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  #23  
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Default Re: Stock Exchange Crash

There is this guy who died year ago and left everything to his niece,they found over $1 million dollars worth of gold in his garage !
Gold has its allure,Kuwaiti during the Gulf War who went to other middle Eastern countries found out their credit cards are not accepted,but if they have gold,they get to eat and drink and sleep in a nice place.
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Default Re: Stock Exchange Crash

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I can't tell if you're being sarcastic but I would never trust it. It's too easy for whatever company you're dealing with to lie about their reserves. There was an episode of American Greed about a guy from my state who ran a huge precious metals scam after the 2008 financial crisis. He conned hundreds of older people into buying silver "safely stored in his secure facility." He didn't really have the metals. It turns out he was issuing certificates for silver that didn't exist.

And it was easy for him to do considering the tight security that's normal for precious metal storage facilities. He basically told investors it would compromise security if he let them see the silver they were investing in, but they should buy anyway because the silver price will go up for sure, lol.

EDIT: his name is Ronnie Gene Wilson, his company was "Atlantic Bullion & Coin, Inc", and it's episode 7-8 of AG.



EDIT 2 : It reminds me of the doubt people have always had about Tether (the crypto, USDT), their reserves, and their inability to audit themselves.
Can see how that would be unnerving if someone tried to get away with that con. It's basically a ponzi scheme of sorts isn't it? Invest in me... but if you need your money I can't give it back to you right away..
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if XAU is listed on Toronto Exchange,it would be audited every year,there is another Canadian company which deals in silver,cant recall its name.
But the ETF called Gold or GLD has enough gold stashed away .
There is a company in Florida,what it does is that it has either an interest or a working relationship with goldmining company I forget what country in central or south America and will sell you the gold they mine,$25k is the minimum.
Dont remember how much is the discount,something like 35% but there is a lead time..
But how can one trust them?They advertise in WSJ
Yea, it makes sense it would require wealthy connections to get any sort of foot in a gold store business. I wouldn't invest in some guy's 1 gold bar startup company even if he really did have it haha.
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  #27  
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Default Re: Stock Exchange Crash

What I dont understand is Madoff,
-These days most brokerage houses take out insurance with lloyd of London to cover the full amount of your account,but Madoff does not have such and he is a big man on campus,one of the founder of NASDAQ,and many trust him,they are happy with their 12-13% return.
His accountant is a solo operator from Long Island.
So many of his staff were involved,his sons,his traders,his IT workers,no one ever snitch??
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  #28  
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Default Re: Stock Exchange Crash

Could be they're comfortable in their position, had hopes of larger future returns or afraid of recourse Anybody's guess there..
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  #29  
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Default Re: Stock Exchange Crash

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Originally Posted by agent006140 View Post
What I dont understand is Madoff,
-These days most brokerage houses take out insurance with lloyd of London to cover the full amount of your account,but Madoff does not have such and he is a big man on campus,one of the founder of NASDAQ,and many trust him,they are happy with their 12-13% return.
His accountant is a solo operator from Long Island.
So many of his staff were involved,his sons,his traders,his IT workers,no one ever snitch??
The movie makes it seem like only Madoff was the only one who really knew what was going on. And maybe one assistant that helped him fudge paperwork.

The fact his operation was an exclusive club with lots of "don't ask don't tell" going on probably made it that much easier.

What I found amazing about the whole thing was that he says he held the entire multi-billion $ (at times) fund in a single Chase Manhattan bank account.
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  #30  
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Default Re: Stock Exchange Crash

Quote:
Originally Posted by agent006140 View Post
What I dont understand is Madoff,
-These days most brokerage houses take out insurance with lloyd of London to cover the full amount of your account,but Madoff does not have such and he is a big man on campus,one of the founder of NASDAQ,and many trust him,they are happy with their 12-13% return.
His accountant is a solo operator from Long Island.
So many of his staff were involved,his sons,his traders,his IT workers,no one ever snitch??
What's there to snitch when they're making mad money...
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