central branch and get it. I will ring through if you like" I says "Can I get it here tomorrow after my dental appointment to replace the crowns I've just cracked while standing here gnashing my teeth"
"should be OK but come after lunch and I'll have it ready" After looking to the heavens giving thanks to my master of providence we parted ways to return today with "my" money. The banks excuse, meanwhile, was we changed your "profile" and neglected to replace the account. Thanks pals for a moment I thought we were in Argentina - Silence
Moral-: Even physical fiat is better than digital fiat
Conundrum - : If only 5% of the world's money is actual physical fiat, what happens if we all want our money back at the same time. Stuff the banks
cheers
"Today commercial hedgers, speculators, and small traders are short 106,877 contracts, representing 534 million ounces of silver short. Long positions are of equal size. The problem is there is nowhere near this amount of silver held on the COMEX for delivery nor are aboveground stockpiles this large.”
“Today it is estimated that the worldwide market of derivatives is between $125-$150 trillion. The U.S. banking system has increased its derivative position from $10 trillion to $67 trillion over the last decade. Derivatives, as Warren Buffett has described them, are financial weapons of mass destruction capable of taking down and destroying the global financial system.”
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Hi DUBThe key points from today's wrapup are irrefutable...
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